NATIONAL OPEN UNIVERISTY OF NIGERIA
SCHOOL OF MANAGEMENT SCIENCES
COURSE CODE: ACC 312
COURSE TITLE: INTERMEDIATE FINANCIAL ACCOUNTING II
1
, INTERMEDIATE FINANCIAL ACCOUNTING II
ACC312
Course Guide
Course Developer/Writer: ICAN STUDY PACK
Adapted by: Anthony Idialu Ehiagwina
National Open University of Nigeria
Course Editor: Mr. E. U. Abianga
National Open University of Nigeria
Programme Leader: Dr. I. D. Idrisu
National Open University of Nigeria
Course Coordinator: Anthony Idialu Ehiagwina
National Open University of Nigeria
2
,CONTENT
Introduction
Course Aim
Course Objectives
Study Units
Assignments
Tutor Marked Assignment
Final Examination and Grading
Summary
3
, INTRODUCTION
You are holding in your hand the course guide to ACC312 (Financial Accounting). The purpose of the
course guide is to relate to you the basic structure of the course material you are expected to study
as an Accounting Student in National Open University of Nigeria. Like the name ‘course guide’
implies, it is to guide you on what to expect from the course material and at the end of studying the
course material.
COURSE CONTENT
The course content consists basically of the treatment of transactions according to the provisions of
accounting standards. More specifically, the accounting standards as provided by standard setting
bodies are the content of this course material such as Statement of Accounting Standards (SAS),
International Accounting Standards (IAS), International Financial Reporting Standards (IFRS), and
other related standards provided by standard setting bodies.
COURSE AIM
The aim of the course is to bring to your cognizance the conceptual and regulatory framework that
provides the basis for the treatment and presentation of financial transactions.
COURSE OBJECTIVES
At the end of studying the course material, among other objectives, you should be able to:
1. Explain the accounting method for oil and gas, farmers, estate agencies and property
companies;
2. To prepare accounts relating to solicitors, provident funds, voyage/shipment, cooperative
societies.
3. Explain some of the provisions concerning issues in the Statement of Accounting Standard
18, 19, 20;
4. Explain the accounting treatment of government grants;
5. State accounting treatment of borrowed costs.
6. Explain some of the provision of International Accounting Standard (IAS) 24: Related Party
Disclosures, IAS 29: Financial Reporting in Hyper Inflationary economy.
7. Redraft the financial statement, using the current purchasing power basis.
COURSE MATERIAL
The course material package is composed of:
The Course Guide
The study units
Self-Assessment Exercises
Tutor Marked Assignment
4
SCHOOL OF MANAGEMENT SCIENCES
COURSE CODE: ACC 312
COURSE TITLE: INTERMEDIATE FINANCIAL ACCOUNTING II
1
, INTERMEDIATE FINANCIAL ACCOUNTING II
ACC312
Course Guide
Course Developer/Writer: ICAN STUDY PACK
Adapted by: Anthony Idialu Ehiagwina
National Open University of Nigeria
Course Editor: Mr. E. U. Abianga
National Open University of Nigeria
Programme Leader: Dr. I. D. Idrisu
National Open University of Nigeria
Course Coordinator: Anthony Idialu Ehiagwina
National Open University of Nigeria
2
,CONTENT
Introduction
Course Aim
Course Objectives
Study Units
Assignments
Tutor Marked Assignment
Final Examination and Grading
Summary
3
, INTRODUCTION
You are holding in your hand the course guide to ACC312 (Financial Accounting). The purpose of the
course guide is to relate to you the basic structure of the course material you are expected to study
as an Accounting Student in National Open University of Nigeria. Like the name ‘course guide’
implies, it is to guide you on what to expect from the course material and at the end of studying the
course material.
COURSE CONTENT
The course content consists basically of the treatment of transactions according to the provisions of
accounting standards. More specifically, the accounting standards as provided by standard setting
bodies are the content of this course material such as Statement of Accounting Standards (SAS),
International Accounting Standards (IAS), International Financial Reporting Standards (IFRS), and
other related standards provided by standard setting bodies.
COURSE AIM
The aim of the course is to bring to your cognizance the conceptual and regulatory framework that
provides the basis for the treatment and presentation of financial transactions.
COURSE OBJECTIVES
At the end of studying the course material, among other objectives, you should be able to:
1. Explain the accounting method for oil and gas, farmers, estate agencies and property
companies;
2. To prepare accounts relating to solicitors, provident funds, voyage/shipment, cooperative
societies.
3. Explain some of the provisions concerning issues in the Statement of Accounting Standard
18, 19, 20;
4. Explain the accounting treatment of government grants;
5. State accounting treatment of borrowed costs.
6. Explain some of the provision of International Accounting Standard (IAS) 24: Related Party
Disclosures, IAS 29: Financial Reporting in Hyper Inflationary economy.
7. Redraft the financial statement, using the current purchasing power basis.
COURSE MATERIAL
The course material package is composed of:
The Course Guide
The study units
Self-Assessment Exercises
Tutor Marked Assignment
4
