Skip to main content
NounStudy
Back to Course Catalog
ACC311Management Sciences3 Unitsintermediate

Financial Accounting

This course introduces students to the practical treatment and presentation of financial transactions, focusing on partnership and company accounts. It covers departmental and branch accounting, including home and foreign branches. Students will learn about company formation, share issuance, debentures, and advanced partnership scenarios like admission, retirement, and dissolution. The course also includes an introduction to financial statement analysis and funds flow statements, preparing students for professional accounting examinations.

Take a Practice TestGenerate AI Study Notes

Take a practice test or generate AI study notes to help you excel in this course.

150h
Study Time
13
Weeks
12h
Per Week
intermediate
Math Level
Course Keywords
Financial AccountingPartnership AccountsCompany AccountsBranch AccountingFinancial Statement Analysis

Course Overview

Everything you need to know about this course

Course Difficulty

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

Course Topics

Key areas covered in this course

1

Departmental Accounting

2

Branch Accounting

3

Partnership Arrangements

4

Company Formation

5

Share Issuance

6

Financial Statement Analysis

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

Written Assessment

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

Accounting Manager

Apply your skills in this growing field

Financial Controller

Apply your skills in this growing field

Industry Applications

Real-world sectors where you can apply your knowledge

Accounting FirmsFinancial ServicesCorporate FinancePublic Sector AccountingNon-Profit Organizations

Study Schedule Beta

A structured 13-week journey through the course content

Week
1

Module 1: Departmental Account

6h

Unit 1: Basic concepts and treatment of departmental transaction

6 study hours
  • •Read the introduction and objectives of Unit 1.
  • •Study the meaning of departmental accounting and its advantages.
  • •Review the methods of departmental accounting and complete Self Assessment Exercise.
  • •Practice apportioning expenses using different bases.
Week
2

Module 1: Departmental Account

6h

Unit 1: Basic concepts and treatment of departmental transaction

6 study hours
  • •Study the types of departments: Independent and Dependent.
  • •Understand inter-departmental transfers and their bases.
  • •Learn about apportioning expenses and complete Self Assessment Exercise.
  • •Work through Example 1 on apportioning expenses.
Week
3

Module 1: Departmental Account

6h

Unit 1: Basic concepts and treatment of departmental transaction

6 study hours
  • •Study the disclosure in the Statement of Financial Position.
  • •Work through Example 2 on preparing a departmental statement of profit and loss.
  • •Complete Tutor Marked Assignment 1 and review references for further reading.
Week
4

Module 2: Branch Accounts

6h

Unit 1: Accounting Treatment of Home Branches Accounts

6 study hours
  • •Read the introduction and objectives of Unit 1.
  • •Study the meaning and types of branches: Local, Foreign, Dependent, and Independent.
  • •Review the accounting arrangements for branch transactions and complete Self Assessment Exercise.
Week
5

Module 2: Branch Accounts

6h

Unit 1: Accounting Treatment of Home Branches Accounts

6 study hours
  • •Study the accounting entries for branch transactions where the head office maintains accounts.
  • •Understand the Memorandum Column Method and work through the illustration.
  • •Complete Self Assessment Exercise on methods of accounting for branch transactions.
Week
6

Module 2: Branch Accounts

6h

Unit 1: Accounting Treatment of Home Branches Accounts

6 study hours
  • •Study the Adjustment Account Method and its components.
  • •Learn about items in transit and unrealized profits.
  • •Complete Self Assessment Exercise on accounting for goods and cash in transit.
Week
7

Module 2: Branch Accounts

6h

Unit 1: Accounting Treatment of Home Branches Accounts

6 study hours
  • •Study the format of the current account and inter-branch current account.
  • •Work through Example 1 and prepare the necessary ledger accounts.
  • •Complete Tutor Marked Assignment 1 and review references for further reading.
Week
8

Module 2: Branch Accounts

6h

Unit 2: Accounting Treatment of Foreign Branches Accounts

6 study hours
  • •Read the introduction and objectives of Unit 2.
  • •Study the exchange translation rate under the temporal method.
  • •Understand exchange differences and their treatment.
  • •Complete Self Assessment Exercise on methods to translate the trial balance of a foreign branch.
Week
9

Module 2: Branch Accounts

6h

Unit 2: Accounting Treatment of Foreign Branches Accounts

6 study hours
  • •Work through Example 1 and prepare the translated trial balance of the Paris branch.
  • •Complete Tutor Marked Assignment 1 and review references for further reading.
Week
10

Module 3: Advanced Partnership Accounts

6h

Unit 1: Partnership Arrangement

6 study hours
  • •Read the introduction and objectives of Unit 1.
  • •Study the meaning of partnership and the Partnership Act, 1890.
  • •Review the partnership agreement and complete Self Assessment Exercise.
  • •Understand the different types of partners.
Week
11

Module 3: Advanced Partnership Accounts

6h

Unit 1: Partnership Arrangement

6 study hours
  • •Study the partners' personal accounts: capital and current accounts.
  • •Understand appropriation accounts and interest on loan.
  • •Work through Example 1 on partners' salaries and Example 2 on interest on partners' capital.
  • •Complete Self Assessment Exercise on treatment of interest on loan, capital, drawings, and salaries.
Week
12

Module 3: Advanced Partnership Accounts

6h

Unit 1: Partnership Arrangement

6 study hours
  • •Study interest on drawings and work through Example 3.
  • •Work through Example 4 on preparing appropriation and current accounts.
  • •Complete Tutor Marked Assignment 1 and review references for further reading.
Week
13

Module 3: Advanced Partnership Accounts

6h

Unit 2: Changes in the Constitution of Partnership

6 study hours
  • •Read the introduction and objectives of Unit 2.
  • •Study revaluation of assets and goodwill.
  • •Understand the admission of a new partner and complete Self Assessment Exercise.
  • •Review the accounting treatment for goodwill and work through Example 1.

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

Read the complete course material as provided by NOUN.

Access PDF Material

Study Tips & Exam Preparation

Expert tips to help you succeed in this course

1

Create detailed summaries of key concepts from each unit, focusing on formulas and accounting treatments.

2

Practice applying different bases for apportioning expenses in departmental accounting (Unit 1).

3

Master the accounting entries for branch transactions, including items in transit and unrealized profits (Module 2).

4

Understand the implications of the Partnership Act, 1890 in the absence of a partnership agreement (Module 3).

5

Review the different methods of valuing goodwill and their impact on partner's capital accounts (Module 3).

6

Practice preparing cash flow statements using both direct and indirect methods (Module 4).

7

Focus on understanding the different classifications of financial ratios and their interpretations (Module 4).

8

Create concept maps linking Units 3-5 company accounts concepts

9

Practice SQL queries from Units 7-9 weekly

10

Review all TMAs

Related Courses

Other courses in Management Sciences that complement your learning

MKT303

Consumer Behaviour

3 Units
PAD308

Nigerian Government And Politics I

3 Units
ENT308

Family Business And Success Planning

2 Units
View All Management Sciences Courses