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ACC204Management Sciences3 Unitsintermediate

Introduction To Financial Accounting Ii

This course introduces students to the fundamental principles of financial accounting, focusing on the treatment of accounting transactions according to relevant accounting standards. It covers special and general journals, trial balance construction, error correction, and suspense accounts. Students will learn to distinguish between current assets and liabilities, revenue and capital expenditures, and how to account for bad debts, accruals, prepayments, and depreciation. The course also explores inventory valuation methods and computerized accounting systems.

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208h
Study Time
13
Weeks
16h
Per Week
basic
Math Level
Course Keywords
Financial AccountingJournalsTrial BalanceDepreciationInventory Valuation

Course Overview

Everything you need to know about this course

Course Difficulty

Intermediate Level
Builds on foundational knowledge
65%
intermediate
➕
Math Level
Basic Math
🔬
Learning Type
Hands-on Practice

Course Topics

Key areas covered in this course

1

Journals

2

Trial Balance

3

Current Assets

4

Current Liabilities

5

Depreciation

6

Inventory Valuation

Total Topics6 topics

Ready to Start

No specific requirements needed

This course is designed to be accessible to all students. You can start immediately without any prior knowledge or specific preparation.

Assessment Methods

How your progress will be evaluated (3 methods)

Assignments

Comprehensive evaluation of course material understanding

Written Assessment

Tutor-Marked Assignments

Comprehensive evaluation of course material understanding

Written Assessment

Final Examination

Comprehensive evaluation of course material understanding

Computer Based Test

Career Opportunities

Explore the career paths this course opens up for you

Accountant

Apply your skills in this growing field

Auditor

Apply your skills in this growing field

Financial Analyst

Apply your skills in this growing field

Bookkeeper

Apply your skills in this growing field

Accounting Clerk

Apply your skills in this growing field

Industry Applications

Real-world sectors where you can apply your knowledge

AuditingTaxationFinancial ServicesConsultingCorporate Accounting

Study Schedule Beta

A structured 13-week journey through the course content

Week
1

Module 1: The Journals

8h

Unit 1: The Journals

8 study hours
  • •Understand the differences between special and general journals.
  • •Learn to perform simple and compound journal entries.
  • •Review Exhibit 1.1 and 1.2.
Week
2

Module 2: Trial Balance I: Errors and Suspense Account

8h

Unit 2: Trial Balance I: Errors and Suspense Account

8 study hours
  • •Understand the meaning of a trial balance and its construction.
  • •Identify errors affecting the trial balance and their correction.
  • •Study the Illustrative Example and postings to relevant ledgers.
Week
3

Module 3: Trial Balance II: Special Kind of Errors

8h

Unit 3: Trial Balance II: Special Kind of Errors

8 study hours
  • •Identify, explain, and correct errors that do not affect the trial balance.
  • •Use journal entries and ledger accounts for corrections.
  • •Review the Illustrative Example.
Week
4

Module 4: Current Assets and Current Liabilities

8h

Unit 4: Current Assets and Current Liabilities

8 study hours
  • •Distinguish between current assets and current liabilities.
  • •Learn accounting entries and recognition in the statement of financial position.
  • •Review the Illustrative Example.
Week
5

Module 5: Long-Term Liabilities and Ownership Equity

8h

Unit 5: Long-Term Liabilities and Ownership Equity

8 study hours
  • •Distinguish between long-term liabilities and ownership equity.
  • •Explain the difference between long-term sources of fund and long-term liabilities.
  • •Understand the effects of drawings on equity.
Week
6

Module 6: Revenue Expenditure and Capital Expenditure

8h

Unit 6: Revenue Expenditure and Capital Expenditure

8 study hours
  • •Differentiate capital expenditure from revenue expenditure.
  • •Identify and segregate capital expenditure from revenue expenditure.
  • •Learn how they are treated in the income statement and statement of financial position.
Week
7

Module 7: Bad Debts and Allowances for Bad Debts

8h

Unit 7: Bad Debts and Allowances for Bad Debts

8 study hours
  • •Explain bad debts and allowance for bad/doubtful debts.
  • •Understand the concept of cash discount in relation to account receivable.
  • •Review the Illustrative Examples.
Week
8

Module 8: Accruals and Prepayments

8h

Unit 8: Accruals and Prepayments

8 study hours
  • •Explain accruals in the form of accrued income and accrued expense.
  • •Distinguish between accrued income and accrued expense.
  • •Understand accounting treatments in the statement of comprehensive income and statement of financial position.
Week
9

Module 9: Depreciation I: Introductory Concepts and Methods

8h

Unit 9: Depreciation I: Introductory Concepts and Methods

8 study hours
  • •Explain depreciation and related concepts such as depreciable value, scrap/residual value, carrying cost, useful life, and depreciable asset.
  • •Identify and explain depreciation methods.
  • •Compute depreciation using different methods.
Week
10

Module 10: Depreciation II: Further Issues and Accounting Entries

8h

Unit 10: Depreciation II: Further Issues and Accounting Entries

8 study hours
  • •Learn accounting entries for depreciation.
  • •Identify and explain non-time related basis of depreciation.
  • •Understand the concept of depreciation used for intangible assets and wasting assets.
Week
11

Module 11: Accounting for the Purchase and Sale of Non-Current Assets

8h

Unit 11: Accounting for the Purchase and Sale of Non-Current Assets

8 study hours
  • •Distinguish between non-current assets held as trading items and those held for running the business.
  • •Learn accounting entries for the purchase and disposal of non-current assets.
  • •Understand accounting treatments where a non-current asset is exchanged for another.
Week
12

Module 12: Inventory Valuation I: Periodic Inventory Model

8h

Unit 12: Inventory Valuation I: Periodic Inventory Model

8 study hours
  • •Define inventory and identify when assets can be regarded as inventories.
  • •Explain the nature of periodic inventory model.
  • •Compute common methods of valuing inventory.
Week
13

Module 13: Inventory Valuation II: Perpetual Inventory Model

8h

Unit 13: Inventory Valuation II: Perpetual Inventory Model

8 study hours
  • •Compare and contrast periodic and perpetual inventory models.
  • •Value closing inventory and cost of sales using FIFO, LIFO and moving averages.
  • •Review the Illustrative Example.

This study schedule is in beta and may not be accurate. Please use it as a guide and consult the course outline for the most accurate information.

Course PDF Material

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Study Tips & Exam Preparation

Expert tips to help you succeed in this course

1

Create a detailed study schedule allocating specific time slots for each unit.

2

Practice journal entries from Unit 1 weekly to reinforce understanding of debits and credits.

3

Review trial balance error correction techniques from Units 2 and 3, focusing on identifying and correcting different types of errors.

4

Create flashcards for key definitions and formulas related to depreciation (Units 9 and 10) and inventory valuation (Units 12 and 13).

5

Work through all illustrative examples in each unit, focusing on understanding the step-by-step solutions.

6

Review all Tutor-Marked Assignments (TMAs) and identify areas needing further clarification.

7

Practice bank reconciliation statements (Unit 20) using different scenarios to improve problem-solving skills.

8

Create concept maps linking Units 4-5 (assets and liabilities) to the statement of financial position (Units 17 and 18).

9

Focus on understanding the conceptual framework (Unit 15) and its application to accounting policies and estimates.

10

Simulate exam conditions by completing practice questions within a set time limit.

11

Prioritize studying units with higher weightage in the final examination.

12

Get enough sleep and maintain a healthy diet during the exam period.

13

Arrive at the exam venue early and review key concepts before the exam begins.

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