Core
ACC102: Element of Bookkeeping II
INTRODUCTION
What you have in your hand is the course guide for ACC 102 (Elements of Bookkeeping II). The purpose of the course guide is to relate to you the basic structure of the course material you are expected to study as a B.Sc. Entrepreneurship Student in the 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.
What Will You Learn?
The aim of the course is to introduce you to basic principles of accounting and to understand how financial documents are posted into accounting record in order to determine the profit or loss of an organisation and the financial position of the organization. It also includes practical treatment of accounting transactions conducted through the bank and how errors associated with the trial balance are treated. This course will also introduce the break-even analysis using the formula or the mathematical and graph methods.
Teacher Of Course
Includes
At the end of studying the course material, among other objectives, you should be able to:
1. Distinguish between book-keeping and accounting;
2. Explain the methods of preparing accounting data using manual accounting systems and computerized accounting systems;
3. Explain key accounting concepts and the building blocks of accounting
4. Explain the meaning of the key terms and concepts in the accounting equation.
5. List the books of prime entry and state what each is used for.
6. Describe common methods of valuing inventory and inventory costing
7. Identify the errors affecting the trial balance as well as those not affecting the trial balance 4
8. Prepare a statement of profit or loss and a statement of Financial position Explain and prepare the different types of control accounts
9. Prepare an adjusted cash book and bank reconciliation statement
10. Calculate the Breakeven point using a formula or the mathematical method and graph
The course content consists basically of the methods of recording accounting data: manual and mechanical; the final account of a sole trader which consists of the statement of profit or loss account, statement of financial position and end of year adjustments; accounting treatment of control accounts; bank reconciliation statement; cost accounting with emphasis on elementary break-even analysis.
Course Display
Core
Course Department
Course Features
Book keeping