Welcome to the course Intermediate Financial Accounting 1! This course aims at enhancing students’ knowledge and skills in financial accounting and reporting. It reviews the regulatory and Conceptual framework for preparing corporate reports of single companies and examines the preparation of accounts for partnership companies. Also covered are preparation, interpretation and analysis of financial statements with the financial reporting standards, It captures the preparation of the financial statements of Partnership, treatment of in the Changes in the constitution of Partnership, the dissolution and amalgamation of partnerships. It also looks at Accounting for specialised transactions such as Branch Accounting, royalties and joint venture.
COURSE OBJECTIVES/LEARNING OUTCOMES
At the end of the course, the student should be able to;
v Appreciating general knowledge of Accounting and its uses for managers and stakeholders.
v Reviewing the regulatory framework for the preparation and presentation of corporate financial statements.
v Analyzing and interpretation of financial statements using Ratios and non-financial measures of performance
v Present, measure, recognition and disclosure of Financial Instruments
v Prepare Financial statement of Partnership
v Recognizing the relevance of accounting Principles in relation to the recording of the accounting transactions in branch accounting.
v Understanding the dynamics in the Accounting for specialized areas like joint venture, Royalties, investments, consignments etc.