ACC 111 COURSE COMPACT
Course Title:
Principles of Accounting 1
Course Code:
ACC 111
Units:
3
College:
Business and Social Sciences
Department:
Accounting & finance
Programme:
Accounting
Course Lecturers:
Otekunrin A.O and DR(MRS) OSEMENE
Semester:
Alpha Semester
Time of Lecture:
5 pm – 6 pm (1 hours) Wednesday, 3 pm -5pm (2 hour) Thursday
Location:
Wednesday Room A11, Thursday Room A11
A.
Brief Overview of Course
* To develop an appreciation of the role of accounting information.
* To examine the candidates‟ knowledge and understanding of the basic concepts,
methods and procedures followed in keeping financial records.
* To examine candidates ability to prepare final accounts for sole traders.
B.
Course Objectives / Goals
On completion of this paper, candidates should be able to:
a. Understand the nature, principles and scope of accounting and its role in the
management of an organization.
b. Use the principles of double entry to post transactions into the relevant ledger
accounts.
c. Identify the source documents as evidence of transactions and relate them to right
books of original entry.
d. Balance off ledger accounts and extract the trial balance, identify errors and effect
their corrections. e. Maintain simple cash and petty cash records.
f. Prepare and explain the importance of bank reconciliation statements.
g. Prepare and explain the uses of control accounts
. h. Differentiate between capital and revenue items and explain why the distinction is
necessary.
i. Collect and collate information for preparation of final accounts of sole traders.
j. Effect the necessary adjustments in the profit and loss account and balance sheet.
k. Record payroll transactions.
l. Record income and expenditures transactions.
C.
D.
Method of Lecture Delivery / Teaching Aids
Lectures are delivered in the class room with teaching aids such as Whiteboard,
whiteboard marker, visual aids, audio-visual aids, real objects and many others
Course Outline
S/N
Topics
 Definition of accounting, and other terms,
Week 1-2
 perspectives and branches of accounting, accounting data, accounting
information,
 users and uses of accounting information,
 historical sketch of accounting, prospects for Accountants,
Week 3-4
Week 5-6
Week 7-8
Week 9
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Background of current Accounting Methods,
Transactions. Nature, Purpose of Basic concept of Accounting,
the accounting equation,
Measurement of income, costs, assets, equities.
Subsidiary Books –
Sales Day Book,
Purchases Day Book,
Returns Inward Journal,
Returns Outward Journal and
Journal Proper. Differences between capital and revenue, reserves and
provisions, trade and cash discounts etc.accruals and prepayments
capital and revenue expenditure. The Ledger and Trial Balance uses.
Cash Book –
 Single Column,
 Double Column
 Three Column Cash Book and
 Petty Cash Book
Bank Reconciliation Statements, types, causes of differences.
Week 10
MID SEMESTER EXAM
Week 11-12
Final Accounts of Sole Trader
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Income measurement
End of year adjustments in final accounts.
Week 13
Week 14-15
Week 16
Revision
Examination
Students on Vacation
E.
Tutorials
Based on course outline
F.
Method of Grading
Continuous Assessment (CA) -----------------------------------------------30 %
Examination (EX) --------------------------------------------------------------70%
Total -----------------------------------------------------------------------------100%
G.
Structure of Programme / Method Grading
Structure of Programme- Based on course outline
Method Grading- Landmark University Method of grading
Ground Rules and Regulations
Normal Landmark University Rules and Regulations
Alignment with Goals and Vision of Landmark University
To produce professional accountants that will break new ground with world class
standard
Recommended Reading
(1) Foundation of Accounting , by Eddy Omolehinwa ,Pumark Nigeria Limited
(2)Frank Wood and Omuya J. O. Accounting, Book 1, Pitman Publishing London
G.
I.
K.