ACCT 120 FOUNDATION OF ACCOUNTING 11-Notes 2020.pdf -...

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1 As members of Kabarak University, We purpose at all tim es and in all places to set a part in one’s heart, Jesus Christ as Lord. (1 Peter 3:15) KABARAK UNIVERSITY SCHOOL OF BUSINESS P.O Private Bag – 20157, KABARAK, KENYA COURSE OUTLINE Course code: ACCT 120 Course Name FOUNDATIONS OF ACCOUNTING II 3 Credit Hour 45 Prerequisite Acct. 110 Lecturer; STELLA KORIR Cell Phone:0722 228266 Email; [email protected] Purpose of the course The course aims at introducing students to the preparations of other business organizations financial statements apart from Merchandisers. Excepted Learning outcomes At the end of the course the leaner should be able to ; 1. Explain accounting concepts and principles 2. Prepare financial statements of manufacturing enterprises, Partnership and non-Profit making organizations. 3. Apply different methods of depreciation 4. Prepare control accounts 5. Develop an understanding of the concept of single entry accounting system, features and limitations Course contents Weeks Detailed course content Week 1 Review of the conceptual framework of financial reporting Understanding of Accounting Principle, Accounting concepts, Accounting Standards Users of accounting information and their needs Qualitative characteristics of financial information
2 As members of Kabarak University, We purpose at all tim es and in all places to set a part in one’s heart, Jesus Christ as Lord. (1 Peter 3:15) Week 2 Week 3 Week 4 Financial reporting by Manufacturing Enterprises Manufacturing Accounts Statement of financial performance Statement of Financial Position Week 5 Cat 1 Week 6 Partnership Accounts Introduction to Partnership accounts Basic content of a partnership agreement Provisions of the Partnership Act chapter 29 Rights, Duties and Powers of Partners Types of Partners Week 7 Week 8 Partnership Accounts Cont’d Statement of financial performance and Appropriation account. Current and Fixed Capital accounts Valuation of goodwill on admission, retirement or death of a partner Revaluation of assets and Liabilities on admission, retirement or death of a partner. Statement of financial position. Week 9 Limited Liability Accounts Features of a Company as a Corporate Legal Body Types of companies Share capital Types of share capital Week 10 Financial statement analysis Ratios Week 11 Cat 2 Week 12 Accounting for Non-Profit making Organizations Introduction to NPO’s Receipts and Payment Account Income and Expenditure Account Subscription Account Week 13 Accounting For Non Profit Making Organizations Cont’d Accumulated Funds account or General Funds Trading Activities Preparation of Financial Statements
3 As members of Kabarak University, We purpose at all tim es and in all places to set a part in one’s heart, Jesus Christ as Lord. (1 Peter 3:15) Week 14 Control Accounts and Incomplete Records Introduction Salient Features Preparation and Presentation of accounts with incomplete records Week 15 Revisions and Exams Learning approaches

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