Financial Accounting
- Management Sciences
- 300 level
- 3 credit units
- 236 pages
- 13 units
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.
About this course
- Difficulty
- Intermediate
- Study hours
- 150 hours
- Maths
- Intermediate
- Content
- Theoretical, practical, problem solving, case study
- Practical work
- Yes
- Assignments
- Tutor Marked Assignments
- Final Examination
What you'll read
The real module and unit structure of ACC311, taken from the course material NOUN publishes.
One paragraph, so you can see how it reads
ACC311 · MODULE 2: BRANCH ACCOUNTS
In this unit, you will learn treatment of financial transaction under departmental account. In this unit, we shall look at the meaning and type of departmental account. W e shall also look at the ledger accounts involve in departmental account.
What you should be able to do
- Explain the principles of departmental and branch accounting.
- Apply accounting treatments for partnership changes and dissolution.
- Describe the process of company formation and share issuance.
- Analyze financial statements using key ratios.
- Prepare cash flow statements using direct and indirect methods.
What it prepares you for
- Accountant
- Auditor
- Financial Analyst
- Accounting Manager
- Financial Controller
- Accounting Firms
- Financial Services
- Corporate Finance
- Public Sector Accounting
- Non-Profit Organizations
Where it gets hard
The units students slow down on, and what makes each one heavy.
- Module 2: Branch Accounts
Unit 1: Accounting Treatment of Home Branches Accounts
Accounting treatment of goods and cash in transit requires careful reconciliation between head office and branch records, especially when using different accounting methods.
- Module 2: Branch Accounts
Unit 2: Accounting Treatment of Foreign Branches Accounts
The temporal method involves translating various financial statement items at different exchange rates, requiring a thorough understanding of foreign currency accounting.
- Module 3: Advanced Partnership Accounts
Unit 2: Changes in the Constitution of Partnership
Applying the rules of Garner vs. Murray in partnership dissolution requires careful allocation of losses among solvent partners based on their capital balances.
A suggested way through it
13 weeks, about 78 hours in total. Yours will differ.
- Week 1Module 1: Departmental Account
Unit 1: Basic concepts and treatment of departmental transaction · 6 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 2Module 1: Departmental Account
Unit 1: Basic concepts and treatment of departmental transaction · 6 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 3Module 1: Departmental Account
Unit 1: Basic concepts and treatment of departmental transaction · 6 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 4Module 2: Branch Accounts
Unit 1: Accounting Treatment of Home Branches Accounts · 6 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 5Module 2: Branch Accounts
Unit 1: Accounting Treatment of Home Branches Accounts · 6 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 6Module 2: Branch Accounts
Unit 1: Accounting Treatment of Home Branches Accounts · 6 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 7Module 2: Branch Accounts
Unit 1: Accounting Treatment of Home Branches Accounts · 6 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 8Module 2: Branch Accounts
Unit 2: Accounting Treatment of Foreign Branches Accounts · 6 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 9Module 2: Branch Accounts
Unit 2: Accounting Treatment of Foreign Branches Accounts · 6 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 10Module 3: Advanced Partnership Accounts
Unit 1: Partnership Arrangement · 6 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 11Module 3: Advanced Partnership Accounts
Unit 1: Partnership Arrangement · 6 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 12Module 3: Advanced Partnership Accounts
Unit 1: Partnership Arrangement · 6 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 13Module 3: Advanced Partnership Accounts
Unit 2: Changes in the Constitution of Partnership · 6 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..
Preparing for the exam
- Create detailed summaries of key concepts from each unit, focusing on formulas and accounting treatments.
- Practice applying different bases for apportioning expenses in departmental accounting (Unit 1).
- Master the accounting entries for branch transactions, including items in transit and unrealized profits (Module 2).
- Understand the implications of the Partnership Act, 1890 in the absence of a partnership agreement (Module 3).
- Review the different methods of valuing goodwill and their impact on partner's capital accounts (Module 3).
- Practice preparing cash flow statements using both direct and indirect methods (Module 4).
- Focus on understanding the different classifications of financial ratios and their interpretations (Module 4).
- Create concept maps linking Units 3-5 company accounts concepts
- Practice SQL queries from Units 7-9 weekly
- Review all TMAs
Questions students ask about this course
What is ACC311 about?
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.
How many units does ACC311 have?
ACC311, Financial Accounting, has 13 units across 3 modules, over 236 pages of course material. You can read it one unit at a time.
How many credit units is ACC311?
ACC311 carries 3 credit units, at 300 level in Management Sciences.
Is ACC311 hard?
ACC311 is rated intermediate level, with intermediate mathematical content. It is mostly theoretical, practical, problem solving and case study work, and it has a practical component.
How long does ACC311 take to study?
About 150 hours of study, spread across its 13 units.
How is ACC311 assessed?
ACC311 is assessed by Assignments, Tutor Marked Assignments and Final Examination.
What can I do with ACC311?
Accountant, Auditor, Financial Analyst, Accounting Manager and Financial Controller.