Study Guide for BUAD 713: Principles of Accounting

DISTANCE LEARNING CENTRE AHMADU BELLO UNIVERSITY ZARIA, NIGERIA

COURSE MATERIAL FOR

Course Code &Title: BUAD 713: Principles of Accounting
Programme Title: Post Graduate Diploma in Management (PGDM)

REVISED COURSE MATERIAL (2020)

  • By: Dr. ABUBAKAR AHMAD

COPYRIGHT PAGE

  • © 2020 Ahmadu Bello University (ABU) Zaria, Nigeria
  • All rights reserved. No part of this publication may be reproduced in any form or by any means, electronic, mechanical, photocopying, recording or otherwise without the prior permission of the Ahmadu Bello University, Zaria, Nigeria.
  • First published 2020 in Nigeria.
  • ISBN: Ahmadu Bello University e-Learning project, Ahmadu Bello University Zaria, Nigeria.
  • Tel: +234
  • E-mail:

COURSE WRITERS/DEVELOPMENT TEAM

  • Editor: Prof. M.I Sule
  • Course Materials Development Overseer: Dr. Usman Abubakar, Zaria
  • Subject Matter Experts: Dr. Aisha Nuhu, Mohammed Jamil Abdulkadir
  • Subject Matter Reviewer: Prof. M.H Sabari
  • Language Reviewer: Enegoloinu Adakole
  • Instructional Designers/Graphics: Haruna Abubakar
  • Proposed Course Coordinator: Jamil Abdulkadir
  • ODL Expert: Prof. M.H Sabari

QUOTE

  • “Open and Distance Learning has the exceptional ability of meeting the challenges of the three vectors of dilemma in education delivery – Access, Quality and Cost” – Sir John Daniels

CONTENTS

  1. Title Page
  2. Acknowledgement Page
  3. Copyright Page
  4. Course Writers/Development Team
  5. Quote
  6. Contents
  7. Preamble
  8. Course Study Guide
    • i. Course Information
    • ii. Course Introduction and Description
    • iii. Course Prerequisites
    • iv. Course Learning Resources
    • v. Course Objectives and Outcomes
    • vi. Activities to Meet Course Objectives
    • vii. Time (To complete Syllabus/Course)
    • viii. Grading Criteria and Scale
    • ix. OER Resources
    • x. ABU DLC Academic Calendar
    • xi. Course Structure and Outline
    • xii. STUDY MODULES
  9. Module 1
  10. Module 2
  11. Module 3
  12. Study Session Summary and Conclusion
  13. Glossary

PREAMBLE

  • Welcome to BUAD 713 (Principles of Accounting). I look forward to a rewarding time of interactions with you.
  • This course is a three-part process from concepts to applications, delivery, and implementation; each part consists of several developmental steps and management.
  • This document is our work in progress based on the past practices and current directions of research into course design and quality assurance practices.
  • Feel free to compare it with other institutions and contact me for any input into this document or the course for development process.

COURSE STUDY GUIDE

i. COURSE INFORMATION

  • Course Code: BUAD 713
  • Course Title: Principles of Accounting
  • Credit Units: 2
  • Year of Study: 1
  • Semester: 1st

ii. COURSE INTRODUCTION AND DESCRIPTION

  • Introduction: BUAD 713 is a first semester coursework of two-credit units offered to students undertaking the Foundation course for the Post Graduate Diploma Management (PGDM).
  • Description: Principles of Accounting provides solutions to the need for ready information to make appropriate financial decisions in business and non-business organisations. It covers the processes of collecting, recording, presenting, and analysing/interpreting financial information, reporting the overall operational results of an economic entity during a given period. A competent manager should be equipped with the knowledge and tools necessary to present and analyse financial reports.

iii. COURSE PREREQUISITES

  • Although this course has no specific subject prerequisite, students are expected to have:
    1. A satisfactory level of English proficiency
    2. Basic Computer Operations proficiency
    3. Online interaction proficiency
    4. Web 2.0 and Social media interactive skills
    5. Others

iv. COURSE LEARNING RESOURCES

i. Course Textbooks
  • Onyekwelu, U. L. (2011). Fundamentals of Financial Accounting 1 & 2: A Simplified Approach. (Revised Edition, IFRS Compliant).
  • Accounting Technicians Scheme West Africa (2009). Basic Accounting Processes and System Part 1, Study Pack. Jos: ABINA Publishers.
  • Jat, R. B. & Jugu, Y. G. (2008). Modern Financial Accounting: Theory and Practice. Jos: London: Cassell.
  • Longe, O. A. & Kazeem, R. A. (2006). Essential Financial Accounting for Senior Secondary Schools. Jos: Tonad Publishers Limited.
  • Wood, F. and Alan S. (2005). Business Accounting 1. (10th Ed.). London: Prentice Hall.
  • Igben, R.O. (2004). Financial Accounting Made Simple. (Volume 1). Lagos: ROI Publishers.
  • Damagum, Y.M. (1999). Introduction to Financial Accounting. Kaduna: O.G. Ventures.
ii. Course Journals
  • Text authored by professional bodies such as ICAN and ANAN.
iii. Other Resources
  • Any other relevant materials that will help in understanding the course.

v. COURSE OBJECTIVES AND LEARNING OUTCOMES

  • After studying this course, you should be able to:
    1. Highlight the objectives and scope of accounting
    2. Explain the various branches of accounting
    3. State the objectives of general-purpose financial statements
    4. Highlight fundamental qualitative characteristics of financial reporting
    5. Explain the cost constraints of useful financial reporting
    6. Define accounting concepts
    7. Explain various accounting concepts, conventions, and principles
    8. Highlight the advantages of using subsidiary books
    9. Know the procedures for preparing subsidiary books
    10. Know the importance of a ledger account
    11. Understand the various types of ledger
    12. Be able to prepare a ledger account
    13. Define a trial balance
    14. Extract the trial balance
    15. Know the procedures for preparing the income statement
    16. Identify items that will appear in the statement of financial position
    17. Prepare a statement of financial position
    18. Explain why adjusting entries are necessary
    19. Show the treatment of bad debts, provision for doubtful debts, depreciation, and provision for discount on receivables and payables
    20. Explain and pass entries in respect of accruals, prepayments, and record increases and decreases in provisions and reserves
    21. Define depreciation and explain why accountants provide for depreciation in the final accounts
    22. Explain the causes of depreciation
    23. Outline the methods of depreciating fixed assets
    24. Calculate depreciation using the various methods
    25. Define and explain a manufacturing account
    26. Outline sub-heads of a manufacturing account
    27. Prepare a manufacturing account
    28. Prepare final accounts of a manufacturing company
    29. Prepare control accounts from given information
    30. Prepare income and expenditure accounts for non-profit making organisations.

vi. ACTIVITIES TO MEET COURSE OBJECTIVES

  • Specifically, this course shall comprise the following activities:
    1. Studying courseware
    2. Listening to course audios
    3. Watching relevant course videos
    4. Field activities, industrial attachment or internships, laboratory or studio work (whichever is applicable).
    5. Course assignments (individual and group)
    6. Forum discussion participation
    7. Tutorials (optional)
    8. Semester examinations (CBT and essay based).

vii. TIME (TO COMPLETE SYLLABUS/COURSE)

  • To cope with this course, you would be expected to commit a minimum of 2 hours daily for the course.

viii. GRADING CRITERIA AND SCALE

Grading Criteria

  • A. Formative Assessment

  • Grades will be based on the following:

    1. Individual assignments/test (CA 1,2 etc) = 20
    2. Group assignments (GCA 1, 2 etc) = 10
    3. Discussions/Quizzes/Out of class engagements etc = 10

  • B. Summative Assessment (Semester Examination)

  • CBT based = 30

  • Essay based = 30

  • TOTAL: 100%

Grading Scale (as appropriate for the course):
  • A = 70 -100
  • B = 60 - 69
  • C = 50 - 59
  • F = 0 - 49
Feedback
Courseware based:
  • 1. In-text questions and answers (answers preceding references)
  • 2. Self-assessment questions and answers (answers preceding references)
Tutor based:
  • 1. Discussion Forum tutor input
  • 2. Graded Continuous Assessments
Student based:
  • 1. Online programme assessment (administration, learning resource, deployment, and assessment).

ix. LINKS TO OPEN EDUCATION RESOURCES

  • OSS Watch provides tips for selecting open source, or for procuring free or open software.
  • SchoolForge and SourceForge are good places to find, create, and publish open software.
  • Open Source Education Foundation and Open Source Initiative help disseminate knowledge.
  • Creative Commons has numerous open projects including Khan Academy and Curriki which provide educational materials.
  • OEDb: Over 10,000 free courses with college reviews and rankings.
  • OER Commons: Over 40,000 open educational resources from elementary to higher education.
  • Academic Earth: Over 1,500 video lectures from prestigious universities.

x. ABU DLC ACADEMIC CALENDAR/PLANNER PERIOD

Semester
ActivityJanFebMarAprMayJunJulAugSeptOctNovDec
Registration
Resumption
Late Registn.
Facilitation
Revision/ Consolidation
Semester Examination

xi. COURSE STRUCTURE AND OUTLINE

Course Structure
WEEK MODULE STUDY SESSION ACTIVITY
Week 1
  • STUDY MODULE 1
    • Study Session 1: Title: Introduction
    • Read courseware for the corresponding study session
    • View the video(s) on this study session
    • Listen to the audio on this study session
    • View any other video/YouTube
    • View referred animation
  • Week 2
  • Study Session 2: Title: Conceptual Framework
  • Week 3 Study Session 3: Title: Accounting Concept
  • Week 4 Study Session 4: Title: Subsidiary Account
  • Week 5 Study Module 2 Title: The Ledger
  • Week 6 Study Session 2: Title: Trial Balance
  • Week 7 Study Session 3: Title: Final Account (Income Statement)
  • Week 8 Study Session 4: Title: Final Account (Statement of Financial Position)
  • Week 9 Study Session 1: Title: Adjustment of Final Accounts
  • Week 10 Study Session 2: Title: Manufacturing Accounts
  • Week 11 Study Session 3: Title: Control Accounts
  • Week 12 Study Session 4: Title: Accounting of Non-Trading Operations
  • Week 13 Study Session 5: Title: Single Entry and Incomplete Records

xii. STUDY MODULES

1.0 MODULE 1 Contents
  • Study Session 1: Introduction
  • Study Session 2: Conceptual Framework of Financial Reporting
  • Study Session 3: Accounting Concepts
  • Study Session 4: Subsidiary Accounts
STUDY SESSION 1
Introduction
  • This session re-introduces students to the history of accounting and the objectives and scope of accounting. Various branches of accounting are discussed.
1.0 Learning Outcome
  • After studying this session, you should be able to do the following:
    1. Briefly highlight the history of accounting
    2. Highlight the objectives and scope of accounting
    3. Explain the various branches of accounting

(Rest of the transcripts detailing the remaining study modules, examples, illustrations, activities, references, and definitions will follow accordingly in this format)