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    Intermediate Accounting

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    kashabrams2
    Intermediate Accounting

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    Intermediate Accounting

    Uploaded by

    kashabrams2
    37 views7 pages
    Intermediate Accounting

    Original Title

    INTERMEDIATE ACCOUNTING

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    © © All Rights Reserved

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    Intermediate Accounting

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    37 views7 pages

    Intermediate Accounting

    Uploaded by

    kashabrams2
    Intermediate Accounting

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 7

    COURSE TITLE : INTERMEDIATE ACCOUNTING

    COURSE CODE : BBA32103


    COURSE CREDITS : CONTACT HOURS 60, CREDIT UNITS 4
    COURSE LEVEL : YEAR 2, SEMESTER I

    Course Description

    This course gives the participants further understanding of the accounting


    language. It is intended to explain thoroughly, to students, the financial
    accounting principles and concepts used to prepare books of account and
    extracting final accounts for different business organisations including those
    of a: partnership, joint venture, company and its branch(es). It starts by
    reviewing the fundamental concepts underpinning the science of accounting
    so as to prepare the student to cope with the rigorous work ahead. The
    course also provides the students with a clear understanding of accounting
    information system(AIS) expected to be followed in an organisation
    (regardless of size and legal status) and be able to interpret the information
    such a system generates.

    Course objectives

    1. to expose students to the various accounting principles and practices.


    2. to enable students to prepare and understand the final accounts of
    partnerships and companies.
    3. to explain the principles of preparing accounts of a joint venture
    4. to examine the procedures involved in the preparation of proper
    accounts for such business organizations which do not maintain proper
    accounting records.
    5. to interpret accounting information

    Expected Learning Outcomes


    On completion of this course, a student will be able to
    1. understand accounting theory
    2. be able to prepare accounts for different forms of organisations
    3. prepare proper accounting records for a business with scanty records.
    4. prepare final accounts of different organizations (such as partnership,
    joint- ventures, and companies)
    5. compare and contrast accounts of a partnership and joint venture
    business
    6. compare and contrast accounts of a partnership and a company
    7. interpret accounting information given in financial statements
    8. understand the contribution of proper accounting records to the
    growth, survival and profitability of an organisation

    COURSE CONTENT

    1. Control accounts: 6hrs


    - Meaning and purpose
    - Contra entries in control accounts and the source of information for
    control accounts
     Preparation of:
    - Sales ledger control account
    - Purchases ledger control account

    1. Incomplete Records 9hrs


     Meaning
     Reasons for existence of incomplete records and their disadvantages
     Preparation of a statement of affairs
     Deriving missing figures
    - Use of margins and mark-ups
    - Reconstruction of accounts
    - Use of statements
    - Statement of affairs
     Preparation of financial statements from incomplete records
    -

    3. Accounting for Clubs and Non-profit making organization


    accounts 9hrs

     Meaning of Clubs and Non-profit making organisation


     Objectives/ purpose of non-profit making organisations.
     Non-profit making organisations versus profit making organisations
     Subscriptions account- types and preparation
     Receipts and payments account:
     Nature and purpose of statement of profit or loss of a non-trading
    organization
     Sources of income.
     Receipts and payments account versus statement of profit or loss of a
    non-trading organization
     Determination and incorporation of profits or losses from special
    activities in the financial statements
     Accumulated fund
     Preparation of:
    -Statement of profit or loss and other comprehensive income and
    -Statement of financial position of a non-trading organisation.
     Financial statements of a trading entity versus those of a non-trading
    organisation.

    4. Accounting for Change and dissolution of partnership 9hrs


     accounting for goodwill in partnership accounts
     Sources of goodwill in partnership business
     Types of goodwill
     Circumstances that lead to the ascertainment of goodwill
     Accounting treatment of goodwill in the books of partnership
    - Premium method;
    - Revaluation method;
    - Memorandum method and
    - Preparation of a statement of financial position
     Accounting for Revaluation of assets and liabilities in admission and
    retirement of a partner
     Dissolution of partnership
    - Circumstances that may lead to dissolution
    - Accounting entries to record the dissolution
    - Recording dissolution entries of a partnership in ledger accounts
    following the rule in Garner Vs Murray

    5. Company accounts 6hrs


     Introduction
     Formation of a company
     Legal requirements
     Composition of the share capital and non-current liabilities of a limited
     company
     Authorised and issued (fully paid) capital; nominal and market value of
    shares; and ‘bonus issue’ and ‘rights issue’ of shares
     Advantages and disadvantages of increasing share capital by a bonus
     Preparation of Financial statements for internal use with adjustments;
    -Inventory
    -Provision for bad debts
    -Provision for depreciation (Straight-line and Reducing balance
    method)

    6. Manufacturing Accounts 6hrs


     Introduction
     Manufacturing Account
    - Identification of manufacturing costs (direct and indirect)
    - Classification of costs; direct production costs and factory
    overheads, fixed and variable costs, prime costs and total factory
    costs
    - Categories of inventory
    - Purpose of preparing a manufacturing account; preparation of a
    manufacturing account
    - Account for factory costs with and without manufacturing profit
     Statement of profit or loss and other comprehensive income (SPLC),
    and
    statement of financial position
    - Link between the manufacturing account and SPLC
    - Classification and apportioning expenses
    - Determination of unrealized profits
    - Manufacturing profit versus trading profit; inventory of
    manufacturing concerns versus trading entities
     Preparation of a statement of profit or loss and other comprehensive
    income, and a statement of financial position

    7. Joint venture and Consignments 6hrs


    Joint ventures
    06hrs
     Introduction – definition and features
     Similarities between partnership and joint ventures
     Differences between partnership and joint ventures
     Entries in the joint venture accounts of each venture
     General illustrations

    Consignments
     Definition of key terms
     Main features of consignment
     Differences between consignment and a sale
     Consignor’s and consignee’s books
     Illustrations

    8.Departmental Accounting 3hrs

     Objectives of Departmental Accounting


     Advantages of Departmental Accounting
     Allocation of Department Expenses
     Inter-Department Transfer
     Inter-Department Transfer Price
     Methods of Departmental Account

    -Separate Set of Books for each department


    -Accounting in Columnar Books form

    Mode of Delivery
    i) Lectures
    ii) Class discussion
    iii) End of lesson exercises
    iv) Case study and analysis

    Mode of Assessment
    a) Coursework constitutes 30% broken down as:
    i) Individual Essay 20%
    ii) Class Test 10%
    b) Final examination constitutes 70%

    References
    1. BPP Learning Media, ACCA, F3 BPP Study Text (2020).

    2. Wood Frank & Alan Sangster (2011), Business Accounting, Prentice Hall,
    Great Britain, 12th Edition.

    3. Elizabeth A. Gordon, (2019) Intermediate Accounting - 2nd edition,


    Pearson.

    4. Wood Frank, Dinah Kamasanyu, Peter Magati & Basil Bakama, (2011)
    Principles of Accounts For East Africa, Pearson, 2 nd Edition.

    5. Donald E. Kieso, Jerry J. Weygandt & Terry D. Warfield, Intermediate


    Accounting (2016), 16th Edition, John Wiley & Sons, Inc.

    6. J. David Spiceland, Mark W. Nelson & Wayne M. Thomas, Intermediate


    Accounting (2018) - 9th Edition, McGraw-Hill Publishing Company.

    7. Wahab M. A. (2003) A Straight Approach to Accounting (2003) third


    Edition Vol. I T & E Publishers.

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