DEPARTMENT OF BUSINESS AND SOCIAL SCIENCES EDUCATION

Faculty of Humanities and Social Sciences Education

College of Education Studies
University of Cape Coast

Course Manual for Second Semester 2019/2020 Academic Year

Course information
Title: PRINCIPLES OF ACCOUNTING II
Code: EMG 104
Credits: 3
Entry Requirements: PRINCIPLES OF ACCOUNTING I
Instructor information
Name: LETICIA BOSU, Ph.D
Position: LECTURER
Office Loc: Department, Room 3
Office hours:
Tel: +233243468877
Fax:
Email: [email protected]
Course Description

This course introduces the basic principles of accounting theory and practice, emphasizing the sole-
proprietorship form of business. It also provides an overview of financial accounting information and the role
of that information in the economy. Primary areas of study include the concept of control accounts,
manufacturing accounts, accounting for non- profits making organization, single entry and incomplete
records, introduction to partnership and companies accounts.

Learning Goals

The purpose of this course is to give the student a basic understanding of the theories, principles, and
applications of accounting. Students may refer to the individual “Chapter Objectives in the reference list
provided” at the beginning of each chapter for specific goals. A list of “Course Objectives” is also
furnished below:

By the end of this course, students should be able to:

1. explain why control accounts can be useful and also draw up sales & purchase ledger control
account;
2. calculate prime cost and production cost of goods manufactured;
3. draw up manufacturing accounts and appropriate Trading and Profit and Loss Accounts with a
Balance Sheet;
4. explain the main difference between the financial statements of non- profit oriented organisations’
and those of profit oriented organisations;
5. prepare receipts and payments, income and expenditure and balance sheets of non-profit oriented
organization;
6. draw up a trading & profit & loss account and balance sheet from record not kept on a double
entry system;
7. explain what a partnership is and the rules relating to the formation of partnership business;
8. draw a ledger accounts & financial statement for a partnership; and
9. explain the nature, types and formation of companies and how shares and debentures are issued.
10. Prepare departmental and branch accounts

Content
Week 1-2

Control Accounting
Meaning And Purpose
Sales Ledger Control Accounts
Purchases Ledger Control Accounts
Reconciliation Of List Of Ledger Balances And Control Account
Balances

Weeks 3-4
Manufacturing Accounting
 Identification And Classification Of Cost
Preparation Of Manufacturing Account To Ascertain Total Cost
Of Production And Market Value Of Goods Produced
Apportionment Of Overheads Between Manufacturing, Selling And
Administrative Units
Week 5-6
Accounts Of Non-Profit Organisations
Meaning And Purpose
Sources Of Finance
Receipts And Payments Accounts
Revenue And Capital Expenditure
Income And Expenditure Accounts And Balance Sheet

Weeks 7-8
Single Entry And Incomplete Records
Meaning And Advantages Of Incomplete Records/Single Entry
Preparation Of Final Accounts From Incomplete Records

Weeks 9-10

Week 9 -10

Introduction Of Partnership Account

Meaning And Formation
The Legal Formation As Per Act 152 Of1962
Fixed/Fluctuating Capital Accounts And Partners Current Accounts
Appropriation Of Final Accounts
Admission Of A New Partner
Weeks 11-12

Introduction Of Company Accounts

Nature, Types And Formation Of Company
Accounting For Issues Of Shares And Debentures
 Preparation Of Non-Published Final Accounts For Internal Use
Week 13

Introduction to Departmental and Branch Accounts

Use of departmental accounts
Allocation and apportionment of expenses
Preparation of departmental accounts
Nature of branch operations
Preparation of branch accounts
Literature and materials
Compulsory study text:

1. Abaka, K. E. (2009). Principles of Accounting I & II. (Course manual)

Supplementary Readings:

2. Jennings, A. R. (1999). Financial accounting. London: DP Publication.

3. Marfo-Yiadom, E., Asante, S. & Tackie, G. (2015). Financial accounting and reporting: An
introduction. IFRS Edition. Accra: Kwadwoan Publishing.
4. Millichamp, A. H. (1990). Foundation Accounting. London: DP Publications Ltd.
5. Wood, F. & Sangster, A. (2015). Business Accounting 1. (13th ed.). London: Pearson Publishing.
6. International Financial Reporting Standards (IFRS)
7. Companies Code, Act 179, 1963
8. Incorporated Private Partnership Act, Act 152, 1962
9. Any other relevant principles of accounting book

Learning activities:
• Literature search with presentations
• Critique of economic theories in the Ghanaian context
• Group discussions
• Class group presentations
• Out-of-class and in-class assignments
Grading policies:
The grading scale is as follows: A = 80-100, B+ = 75-79, B = 70-74, C+ = 65-69, F < 65 points.
Assignment rules: Assignments are due as will be stated and should be submitted accordingly. Late
submission of assignments is unacceptable. Therefore, you are advised to plan and devote as much
time as possible to this course.
Continuous Assessment – 40%
Continuous assessment will take 40% of the total marks of the course. Continuous assessment will consist
of two quizzes and students participation in class. End of semester examination will cover 60% of the
assessment. A minimum of 50% is required for a pass in accordance with the university’s assessment
criteria.

Note: Time for the quizzes will follow the official university-wide periods for the conduct of quizzes.
All students will be expected to take part in quizzes unless otherwise. Failure to comply will result in an
Incomplete results (IC) for the student(s).

Course policies: Violation of any University rule (as stipulated in the students’ Handbook) related to
courses will result in a failing grade on the course and the subsequent appropriate university sanction.
Tutorials: Students are expected to fully and actively participate in the weekly tutorial sessions. The
tutorial sessions would be used to solve questions relating to the specific topic under consideration. Class
presentation would form the basis for class discussion and this is part of continuous assessment.
Missed quizzes, tests, and assignments: If for any justifiable reason the student will miss a test or quiz,
the student should get clearance from the lecturer in advance. Retrospective permissions will not be
granted for missed tests and quizzes. An automatic zero will be awarded for missed quizzes, tests, and
assignments.

Attendance: Attendance and active participation are required. You are expected to read all assigned
materials before class and attend every class session, fully prepared to participate in discussions and
activities. Lateness to lectures will not be countenanced.
Class participation: Participation helps students assess their own understanding. It is in the interest of
all students to participate in class discussions and ask questions, especially when they are in doubt. Active
participation is therefore encouraged. Students are expected to come to lectures having thoroughly read
the recommended text and solve the assigned questions. Marks will be awarded to students who engage
in active class participation and contribute to the class discussions and response to questions.

Code of conduct: Harassment of any nature or form will not be tolerated in this class. Students with
disabilities will be appropriately accommodated. Please let me know at the beginning of the semester if
you need any particular assistance.
Note: You are allowed to have your mobile phones on while at lectures. However, make sure they are
either on vibration or on silent mode. You are entreated to pick your calls OUTSIDE the lecture theatre.

Academic dishonesty: Cheating and plagiarism will be severely penalized. Plagiarism involves copying
someone’s work and presenting it as if they were your original work. Plagiarized work will receive a score
of zero on all assignments. Plagiarism may also warrant a failing grade in the course and the application
of university sanction. Students are advised to learn from each other but not to copy colleague’s
assignments and present them.