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ACC 101 Course Outline

Course outline

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0% found this document useful (0 votes)
43 views

ACC 101 Course Outline

Course outline

Uploaded by

Kingston Soft
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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COURSE DETAILS

COURSE CODE: ACC 101


COURSE TITLE: INTRODUCTION TO ACCOUNTING 1
COURSE UNIT: 3C

WEEK TOPIC

1. NATURE AND PURPOSE OF ACCOUNTING


- Meaning of Accounting
- Book-keeping and Accounting
- Purpose of Accounting
- Users of Accounting information

2. SOURCE DOCUMENTS AND BUSINESS


TRANSACTIONS
- Meaning and classification of Business Transactions
- Meaning and Types of Source Document (e.g Receipt,
Invoice etc.)
- Link between different source documents and types of business
transactions

3. SUBSIDIARY BOOKS
- Subsidiary Books as book of document
- Types of Subsidiary Books
- Link between various subsidiary books and business
transactions
- Procedures for recording transactions in each types of
subsidiary books.

4. DOUBLE ENTRY BOOK-KEEPING AND THE LEDGER


- Meaning of Double Entry Book-Keeping
- Rules of Double Entry Book-Keeping
- The ledger as Book of Account
- Classification of the Ledger
- Types of Accounts related to various ledger classification
(i.e Real, nominal, Personal ect.)
- Posting of Entries from Subsidiary books to the Ledger.

5. THE TRIAL BALANCE


- Meaning of Trial Balance
- Rules for Trial Balance extraction from the Ledger
- Interpretation of account balances (i.e debit balance and
credit balance)

6. FINANCIAL STATEMENT OF A SOLE TRADER


- Meaning of Financial Statements
- Structure and Contents of:
* Trading Account
* Profit and Loss Account
* Balance Sheet.

7. ADJUSTMENT TO FINANCIAL STATEMENTS


- Closing Stock
- Depreciation
- Accruals
- Prepayments

8. REVENUE AND CAPITAL DISTINCTION


- Revenue Income
- Revenue expenditure
- Capital Income
- Capital Expenditure
- The Significance of the Capital and Revenue Distinction.

9. ACCOUNTING CONCEPTS AND COVENTIONS


- Meaning and Types of Accounting Concepts
- Meaning and Types of Accounting Conventions
- Relevance of Accounting Concepts and Conventions as
preparation of Accounts.

10. CORRECTION OF ERRORS


- Meaning of Errors
- Difference between error and fraud
- Error affecting Trial Balance agreement
- Errors not affective trial balance agreement.
- Effect of Errors on profit.

11. BANK RECONCILIATION STATEMENT


- Structure and contents of:
* Cash Book
* Bank Statement
- Adjustment to Cash book
* Transaction Items
* Contractual Items
* Others
- Unpresented and Uncredited Cheques
- Preparation of BRS
- Importance of Bank reconciliation Statement.

RECOMMENDED TEXTS

ACC 101 & 102 – RECOMMENDED TEXTBOOKS


Amao, A.R., An introduction to Financial Accounting, Longman
Asaolu, Ayodele, modern Book Keeping and Accounts, Gbabeks Publishers Limited, Ibadan
Dodge, R. Foundation of Business Accounting, Chapman and Hall
Inanpa, E.L. Principles of Accounting, Heinemann
Spice and Pegler Book-Keeping and Accounts
Walgenabach, P.N., Financial Accounting: An introduction, Harcourt Brace Jovanvich.
Welsch, G.A., and Short, D.G. Fundamentals of Financial Accounting, Richard D. Irwin.
Wood, F.I., Business Accounting, Pitman.

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