LANDMARK UNIVERSITY, OMU-

ARAN
COURSE COMPACT
COLLEGE: BUSINESS AND SOCIAL
SCIENCES
DEPARTMENT: ACCOUNTING AND FINANCE
PROGRAMME: ACCOUNTING
COURSE COMPACT FOR: 2024/2025 ACADEMIC
SESSION
SEMESTER ALPHA
Course
Course code: ACC 101
Course title (credit unit): Introduction to Financial
Accounting 1
Credit unit: 3
Course status: Compulsory

Lecturer Data
Lecturer’s name: Mrs Ibitoye Stella O.
Qualifications: B.Sc. (Hons), M.Sc.
Unit: Accounting and Finance
Department: Accounting
College: College of Business and Social Sciences
E-mail: [email protected];
Office Location: Room A114 (second college building)
Consultation Hours:

Lecturer’s name: Mrs Ajagbe Grace O.

Qualifications: B.Sc. (Hons), M.Sc.
Unit: Accounting and Finance
Department: Accounting
College: College of Business and Social Sciences
E-mail: [email protected];
Office Location: Room A118 (second college building)
Consultation Hours:

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INTRODUCTION TO THE COURSE
Course Description
The course provides an introduction to the fundamental concepts of
financial accounting, focusing on the nature, scope, and objectives of
accounting. It covers the distinction between bookkeeping and
accounting, explores various branches of accounting, and teaches basic
methods of recording financial transactions both manually and
electronically. Additionally, students will learn how to prepare primary
accounting records, extract a trial balance, correct posting errors, and
reconcile bank statements.

Course Justification
The goal of this course is to expose students to the principles, techniques,
and tools used in financial accounting, laying the groundwork for
advanced studies in accounting and finance.
The students will develop a solid understanding of the accounting
procedures, from the recording of transactions to the preparation of
financial statements. The practical emphasis on both manual and
electronic accounting methods. By understanding bookkeeping, preparing
financial records, and learning to reconcile discrepancies in financial
reports, students will be well-positioned to contribute meaningfully in
business and are prepared to meet the demands of the modern
accounting profession, which increasingly relies on technology for
efficiency and accuracy.

Course objectives
At the end of the course, students should be able to
 Understand the basic concepts, principles, and practices of financial
accounting.
 Explain the nature and scope of accounting and its significance in
business and economic environments.
 Distinguish between bookkeeping and accounting, emphasizing
their roles in financial record-keeping.
 Develop students’ understanding of the objectives and importance
of financial accounting in decision-making.
 Familiarize themselves with the various branches of accounting and
their applications.
 Understand methods of recording accounting data, using both
manual systems and electronic tools.
 Prepare and interpret basic accounting records, from primary books
of entry to the extraction of a trial balance.
 Understand the skills to identify and correct common posting errors
in financial records.
 Preparing bank reconciliation statements, ensuring accuracy and
consistency between bank records and accounting books.

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  Understanding the various classification of revenue and
expenditure, with a focus on current and capital expenditures in
financial reporting.
Course Content
The nature and scope of accounting. Definition of bookkeeping and
accounting. Differences and similarities between bookkeeping and
accounting. Objectives of financial accounting, financial accounting cycle,
various branches of accounting, methods of recording accounting data
using manual and electronic devices. Source documents for Book-keeping
and Accounting, original/principal/prime books of entry/ledgers in
accounting. Principles of double- entry and accounting equation, the trial
balance, bank reconciliation statement, classification of revenue/receipts
and expenditure (current & capital).

Course Expectations:
S/N GRADING SCORE (%)
1. Continuous Assessments
 C.A. I 7%
 C.A. II (Mid-semester) 15%
 C.A. III 8%
2. Final Examination 70%
3. Total 100

Course Delivery Strategies

Lecture and demonstration methods, one-on-one tutoring of the students
and PowerPoint presentation.

Course Duration: 15 weeks

LECTURE CONTENT
MODULE 1: INTRODUCTION TO ACCOUNTING
WEEK 1: The Nature and Scope of Accounting and Importance of
Accounting in Business and Economics
Objectives: At the end of the lecture, students should be able to:
(i) Define accounting and explain its purpose in business and
economic for decision-making.
(ii) Identify and describe the primary functions of accounting
in an organization.
(iii) Understand the various users of accounting information
and their specific needs (e.g., investors, management,
government agencies).
(iv) Explain the scope of accounting, including its role in
financial, cost, and management accounting.
(v) Discuss the different types of accounting (financial,
management, cost, and auditing) and how they serve
different business functions.
(vi) Analyze the relationship between accounting and other
disciplines such as finance, economics, and management.

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 (vii) Appreciate the importance of accounting in maintaining
accountability, transparency, and informed decision-
making within organizations.
Description:
First Hour: Purpose, Concept, Function, Users and scope of
Accounting to be discuss extensively.
Second Hour: Types of Accounting, Relationship between accounting
and other discipline, Importance of Accounting for informed decision
making.

Study Questions:
i. What is accounting, and why is it important in business
for decision-making?
ii. Who are the primary users of accounting information,
and what are their specific needs
iii. Differentiate between financial accounting,
management accounting, cost accounting, and auditing.
How does each serve distinct purposes in a business?
iv. Explain the role of accounting in maintaining
accountability and transparency in organizations.
v. In what ways does accounting contribute to strategic
planning and decision-making within a business?
vi. Why is accounting often referred to as the "language of
business"?

WEEK 2: BOOKKEEPING AND ACCOUNTING (Definition,

Differences and Similarities).
Objectives: At the end of the lecture, students should be able to
i. Define bookkeeping and accounting, and explain their
differences and similarities.
ii. Understand the purpose and functions of bookkeeping
in maintaining accurate financial records.
iii. Identify the key roles of accounting in financial
reporting and decision-making.
iv. Explain the significance of bookkeeping in the
accounting cycle, from recording transactions to the
preparation of financial statements.
v. Recognize the importance of both manual and
electronic systems in recording financial transactions
and maintaining accounting records.
vi. Discuss how financial accounting helps in evaluating
an organization's financial performance and
supporting decision-making by investors and creditors
vii. Understand the purpose of financial accounting in
providing relevant financial information to external
stakeholders.

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 viii. Explain how financial accounting ensures compliance
with accounting standards and regulations for
transparency and uniformity in reporting.
Description:
First Hour: Definition, pupose, significance of bookkeeping and accounting
in financial performance and decision making.
Second Hour: Purpose of financial accounting in ensuring compliance
and providing relevant information to accounting users.
Study Questions:
i. What is bookkeeping, and how does it differ from
accounting?
ii. Why is bookkeeping considered an essential function in
the accounting process?
iii. Explain the role of accounting in providing useful
information for decision-making in a business.
iv. How does bookkeeping contribute to the preparation of
financial statements?
v. Discuss the advantages and disadvantages of manual
and electronic bookkeeping systems.
vi. How does financial accounting ensure compliance with
accounting standards, and why is this important for
transparency?
vii. In what ways does financial accounting assist external
stakeholders, such as investors and creditors, in making
informed decisions?
viii. What is the primary purpose of financial accounting,
and who are the main users of financial information?

MODULE 2: OBJECTIVES AND FUNCTIONS OF FINANCIAL

ACCOUNTING
WEEK 3: Objectives of Financial Accounting and Importance of
Financial Accounting for Stakeholders
Objectives: At the end of the lecture, students should be able
to
i. Discuss how financial accounting aids in evaluating an
organization’s financial performance for informed
decision-making.
ii. Explain the significance of compliance with accounting
standards and regulations in financial accounting.
iii. Assess the role of financial accounting in promoting
accountability and transparency within organizations.
iv. Understand the key objectives of financial accounting,
including providing relevant financial information to
stakeholders.
v. Identify the various stakeholders who rely on financial
accounting information and their specific information
needs.
Description:
First Hour: Objectives of Financial Accounting

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 Second Hour: Importance of Financial Accounting

Study Questions:
i. Why is compliance with accounting standards important
in financial accounting, and what impact does it have on
stakeholder trust?
ii. How does financial accounting facilitate informed
decision-making for investors, creditors, and other
stakeholders?
iii. Who are the main stakeholders that depend on financial
accounting information, and what specific information
do they seek?
iv. What are the primary objectives of financial accounting,
and how do they serve the needs of different
stakeholders?
v. In what ways does financial accounting contribute to
promoting accountability and transparency within an
organization?
WEEK 4: The Financial Accounting Cycle
Objectives: At the end of the lecture, students should:
i. Define the financial accounting cycle and explain its
significance in the accounting process.
ii. Explain the importance of accurate record-keeping and
documentation at each step of the financial accounting
cycle.
iii. Understand how the financial accounting cycle facilitates
the flow of financial information to various stakeholders.
iv. Identify and describe the key steps involved in the
financial accounting cycle, from transaction recognition
to the preparation of financial statements.
v. Analyze the interconnections between the different
steps of the financial accounting cycle and their impact
on the overall accuracy of financial reporting.
Description:
First Hour: Introduction to the financial accounting cycle
Second Hour: Steps involved in the cycle from transaction to
financial statements
Study Questions:
i. What is the financial accounting cycle, and why is it
important for the overall accounting process?
ii. List and describe the key steps involved in the financial
accounting cycle, from the initial transaction to the final
financial statements
iii. How does accurate record-keeping influence each step
of the financial accounting cycle?
iv. In what ways does the financial accounting cycle
support the needs of various stakeholders in making
informed decisions?

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 v. How do the steps of the financial accounting cycle
interconnect, and why is this interconnection crucial for
accurate financial reporting?
WEEK 5: Various branches of accounting (financial,
management, cost, auditing, tax, forensic, public sector,
environmental, and social accounting)
The role of each branch in organizational financial
management
Objectives: At the end of the lecture, students should be able to
i. Dentify and describe the various branches of accounting,
including financial, management, cost, auditing, tax,
forensic, public sector, environmental, and social
accounting.
ii. Explain the primary functions and objectives of each
branch of accounting in the context of organizational
financial management.
iii. Discuss how different branches of accounting contribute
to effective decision-making and resource allocation within
an organization.
iv. Analyze the interrelationships among the various
branches of accounting and their collective impact on
financial reporting and accountability.
v. Evaluate the significance of specialized branches, such as
forensic and environmental accounting, in addressing
contemporary challenges in business and society.
Description:
First Hour: Various branches of accounting (financial, management, cost,
auditing, tax, forensic, public sector, environmental, and social
accounting)
Second Hour: The role of each branch in organizational financial
management

Study Questions:
i. What are the primary branches of accounting, and how do they
differ from one another?
ii. Describe the key functions of financial accounting and
management accounting. How do they support organizational
goals?
iii. In what ways does cost accounting assist organizations in
controlling expenses and optimizing resource usage?
iv. Explain the importance of auditing in ensuring the reliability of
financial statements and maintaining stakeholder trust.
v. How do branches like forensic and environmental accounting
address specific challenges faced by organizations in today’s
business environment?

MODULE 4: RECORDING ACCOUNTING DATA

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WEEK 6: Methods of Recording Accounting Data
Objectives: At the end of the lecture, students should be able to
(i) Differentiate between manual and electronic methods of
recording accounting data.
(ii) Evaluate the advantages and disadvantages of each
recording method.
(iii) Understand the basic processes involved in manual and
electronic data recording.
(iv) Identify the tools and technologies used in both manual
and electronic accounting systems.
(v) Determine the most appropriate method for specific
accounting scenarios based on their needs and context.
(vi) Recognize the potential risks and benefits associated with
both methods, such as security issues, efficiency, and
error rates.
(vii) Explore how technology impacts the accuracy and
speed of financial reporting.
Description:
First Hour: Manual vs. electronic methods of recording accounting
data
Second Hour: Advantages and disadvantages of each method
Study Questions:
i. In what situations might manual accounting methods
still be preferred over electronic methods?
ii. How do electronic methods enhance the accuracy and
speed of accounting processes?
iii. Give an example of a real-world business that might
benefit from switching to electronic accounting methods
and explain why.
iv. What security risks are associated with electronic
accounting systems, and how can businesses mitigate
them?
v. Compare and contrast manual and electronic methods in
terms of data storage and retrieval.

WEEK 7: SOURCE DOCUMENTS AND BOOKS OF ENTRY

Objectives: At the end of the lecture, students should be able to

i. Understand the purpose and importance of source
documents in validating financial transactions.
ii. Identify and explain key source documents used in
bookkeeping and accounting.

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 iii. Describe the process of posting transactions from prime
books to ledgers and understand how ledgers are used in
summarizing financial data.
iv. Recognize the role of ledgers in preparing financial
statements and ensuring the accuracy of financial reporting.
v. Differentiate between the various types of original/prime
books of entry and their specific functions in recording
transactions.
Description:
First Hour: Key source documents for bookkeeping and accounting
Second Hour: Detailed explanation of the Original/principal/prime books
of entry and ledgers in accounting
Study Questions:
i. What are source documents, and why are they essential in
accounting?
ii. List and explain five key source documents used in
accounting, giving an example of each.
iii. What are original/prime books of entry? How do they differ
from ledgers in accounting?
iv. Explain the role of the sales day book and the purchases
day book. How are transactions recorded in these books?
v. What is the purpose of a ledger, and how are transactions
posted from the prime books of entry into ledgers?
WEEK 8: MID-SEMESTER EXAMINATION
Objectives: To examine students in what has been taught in the course so
far and evaluate their preparation towards the end of the semester
examination.

MODULE 5: ACCOUNTING PRINCIPLES AND FINANCIAL

STATEMENTS
WEEK 9: PRINCIPLES OF DOUBLE-ENTRY BOOKKEEPING AND
ACCOUNTING
Objectives: At the end of the lecture, students should be able to
i. To grasp the basic principles of how every financial
transaction affects two accounts, ensuring the accounting
equation (Assets = Liabilities + Equity) is always balanced
by understanding the concept of double-entry bookkeeping
ii. Apply correctly debits and credits across different types of
accounts (assets, liabilities, equity, revenue, and expenses)
in order to record financial transactions accurately.
iii. Use double-entry bookkeeping records to generate
accurate financial statements, such as the balance sheet,
income statement, and cash flow statement.

Description:
First Hour: Introduction to double-entry bookkeeping
Second Hour: Understanding the accounting equation, cashbook,
ledger

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Study Questions:
i. Explain how double-entry bookkeeping, cashbook, ledger
contributes to the preparation of trial balance. What role
does it play in ensuring the accuracy of the balance
sheet and income statement?

WEEK 10: TRIAL BALANCE PREPARATION

Objectives: At the end of the lecture, students should be able to :
ii. Explain the purpose of preparing a trial balance.
iii. Understand and perform the steps involved in preparing
a trial balance.
iv. Identify and analyze discrepancies in the trial balance,
and explain how to correct them.
Description:
First Hour: Discuss extensively the above objectives and errors not
disclosed by trial balance
Second Hour: Solve comprehensive questions for better
understanding.
Study Questions:
i. What is the primary purpose of preparing a trial balance,
and what does it help detect?
ii. Outline the key steps involved in preparing a trial
balance from the general ledger accounts.
iii. If the debit and credit columns in a trial balance are
equal, does this guarantee the absence of errors in the
accounting records? Why or why not?
iv. Describe at least three types of errors that a trial balance
can help identify and correct.
v. What should a bookkeeper do if the trial balance does
not balance, and how can they identify the source of the
discrepancy?
vi. Solve practical questions

MODULE 6: BANK RECONCILIATION STATEMENTS

WEEK 11 Purpose of bank reconciliation statements
Objectives: At the end of the lecture, students should be able to
i. Understand the purpose of preparing a bank
reconciliation statement.
ii. Identify the discrepancies between a company's cash
book and the bank statement.
iii. Explain the steps in preparing a bank reconciliation
statement.
iv. Distinguish between items that are recorded in the cash
book but not in the bank statement, and vice versa.
v. Perform a bank reconciliation statement to reconcile the
balance in the cash book with the bank statement.

Descriptions:

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 First Hour: Purpose of bank reconciliation statements
Second Hour: Steps in preparing a bank reconciliation

Study Questions:
i. What is a bank reconciliation statement, and why is it
important for a business to prepare it?
ii. What are some common reasons for differences
between the cash book and the bank statement?
iii. Outline the key steps involved in preparing a bank
reconciliation statement.
iv. Why might a cheque issued by the company not appear
in the bank statement immediately?
v. Explain the terms "unpresented cheques" and "deposits
in transit" in relation to a bank reconciliation statement.
vi. How can preparing a bank reconciliation statement help
in detecting fraud or errors?
vii. What should a company do if it finds an error in the
bank’s statement during reconciliation?

WEEK 12: Bank Reconciliation Statement Cont’d

Descriptions:
First Hour: Practical Questions
Second Hour: Practical questions cont’d

WEEK 13: Revenue and Expenditure Classification

Objectives: At the end of the lecture, students should be able to:
i. Classify different types of revenue and receipts in financial
accounting, including the distinctions between tax
revenue, non-tax revenue, and other forms of income.
ii. Differentiate between current expenditures, which
are short-term, and capital expenditures, which are
long-term investments in assets.
iii. Apply these classifications to practical examples in
both the public and private sectors, analyzing how
revenue and expenditure affect financial statements
and budgeting.
Description:
First Hour: Classification of revenue and receipts
Second Hour: Understanding current vs. capital expenditures
Study Questions:
i. What are the main types of revenue and receipts in
financial accounting, and how are they classified?
ii. How do current and capital expenditures differ in
terms of financial impact and accounting treatment?

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 iii.
Provide examples of current and capital expenditures
in both public and private sector organizations,
explaining their significance in financial reporting..
WEEK 14: Revision

WEEK 15: Examination

Reading List:
1. Lecturer’s lecture notes.
2. Financial Accounting Simplified (2nd Edition) Dr. Kabiru Isa Dandago
3. Financial Accounting Made Simple

HOD’s COMMENTS:
_______________________________________________________
___________________________________________________________________________
___________________________________________________________________________
Name: ________________________ Signature:______________ Date:
___________

DEAN’s
COMMENTS:_______________________________________________________
___________________________________________________________________________
___________________________________________________________________________
Name: ________________________ Signature:______________
Date:___________

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