Introduction To Financial Accounting Ii
- Management Sciences
- 200 level
- 3 credit units
- 230 pages
- 21 units
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.
About this course
- Difficulty
- Intermediate
- Study hours
- 208 hours
- Maths
- Basic
- Content
- Theoretical, practical, problem solving
- Practical work
- Yes
- Assignments
- Tutor Marked Assignments
- Final Examination
What you'll read
The real module and unit structure of ACC204, taken from the course material NOUN publishes.
- UNIT 1: THE JOURNALSPage 8
- UNIT 2: TRIAL BALANCE I: ERRORS AND SUSPENSE ACCOUNTPage 18
- UNIT 3: TRIAL BALANCE II: SPECIAL KIND OF ERRORSPage 29
- UNIT 4: CURRENT ASSETS AND CURRENT LIABILITIESPage 42
- UNIT 5: LONG-TERM LIABILITIES AND OWNERSHIP EQUITYPage 51
- UNIT 6: REVENUE EXPENDITURE AND CAPITAL EXPENDITUREPage 59
- UNIT 7: BAD DEBTS AND ALLOWANCES FOR BAD DEBTSPage 67
- UNIT 8: ACCRUALS AND PREPAYMENTSPage 78
- UNIT 9: DEPRECIATION I: INTRODUCTORY CONCEPTS AND METHODSPage 90
- UNIT 10: DEPRECIATION II: FURTHER ISSUES AND ACCOUNTING ENTRIESPage 101
- UNIT 11: ACCOUNTING FOR THE PURCHASE AND SALE OF NON-CURRENT ASSETSPage 115
- UNIT 12: INVENTORY VALUATION I: PERIODIC INVENTORY MODELPage 127
- UNIT 13: INVENTORY VALUATION II: PERPETUAL INVENTORY MODELPage 143
- UNIT 14: MANUAL AND COMPUTERISED ACCOUNTING SYSTEMPage 154
- UNIT 15: THE CONCEPTUAL FRAMEWORK AND ACCOUNTING POLICYPage 161
- UNIT 16: FINANCIAL STATEMENT OF A SOLE TRADER – INCOME STATEMENTPage 170
- UNIT 17: FINANCIAL STATEMENT OF A SOLE TRADER – FINANCIAL POSITIONPage 178
- UNIT 18: FINANCIAL STATEMENT OF A SOLE TRADER – COMPREHENSIVE ILLUSTRATIONPage 185
- UNIT 19: EXTENDED TRIAL BALANCE OF A SOLE PROPRIETORSHIPPage 199
- UNIT 20: BANK RECONCILIATION STATEMENTPage 207
- UNIT 21: CONTROL ACCOUNTS: SALES AND PURCHASES LEDGERSPage 220
One paragraph, so you can see how it reads
ACC204 · UNIT 1: THE JOURNALS
This Unit discusses the two basic types of journal namely; special and general journals, but major emphasis will be on the general journal since the concept and mechanics of the special journals have been elaborately treated in introduction to financial accounting.
What you should be able to do
- Identify special and general journals and make distinction between them
- Perform the mechanics of simple and compound journal entries
- Learn the meaning of a trial balance and how it is constructed
- Identify the errors that affect the trial balance and how they are corrected using suspense account
- Distinguish between current assets and current liabilities