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ACC 102 Course Outline 2023 - 2024 Second Semester

The ACC 102 course at the University of Cape Coast focuses on financial reporting for small and medium-sized enterprises, covering topics such as manufacturing concerns, incomplete records, non-profit organizations, partnerships, and limited liability companies. Students will learn to prepare financial statements and understand relevant accounting standards, with assessments based on attendance, participation, quizzes, and a final exam. The course emphasizes active participation, adherence to attendance policies, and a professional dress code.

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Joshua Otsibah
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57 views4 pages

ACC 102 Course Outline 2023 - 2024 Second Semester

The ACC 102 course at the University of Cape Coast focuses on financial reporting for small and medium-sized enterprises, covering topics such as manufacturing concerns, incomplete records, non-profit organizations, partnerships, and limited liability companies. Students will learn to prepare financial statements and understand relevant accounting standards, with assessments based on attendance, participation, quizzes, and a final exam. The course emphasizes active participation, adherence to attendance policies, and a professional dress code.

Uploaded by

Joshua Otsibah
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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UNIVERSITY OF CAPE COA ST

COLLEGE OF HUMANITIES AND LEGAL STUDIES


SCHOOL OF BUSINESS
DEPARTMENT OF ACCOUNTING

ACC 102 INTRODUCTION TO FINANCIAL REPORTING II 3 CREDITS

COURSE OUTLINE FOR SECOND SEMESTER 2023/2024 ACADEMIC YEAR

1.0 Course Description


This course builds on the concepts and principles expounded in ACC 101 Introduction to Financial
Reporting I. It is designed to equip students with the skills for preparing and presenting basic financial
statements of small and medium-sized enterprises with emphasis on manufacturing concerns,
organisations with incomplete records, non-profit making organisations, partnership firms and limited
liability companies. The course also exposes students to the application of relevant accounting standards
relating to the preparation and presentation of these financial statements.

2.0 Course Objectives


By the end of this course, the student should be able to:
• Explain the nature and function of manufacturing concerns;
• Prepare accounts of manufacturing concerns;
• Prepare control accounts and use them to solve incomplete records problems;
• Prepare accounts from incomplete records;
• Prepare accounts for non-profit making organisations;
• Demonstrate an understanding of procedures for establishing partnerships and companies;
• Demonstrate an understanding of the legal provisions for operating partnerships and
companies in Ghana;
• Prepare the partnership accounts of partnership firms;
• Account for issue of shares;
• Prepare accounts of firms operating as limited liability companies.

3.0 Course Contents


Week(s) Topics
Preparation of Financial Statements for Manufacturing Concerns
• The concept of cost, its elements and classification
1–2 • Determination of manufacturing cost
• Determination of market value of goods manufactured and provision for unrealised
profit
• Preparation of income statement and statement of financial position
Accounting for Organisations with Incomplete Records
• Nature and forms of single entry and incomplete records
• Problems associated with incomplete records/single entry
3–4 • Approaches to income determination
• Use of control accounts
• Determining the profit or loss from incomplete records/single entry records
• Preparing the statement of profit or loss
• Preparing the statement of financial position
Preparation of Financial Statements for Non-Profit Organisations
5–6 • Nature and features of non-profit organisations
• Subscriptions and other sources of income of non-profit organisations
• Trading activities of non-profit organisations

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• Receipts and payments account
• Income and expenditure account
• Statement of financial position
• Accounting for Non-Governmental Organisations (IAS 20 Accounting for
government grants and disclosure of government assistance)
Partnership Accounting
• Nature, formation and regulatory framework of partnerships
• Statement of profit or loss
7–8 • Profit and loss appropriation account
• Types of capital accounts
• Statement of financial position of partnership firms
• Goodwill and revaluation of partnership assets
• Realisation, dissolution and amalgamation of partnership firms
Introduction to Company Accounts
• Nature, formation and regulatory framework of companies
• Types of shares
9 – 10 • Accounting for issue of shares
• IAS 1Presentation of financial statements
• Statement of profit or loss and other comprehensive income
• Statement of changes in equity
• Statement of financial position
• Introduction to statement of cash flow (IAS 7)
11 – 12 Introduction to Departmental and Branch Accounts
• Uses of departmental accounts
• Allocation and apportionment of expenses
• Preparation of departmental accounts
• Nature of branch accounts
• Preparation of branch accounts

4.0 Course Instructional Approach

4.1 Lectures: The lecturer would explain the concepts and principles of the course. Where necessary,
questions would be solved and discussed in class but students would be required to do a lot of
assignments outside the classroom. Some assignments will be done in teams and learning to work
in teams or groups is part of the learning outcomes of the course. During lectures, students may be
called upon to make presentations on the topics under discussion. Advance preparation is therefore
strongly advised so as to avoid embarrassment whiles reinforcing teaching and learning process.

4.2 Tutorials: Students are expected to fully and actively participate in the weekly tutorial sessions.
The tutorial sessions would be used to solve questions relating to the specific topic under
consideration. Class presentation would form the basis for class discussion and this is part of
continuous assessment.

5.0 Course Materials

5.1 Main Study Text:


Marfo-Yiadom, E., Asante, S. & Tackie, G. (2020). Financial accounting and reporting: An
introduction. IFRS Edition. Accra: Kwadwoan Publishing.

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5.2 Other Relevant Materials:
International Financial Reporting Standards (IFRS) – Full IFRS and IFRS for SMEs
Companies Act, 2019 (Act 992)
Incorporated Private Partnership Act, 1962 (Act 152)
www.iasplus.com
www.ifrs.org

6.0 Course Assessments


• Class attendance, participation, quizzes and assignments 40%
• End of semester examination 60%
100%

7.0 Course Policies

7.1 Attendance and lateness to lecture


Attendance policies of the University will apply (Refer to the Academic Policies and Regulations
handbook of the University of Cape Coast). Lateness shall not be tolerated. Students arriving late for
lectures disrupt the orderly course of the contact session. Prior permission should be sought in the event
that a student might be late for lectures. All students are to be seated at least 5 minutes to the
commencement of lectures.

7.2 Class participation


Participation helps students assess their own understanding. It is in the interest of all students to
participate in class discussions and ask questions, especially when they are in doubt. Active
participation is therefore encouraged. Students are expected to come to lectures having thoroughly read
the recommended text and solve the assigned questions. Marks will be awarded to students who engage
in active class participation and contribute to the class discussions and response to questions.

7.3 Missed quizzes, tests, and assignments


If for any justifiable reason the student will miss a test or quiz, the student should get clearance from
the lecturer in advance. Retrospective permissions will not be granted for missed tests and quizzes. An
automatic zero will be awarded for missed quizzes, tests, and assignments.

7.4 Late submission of assignments


All assignments must be handed in at the stated time and in the stated form. Failure to submit assignment
on schedule will automatically receive a grade of zero. Late assignments will not be tolerated. If a
student has any genuine problem(s), he/she must contact the lecturer before the deadline for the
submission of the assignment. There are no guarantees for extension of time; each case will be treated
on its own merit. It is the student’s responsibility to retain a copy of all assignments should any questions
arise later concerning that assignment.

7.5 Dress code


Students should follow the guidelines for dress and appearance as it appears in the Academic Policies
and Regulations Handbook. Appropriate student dress is an integral part of professional development.
Every student offering this course has the responsibility to adhere to the spirit and specification of the
dress code. These are as follows:
• Dress shirt, long- or short-sleeved, are acceptable.
• A tie, properly tied, is encouraged.
• Flip-flops or slippers are not acceptable.
• Especially for the ladies, blouses, dress shirts, tops and turtlenecks are acceptable. Inappropriate
attire includes tops with bare shoulders or spaghetti-straps unless worn under an open blouse.
• Dress and skirt length should be a length at which the student can sit comfortably in public.

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• Mini-skirts, sun dresses, peasant dresses/shirts, beach dresses, and spaghetti-strap dresses are
inappropriate.
• Under no circumstance should shorts be worn to the class. Jeans trousers can be worn. No shorts.
• Low-cut blouses which reveal cleavage are unacceptable.
• Students are required to dress like professional executives once every month; usually, the first
lecture of each month. Students are also to dress like professional executives during end-of-
semester examinations.

8.6 Academic dishonesty


Cheating and plagiarism will be severely penalized. Plagiarism involves copying someone’s work and
presenting it as if that work were your original work. Students are advised to learn from each other
but not to copy colleague’s assignments and present them.

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