Intermediate Financial Accounting Ii
- Management Sciences
- 300 level
- 3 credit units
- 198 pages
- 19 units
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.
About this course
- Difficulty
- Intermediate
- Study hours
- 150 hours
- Maths
- Intermediate
- Content
- Theoretical, practical, case study, problem solving
- Practical work
- Yes
- Assignments
- Tutor Marked Assignments
- Final Examination
What you'll read
The real module and unit structure of ACC312, taken from the course material NOUN publishes.
- UNIT 1: ACCOUNTING FOR SPECIALIZED BUSINESSES 1Page 6
- UNIT 2: ACCOUNTING FOR SPECIALIZED BUSINESSES 2Page 24
- UNIT 3: GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP)Page 36
- UNIT 4: DEVELOPMENT OF ACCOUNTING STANDARDSPage 43
- UNIT 5: THE INTERNATIONAL ACCOUNTING STANDARDS BOARD (IASB)Page 48
- UNIT 6: CONTENTS AND APPLICATION OF ACCOUNTING STANDARDSPage 52
- UNIT 1: BUSINESS COMBINATIONS, INTERIM FINANCIAL REPORTING, PRESENTATION OF FINANCIAL STATEMENTS, EVENTS AFTER THE REPORTING PERIOD AND REVENUEPage 121
- UNIT 2: ACCOUNTING FOR GOVERNMENT GRANTS AND DISCLOSURE OF GOVERNEMENT ASSISTANCE, BORROWING COSTS, RELATED PARTY DISCLOSURES AND FINANCIAL REPORTING IN HYPER INFLATIONARY ECONOMYPage 131
- UNIT 3: IMPAIRMENT OF ASSETSPage 146
- UNIT 4: FIRST-TIME ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS, SHARE- BASED PAYMENT, NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONSPage 155
One paragraph, so you can see how it reads
ACC312 · UNIT 1: ACCOUNTING FOR SPECIALIZED BUSINESSES 1
It is important you know that this course material was actually adapted from ICAN study pack. This provides you the opportunity of obtaining a degree in Accounting and preparation for your professional examinations. Therefore, it is very important that you commit adequate effort to the study of the course material for maximum benefit.
What you should be able to do
- Prepare financial statements for specialized businesses.
- Explain the development and application of accounting standards.
- Apply accounting principles for pension and provident funds.
- Prepare voyage and shipping accounts.
- Account for cooperative societies.
- Explain the purpose and sources of GAAP.
- Apply accounting methods for oil and gas activities.
- Account for leases and investments.
- Understand the regulatory framework of financial accounting.
What it prepares you for
- Accountant
- Auditor
- Financial Analyst
- Financial Manager
- Tax Consultant
- Oil and Gas
- Real Estate
- Banking
- Insurance
- Telecommunications
Where it gets hard
The units students slow down on, and what makes each one heavy.
- Module 1: Specialized Businesses and Accounting Standards
Unit 1: Accounting for Specialized Businesses 1
The various cost classifications and revenue recognition methods require careful application and understanding of the specific industry context.
- Module 1: Specialized Businesses and Accounting Standards
Unit 2: Accounting for Specialized Businesses 2
The legal and practical aspects of solicitor-client relationships and trust accounting demand meticulous record-keeping.
- Module 1: Specialized Businesses and Accounting Standards
Unit 4: Development of Accounting Standards
The due process involves multiple stages and requires understanding of the roles of various stakeholders.
A suggested way through it
13 weeks, about 36 hours in total. Yours will differ.
- Week 1Module 1: Specialized Businesses and Accounting Standards
Unit 1: Accounting for Specialized Businesses 1 · 2 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 2Module 1: Specialized Businesses and Accounting Standards
Unit 1: Accounting for Specialized Businesses 1 · 2 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 3Module 1: Specialized Businesses and Accounting Standards
Unit 1: Accounting for Specialized Businesses 1 · 2 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 4Module 1: Specialized Businesses and Accounting Standards
Unit 2: Accounting for Specialized Businesses 2 · 2 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 5Module 1: Specialized Businesses and Accounting Standards
Unit 2: Accounting for Specialized Businesses 2 · 2 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 6Module 1: Specialized Businesses and Accounting Standards
Unit 2: Accounting for Specialized Businesses 2 · 2 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 7Module 1: Specialized Businesses and Accounting Standards
Unit 2: Accounting for Specialized Businesses 2 · 2 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 8Module 1: Specialized Businesses and Accounting Standards
Unit 3: Generally Accepted Accounting Principles (GAAP) · 2 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 hours
Explain the basic accounting principles and concepts in Nigeria GAAP.. Define accounting policies.. State the two bases used in preparing financial statements..
- Week 9Module 1: Specialized Businesses and Accounting Standards
Unit 4: Development of Accounting Standards · 2 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 hours
State the functions of the NASB.. Outline the powers of the NASB.. Describe the stages of the NASB Due Process..
- Week 10Module 1: Specialized Businesses and Accounting Standards
Unit 5: The International Accounting Standards Board (IASB) · 2 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 hours
Outline the stages of the IASB due process.. Outline some of the argument for and against accounting standards generally..
- Week 11Module 1: Specialized Businesses and Accounting Standards
Unit 6: Contents and Application of Accounting Standards · 2 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 12Module 2: Accounting for Petroleum Activities and Financial Institutions
Unit 1: Leases and Accounting for Investment · 2 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 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 13Module 3: Financial Reporting 1
Unit 3: Accounting for Insurance Business and Accounting in the Petroleum Industry: Down Stream · 2 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 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..
Preparing for the exam
- Create a detailed study schedule allocating specific time slots for each module and unit.
- Practice solving numerical problems from past exam papers to improve speed and accuracy.
- Develop concept maps linking key accounting principles and their application to different industries.
- Focus on understanding the regulatory framework and its impact on financial reporting.
- Review all Tutor-Marked Assignments (TMAs) and self-assessment exercises to identify areas of weakness.
- Form a study group to discuss complex topics and share insights.
- Prioritize studying accounting standards relevant to specialized businesses and financial reporting.
- Practice redrafting financial statements using current purchasing power basis.
- Create flashcards for key terms and definitions to aid memorization.
- Allocate sufficient time for revision and mock exams to simulate exam conditions.
Questions students ask about this course
What is ACC312 about?
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.
How many units does ACC312 have?
ACC312, Intermediate Financial Accounting Ii, has 19 units across 5 modules, over 198 pages of course material. You can read it one unit at a time.
How many credit units is ACC312?
ACC312 carries 3 credit units, at 300 level in Management Sciences.
Is ACC312 hard?
ACC312 is rated intermediate level, with intermediate mathematical content. It is mostly theoretical, practical, case study and problem solving work, and it has a practical component.
How long does ACC312 take to study?
About 150 hours of study, spread across its 19 units.
How is ACC312 assessed?
ACC312 is assessed by Assignments, Tutor Marked Assignments and Final Examination.
What can I do with ACC312?
Accountant, Auditor, Financial Analyst, Financial Manager and Tax Consultant.