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ACC312Management Sciences3 Unitsintermediate

Intermediate Financial Accounting Ii

This course brings to your cognizance the conceptual and regulatory framework that provides the basis for the treatment and presentation of financial transactions. It covers accounting methods for specialized businesses like oil and gas, farmers, and estate agencies. You will learn to prepare accounts for solicitors, provident funds, voyage/shipment, and cooperative societies. The course also explains key provisions of accounting standards and financial reporting in hyperinflationary economies.

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150h

Study Time

13

Weeks

12h

Per Week

intermediate

Math Level

Course Keywords

Financial AccountingAccounting StandardsSpecialized BusinessesFinancial ReportingRegulatory Framework

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

Accounting for Specialized Businesses

2

Development of Accounting Standards

3

International Accounting Standards

4

Pension/Provident Fund Accounting

5

Voyage/Shipping Accounts

6

Accounts of Cooperative Societies

7

Generally Accepted Accounting Principles

8

Oil and Gas Accounting

9

Leases and Accounting for Investment

10

Regulatory Framework of Financial Accounting

Total Topics10 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

Financial Manager

Apply your skills in this growing field

Tax Consultant

Apply your skills in this growing field

Industry Applications

Real-world sectors where you can apply your knowledge

Oil and GasReal EstateBankingInsuranceTelecommunications

Study Schedule Beta

A structured 13-week journey through the course content

Week

1

Module 1: Specialized Businesses and Accounting Standards

2h

Unit 1: Accounting for Specialized Businesses 1

2 study hours

•Read the introduction to Estate Agent/Property Company's Account.
•Study the illustration and suggested solution for Iruland Estate Development Nigeria Plc.
•Attempt the self-assessment exercise.

Week

2

Module 1: Specialized Businesses and Accounting Standards

2h

Unit 1: Accounting for Specialized Businesses 1

2 study hours

•Study the accounts of Farmers, including arable products, plantation products, and livestock.
•Review the main features of farm accounts.
•Solve the illustration question and compare your solution.

Week

3

Module 1: Specialized Businesses and Accounting Standards

2h

Unit 1: Accounting for Specialized Businesses 1

2 study hours

•Examine the costs in oil and gas operations.
•Study the oil and gas accounting methods, including full cost and successful efforts.
•Compute depletion, depreciation, and amortization (DD&A) for Liboi Producing Ltd.

Week

4

Module 1: Specialized Businesses and Accounting Standards

2h

Unit 2: Accounting for Specialized Businesses 2

2 study hours

•Study the accounting books required for solicitor's accounts.
•Post the transactions in the necessary accounts and records for Mr. George.
•Attempt the self-assessment exercise.

Week

5

Module 1: Specialized Businesses and Accounting Standards

2h

Unit 2: Accounting for Specialized Businesses 2

2 study hours

•Study the introduction to pension/provident fund accounting.
•Write up investment accounts as they appear in the Trustee's books.
•Prepare pension fund account and balance sheet for Daisy Ltd.

Week

6

Module 1: Specialized Businesses and Accounting Standards

2h

Unit 2: Accounting for Specialized Businesses 2

2 study hours

•Study the introduction to voyage/shipping accounts.
•Prepare a voyage account for Oceanic View Shipping Agency Ltd.
•Solve the question in the illustration without looking at the solution.

Week

7

Module 1: Specialized Businesses and Accounting Standards

2h

Unit 2: Accounting for Specialized Businesses 2

2 study hours

•Study the introduction to accounts of cooperative societies.
•Prepare the Society's reserve account and balance sheet for Onitsha Co-operative Thrift and Credit Society Limited.
•Attempt the self-assessment exercise.

Week

8

Module 1: Specialized Businesses and Accounting Standards

4h

Unit 3: Generally Accepted Accounting Principles (GAAP)

2 study hours

•Explain the meaning and purpose of GAAP.
•State the sources of GAAP in Nigeria.
•Discuss what constitutes International GAAP.

Unit 3: Generally Accepted Accounting Principles (GAAP)

2 study hours

•Explain the basic accounting principles and concepts in Nigeria GAAP.
•Define accounting policies.
•State the two bases used in preparing financial statements.

Week

9

Module 1: Specialized Businesses and Accounting Standards

4h

Unit 4: Development of Accounting Standards

2 study hours

•Describe the brief history of the Nigerian Accounting Standards Board.
•State the reasons for establishing the NASB.
•State the composition of the governing Council of the NASB.

Unit 4: Development of Accounting Standards

2 study hours

•State the functions of the NASB.
•Outline the powers of the NASB.
•Describe the stages of the NASB Due Process.

Week

10

Module 1: Specialized Businesses and Accounting Standards

4h

Unit 5: The International Accounting Standards Board (IASB)

2 study hours

•Describe a brief history that led to the establishment of the IASB.
•State the objectives of the IASB.
•State the features of the IASB structure.

Unit 5: The International Accounting Standards Board (IASB)

2 study hours

•Outline the stages of the IASB due process.
•Outline some of the argument for and against accounting standards generally.

Week

11

Module 1: Specialized Businesses and Accounting Standards

2h

Unit 6: Contents and Application of Accounting Standards

2 study hours

•List the Accounting Standards issued by NASB.
•List the Accounting standards issued by the IASB.
•Describe Accounting Standards on banks and non-banks financial institutions as stated in SAS 10.

Week

12

Module 2: Accounting for Petroleum Activities and Financial Institutions

4h

Unit 1: Leases and Accounting for Investment

2 study hours

•Define lease according to the provision of the Accounting Standard.
•Familiarize yourself with some of the provisions of Statement of Accounting Standard 11.
•Define investments according to the Accounting Standard.

Unit 2: Accounting in the Petroleum Industry: Upstream Activities and Accounting by Banks and Non-banks Financial Institutions (Part 2)

2 study hours

•Familiarize yourself with some of the provision of Statement Accounting Standard 13
•Define the terms used in the Statement of Accounting Standard.
•Outline the provisions of Statement of Accounting Standard 14 and 15

Week

13

Module 3: Financial Reporting 1

4h

Unit 3: Accounting for Insurance Business and Accounting in the Petroleum Industry: Down Stream

2 study hours

•State the provisions of the Statement of Accounting Standard 16
•State the provisions of the Statement of Accounting Standard 17
•State some of the provisions concerning issues in the Statement of Accounting Standard 18.

Unit 1: Statement of Cash flow, Accounting for Taxes and Abridged Financial Statements

2 study hours

•Define the terms used in the Statement of Accounting Standard 19.
•State some of the provisions concerning issues in the Statement of Accounting Standard 19.
•Compute the amount related to the deferred taxes.

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.

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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 module and unit.

2

Practice solving numerical problems from past exam papers to improve speed and accuracy.

3

Develop concept maps linking key accounting principles and their application to different industries.

4

Focus on understanding the regulatory framework and its impact on financial reporting.

5

Review all Tutor-Marked Assignments (TMAs) and self-assessment exercises to identify areas of weakness.

6

Form a study group to discuss complex topics and share insights.

7

Prioritize studying accounting standards relevant to specialized businesses and financial reporting.

8

Practice redrafting financial statements using current purchasing power basis.

9

Create flashcards for key terms and definitions to aid memorization.

10

Allocate sufficient time for revision and mock exams to simulate exam conditions.

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