Accounting

300 LEVEL

1ST SEMESTER

2NDSEMESTER

Elective Course

ACC 301: FINANCIAL ACCOUNTING I 3 units

Value Added Statements, Company information, Company Accounts: Types of Capital; ordinary shares, preference shares and debentures and their implications. Issue of shares and redemption of preference shares and debenture charges in the capital structure. Advanced Partnership accounts: Admission, retirement, dissolution, change of interest, including the treatment of goodwill on admission/retirement. Conversion of partnerships to Limited companies, amalgamation of partnerships. Departmental and Branch Accounts. (Home and Foreign branches). Introduction to interpretation of accounts and financial statement analysis-Funds flow statements.

ACC 302: FINANCIAL ACCOUNTING II 3 units

Company Accounts: The Preparation of financial accounts for publication in accordance with the requirements of Schedule 2 (Forms and contents of company’s financial statement), Companies and Allied Matters Acts No 1 of 1990 CAMA. The Nigerian Accounting Standards and International Accounting Standards. Treatment of Tax in CAMA, 1990.Accounting for deferred Taxation (SAS12).Interpretation of Financial Statements (ratio. trend and percentage analysis), analysis of working capital, statement of the sources and application of funds and cash flow statements. Surety-ship and guarantees: Pledges, liens, exchange control, negotiable instruments such as bills of exchange, cheque and promissory note.

ACC 303: COST ACCOUNTING II 3 units

Budgeting and Budgeting control: Types of Budgets Preparation of Budgets. Budgets factor manual. Flexible budgets. Budgetary Control:- Objectives, Organization and advantages, preparation and use of Budgets cost estimations techniques and cost classification. Behaviour of cost. Cost of contribution and relevant cost. Break even analysis and graphs, cost/volume analysis. Use of Marginal costing for managerial decisions. Standard costing: types of Standards. Standard Costing for sales, materials, labour and overhead. Basic variance analysis.

ACC 305: INTRODUCTION TO TAXATION 2 units

Nigerian System of Income Tax Administration: structure and procedures, returns, assessments, appeal, postponement, collection; with reference to all necessary legislations. The function of the board of inland/internal revenue and joint tax board. Distinction between the taxation of income and the taxation of capital. Personal Income Tax: the law and practice of Income tax relating to individuals, exemptions, settlements, trusts, and estates partnership assessments, treatments, of losses. Computation of assessable income; commencement and cessation of trade or business. Company Tax - the principles and scope of Company Tax. The small company provisions including definitions, computations and exemption.

ACC 304: MANAGEMENT ACCOUNTING I 3 units

Nature and purpose of management accounting as decision tools for management. Opportunity cost, cost behaviour, cost estimation advanced consideration of relevant costing and marginal costing, .make or buy decisions, product mix, shut down problems, product diversification budget and budgetary control. preparation of various types of budget; cash budget, production budget, flexible budget, zero base, budget planning and programming budgeting system, standard costing, advanced variance analysis, investigation of variances

ACC 306: PUBLIC SECTOR ACCOUNTING 3 units

Introduction to Public Sector Accounting; - distinction between Public and Private sectors, basic accounting for not-for-profit (NFP), classification of NFP, basic characteristics of governmental accounting. Structure of Government Accounting in Nigeria, the Treasury, Audit Department, Consolidated Revenue Fund, Capital and Development Fund. Financial Accounting and Analysis – Use of self accounting system, fund accounting system, and standardized uniforms for transactions. Decision making and planning and control of public fund – application of costing methods, budgeting processes, the use of Audit Department, Accounting for Local Government, Educational and Health institutions Planning, Programming and Budgeting System (PPBS).Recent developments and issues in the Public sector – implication of Nigeria’s membership in ECOWAS, effort of restructuring public sectors, etc.

ACC 307: BASIC AUDITING 3 units

The nature and purpose of an audit. The role of internal audit, external audit, reporting responsibilities, appointment, dismissal, resignation. The concepts of “true and fair”, “independence of auditor”. Relationship of auditors to directors to directors, shareholders and other financial statements’ users. Audit planning – Initial review of accounting system, evaluation of internal control system and procedures, development of an audit programme, audit procedures – vouching of accounts, verification of assets, sampling techniques, flow charting, stock taking procedures, letter representation.

ACC 308: ACCOUNTING FOR ENVIRONMENTAL SCIENTISTS 3 units

Technology and conceptual framework of Accounting. Nature of business transactions. Functions, concepts and conventions of Accounting. The structure of business accounts. Double entry principles. Preparation of accounts of sole trader. The cash book, journals and journal entries into the ledger. Trial balance, correction of errors, reconciliation of bank statement. Final accounts, trade accounts, profit and loss account, the balance sheet, control accounts. Allocation of expenditure between capital and revenue. Recreation of reserve and provisions, the treatment of accrued expenditures and payments in advance. Depreciation accounts of non-profit making organizations. Consignments. Hire purchase accounts and joint ventures.