ACCT 101: INTRODUCTION TO ACCOUNTING
1. Accounting framework: Historical perspective of development of accounting; Definition of Accounting; Role of Accounting in an organization; Nature, principles and scope of accounting; The role of financial accounting, cost & management accounting, financial management, auditing and taxation in management of an organization.
2. Accounting standard & institutions: Nature & and role of bodies which set accounting standard in Nigeria; Structure and process leading to the issuance of standards in Nigeria; Statements of Accounting standards.
3. Introduction to financial accounting; Introduction to principles and practice of double entry – book keeping; Books of Accounting
4. Introduction to cost & management accounting; Definition of cost and management accounting; Element of cost associated with inventory; Inventory control; Stock valuation methods (LIFO &FIFO)
5. Introduction to Taxation: Definition of taxation; Functions, principles and classification of tax; Tax administration and assessment procedures; Allowable & non- allowable income & expenses; Tax avoidance & tax evasions.
6. Introduction to Auditing: Definition of auditing; Types of Auditing; Advantage & disadvantages of auditing.
ACCT 102: PRINCIPLES OF ACCOUNTING
Accounting information and its communication: The users of financial statements, their Information requirements, objectives, adequacy and the usefulness of financial statements
Forms and content of books of account
Books of prime entry including journals
Sales & purchase ledgers and day books
Simple cash books and petty cash book
Introduction to ledger accounts & trial balance.
ACCT 107: PRINCIPLES OF ECONOMICS I
Nature and scope of economics: definition of economics; Basic concepts; types of economies.
Basic tools: mathematical and statistical concepts and measures;
Production: meaning; types; factors; production possibility frontier; scale of production; laws of production
Price system and mechanism: meaning; demand related topics; supply related topics; market equilibrium analysis; elasticity analysis; price control.
The theory of consumer behavior: the law of diminishing marginal utility; utility maximization; marginal concepts and applications; economies of scale.
ACCT 108: PRINCIPLES OF ECONOMICS II
- Industry and firm: definition & concepts of industry and firm; types of business enterprises- sole proprietorship, partnership, limited liability companies, cooperative societies; factors influencing location of industry in Nigeria with appropriate examples.
- Markets: perfect and imperfect; their characteristics both in short and long term conditions; monopolistic competition; special markets and price discrimination.
- Money: meaning and types; historical development; characteristics of money; demand for money; price index number; inflation and deflation; banking.
- International trade; development; international payments- how imports are paid, terms of trade, balance of trade; balance of payment; control and de-control; international organizations.
- Public finance: budget; government expenditure; taxation; revenue allocation.
- National income: meaning and calculation; elementary theory of income determination; multiplier.
ACCT 110: ELEMENTS OF BANKING
- Money: evolution of money from barter system to modern money, definitions of money, functions of money, quality of money in Nigeria, evolution of money in Nigeria, evolution of international money system
- The Overview Of The Financial System: Definitions and features of a financial system, The structure of Nigeria financial system.
- Theory of Commercial Banking: evolution and meaning of commercial banking, principles of commercial banking, structure of commercial banking, functions of commercial banks, commercial banks and economic development.
- Merchant Banking: scope and structure, universal banking
- Central Banking: traditional and developmental functions, establishment of central bank of Nigeria, structures: Autonomy and government participation
- Other Financial Institutions: socialized banks, other financial institutions and funds
- Banking Habit in Nigeria: Banking products, quality of banking services, banking culture, banking distress in Nigeria
- Overview of the Banking Regulatory Environment: banking operation, customer service, cash and teller service, funds transfer service.
Overview of bank lending and credit administration
ACCT 112: ELEMENTS OF FINANCE
- INTRODUCTION: Nature and definition of finance, scope of finance, role of finance in business; function of financial manager; steps involve in financial decision making.
- OBJECTIVES OF A BUSINESS: Financial objectives; Non-financial objectives; Social and ethical obligation; Objectives of Not-for profit organisation.
- SOURCES OF BUSINESS FINANCE: Short-term sources: their advantages and dis advantages; Medium-term sources of finance: their advantages and disadvantages; Long-term sources of finance: their advantages and disadvantages.
- MATHEMATICS OF FINANCE: Time value of money; simple interest; compound interest; future value of lump sum; present value of lump sum; Annuity; sinking fund.
- INVESTMENTS APPRAISAL TECHNIQUES: Introduction to Discounted cash flow (DCF) techniques and Non-discounted cash flow techniques.
- WORKING CAPITAL MANAGEMENT: Meaning of working capital; financing working capital; need for working capital; working capital requirements, financing current assets; inventory control.
FINANCIAL ACCOUNTING I&II
Introduction to financial accounting: Nature and purpose of accounting; Accounting principles concepts & conventions; Books of account: cashbook, sales daybook, purchase daybook, returns daybook and general journal.
Principles & practice of double entry bookkeeping: Golden rules of double entry; Ledger accounts – posting & balancing.
Trial balance: Its scope, uses and correction of errors; Use of suspense accounts; Preparation of trial balance from accounting records & list of ledger balances.
Capital and Revenue expenditure: Allocation of income & expenditure between capital and revenue.
Accounting treatment of Assets, Capital & Liabilities: Accounting treatment of tangible & intangible assets; Accounting treatment of stocks, debtors, cash & bank balances; Accounting treatment of liabilities; Accounting treatment of provision & reserves; Accounting treatment of capital.
Control Accounts: their uses, processes, and benefits derivable.
Bank transactions: Adjusted cashbook and bank reconciliation statements
8. Final accounts of sole proprietorship: Adjustments for accruals, prepayments, and provisions; Preparation of final account of sole trade: trading, profits & loss accounts & balance sheet.
ACCT 202: FINANCIAL ACCOUNTING 11
Accounts for non-profit making organisation (NGO’s, clubs, societies and associations): Receipts and payments accounts, Income and expenditure accounts and Statement of affairs.
Manufacturing Accounts: manufacturing, trading profit & loss account and balance sheet.
Partnership: Formation of partnership; Accounting treatment of admission, retirement, removals and death of partner; Revaluation of assets and good will on admission, retirement removal or death of partners; Amalgamation and absorption of partnership; Dissolution of partnership, including piecemeal realization and distribution; Preparation of partnership final accounts.
Joint Venture accounts.
Business mathematics I and II are geared towards developing students understanding of the application of mathematics in accounting, business and economics.
ACCT 203: BUSINESS MATHEMATICS I
Review of elementary Mathematics: algebra; sequences and series; arithmetic, geometric and harmonic progressions; common and natural logarithms; mappings and transformations; vectors and complex numbers; discrete and continuous variables.
Mathematical reasoning: inductive and deductive reasoning; number system and axiom systems; logic; meaning of necessary and sufficient conditions.
Sets and relations: operations on sets; ordered pairs; Cartesian product; relations and choice problem.
System of equations and inequalities: equations and identities; systems of simultaneous equations; linear and exponential equations; graphs of quadratic equations; linear depreciation; partial and general market equilibrium.
Analytical geometry: points and lines; Isoprofit and Isocost lines; tangent and chord; general equations of second degree; higher degree curves; market equilibrium.
ACCT 204: BUSINESS MATHEMATICS II
The course is a build up from Business math I. therefore the same philosophy applies.
Mathematics of finance: application of simple and compound interests; annuities; perpetuity; sinking fund; amortization.
Determinants and matrices: solution simultaneous equations systems; some properties of determinants; Cramer’s rule; elementary algebra of matrices; application of matrices to linear systems.
Functions and limits: algebra of functions; types of functions; limits of functions and the theorems;
Differential calculus: differentiations of one variable and the rules; second order derivatives; turning points and applications; partial analyses from derivatives of more than one variable conditions; applications including method of least squares.
Integral calculus: the indefinite integral- integration methods and applications; the definite integral- properties, approximations and applications.
Differential and difference equations: introduction.
ACCT 205: COMPUTER APPRECIATION AND APPLICATION
1. Introduction to computer: Definition of computer; Historical development of computer; Computer input devices; Computer processing devices; Computer output devices; Computer hard copy and soft copy; Computer hardware and software.
2. Windows and accessories: Shutting down of computer; Background & Screen Saver; Time and Date.
3. Microsoft word: Creating a file ; Opening and closing an existing file; Editing document; Formatting document; Working with tables ; Clip art and word art ; Page setup and printing..
4. Microsoft PowerPoint: Introduction; Inputting text, graphics and pictures; Selecting and inserting design & background; Animations, sound and commands; Presentation & slide show.
5. Introduction to Microsoft Excel: Spread sheet; Excel formulae; Average, Addition, Subtraction, Multiplication, Division, Summation, Minimum, and Maximum
ACCT 206: BUSINESS COMMUNICATION
The course is designed primarily to boost communication capabilities of students. Basic communications skills both writing and verbal communication are going to be learnt at the end of the course.
- Communication and language: Concepts of communication and language and their relationship; Importance of communication in business; Principles of effective business communication
- Types of communication: Formal Communication: Vertical Downward Communication; Vertical Upward Communication; Horizontal/Diagonal Communication
- Informal Communication: Grave vine, Rumour; Barriers to Effective Communication
- Report writing - communication perspective: Types of Report Writing; Routine/Regular; Progress/Technical; Attributes of good report writing; Importance of reports to management decision-making process; Speech writing
ACCT 207: MICRO ECONOMICS
- Introduction: meaning –the nature and scope of microeconomics; economic models; concepts of market and industry.
- Theory of demand: Theory of consumer behavior: the cardinal utility theory; the ordinal utility theory; the revealed preference hypothesis; the consumer surplus; applications; The market demand: derivation of the market demand; determinants of demand; elasticities of demand; market demand analysis.
- Theory of production: Production function analysis; laws of production; technological progress and production function; equilibrium of the firm; derivation of cost functions.
- Theory of costs: traditional and modern theories; analysis of economies of scale.
- Theory of the firms: perfect competition- short run and long run analyses, dynamics changes; monopoly- equilibrium and dynamic changes; price discrimination; monopolistic competition and commodity differentiation.
ACCT 208: MACRO ECONOMICS
- Introduction: the nature and scope of macroeconomics; macro dynamics and comparative statics; transition from microeconomics to macroeconomics; stock and flow concepts; microeconomics versus macroeconomics.
- National income and economic accounting: definitions and concepts; calculation methods; economic welfare and national income; national economic accounting- social accounting, input-output accounting; circular flow of income and expenditure.
- Say’s law and the principles of effective demand: meaning and determination; role of investment.
- Theories of consumption: meaning of consumption function; its properties; MPC and its measures; the Absolute Income Hypothesis; the Relative Income Hypothesis; the Permanent Income Hypothesis; the Life Cycle Income Hypothesis.pes; its determinants; marginal efficiency of capital versus marginal efficiency of investment; concept of multiplier.
- Monetary theory: nature and definition of money- theoretical and empirical; quantity theory of money and its variants; the Keynesian theory of money and price; the real balance effect; the supply of money; creation of money; the demand for money; theories of interest rates; term structure of interest rates.
- Inflation: meaning; the inflationary gap; types- demand-pull, cost-push, mixed; its long-run effects.
ACCT209: ENTREPRENEURSHIP DEVELOPMENT I
This course is designed to expose students to the rudiments of Entrepreneurial skills. The aim is to equip students with these skills with hope that they can be self reliant.
INTRODUCTION: Concepts of Entrepreneurship; Function of Entrepreneurship; Behaviour Attributes of Entrepreneurship.
THEORIES OF ENTREPRENEURSHIP: Achievement motivation theory (Mc Clellan); Aspiration to power (Schumpeter); Protestant Ethnic X Spirit of capitalism (Weter); Creativity and innovation (Kunled); Theory of instrumentalism – Economists
DIMENSION OF ENTREPRENEURSHIP: Legendary Entrepreneurship (Coca-cola, ford, etc); Business Entrepreneurship (Dangote etc); Social /Environment Entrepreneurship (Red Cross, etc); Aristocratic/Aesthetic Entrepreneurship (Mary Quant, C Dion); Entrepreneurship In the shadow (Lorean, Frank).
STARTING A NEW BUSINESS: Business opportunities; Business planning; feasibility study report; establishing the business enterprises; Location and siting organizations; start up process.
FINANCE IN ENTREPRENEURSHIP: Initial capital requirement; Findings the capital; Financial vocabulary; Accounting records, financial statements, financial analysis; changes in financial position of Entrepreneurship.
CHOICE OF ENTREPRENEURSHIP: Starting a new business Do it yourself approach; taking ones an existing business; franchising
ACCT210: ENTREPRENEURSHIP DEVELOPMENT II
- BUSINESS ENVIRONMENT: Environment analysis (SWOT, etc); Entrepreneurship and the law; Market Environment; Economic Environment; Political Environment.
- BUSINESS MANAGEMENT: Human resource management; Ops management; Leadership modeling; Time management; Stress, management; Forces of competition.
- CASE STUDIES
- BUSINESS ETHICS AND SOCIAL RESPONSIBILITY: Ethics in business; Improving ethical behaviour in business; Nature of social responsibility; Issues in social responsibility.
- INTERNATIONAL ENTREPRENEURSHIP: How to enter international markets; Bankers to international entrepreneurship; Entrepreneurship in Emerging markets.
- MARKETING STRATEGY: Business life cycle; Pricing strategy; Promotion; Distribution; Assessing Opportunity; Risk measurement.
- FAILURE IN ENTREPRENEURSHIP: Reason for failure; Signals of failures; Types of failure.
- MANAGING INFORMATION TECHNOLOGY E-BUSINESS: Impact of ICT on Entrepreneurship; Managing information; The internet; E-Business.
ACCT 211: STATISTICS I
The objective of the course is to familiarize student with the basic concept and process in statistics, and examine their competence in the collection, collation, manipulation and presentation of statistical data for decision making.
Part I: Organization and description of Data
- Organization of data: meaning of data-quantitative and qualitative, types; representations of data- tabular and graphical.
- Descriptive distributions: descriptive statistics- desirable properties; describing the location of a distribution- mean, median, mode; describing the dispersion of a distribution- range, mean difference among observations, mean deviation from the mean, the variance and standard deviation; describing the shape of a distribution- skewness, kurtosis.
- Describing individuals in distributions: percentile ranks and percentile; standardization.
- Describing joint distributions of data: the scatter diagram; quantitative description of a statistical relation- covariance, correlation coefficient; linear regression.
Part II: Probability
- Elementary theorems of multiplication and addition.
- Discrete probability distributions: introduction of the notion; discrete and continuous random variables; uniform distribution- describing probability distribution; the binomial distribution; representation of probability distributions.
- Continuous probability distributions: the normal distribution- the effects of sample size on histogram for the binomial distribution, the standard normal distribution; representation of probability distributions of continuous random variables- tabular, graphic, functional.
ACCT 212: STATISTICS II
- Sampling distributions and estimation: populations and samples, the distributions and the estimations.
- Hypothesis testing: foundation- formulation, decisions, data collection, conclusions; evaluation of statistical test- the concept of power; test statistics and levels of significance.
- Testing hypothesis about: population mean- one mean, two mean; population variances- the χ2 family distributions, the Fisher’s F distribution; many population means- notion of double summation, logic and overview of analysis of variance, test statistic and rejection rule for ANOVA.
- Intermediate techniques for hypothesis testing: two-way analysis of variance- fixed effects and random effects, hypotheses and test statistics; correlation and regression- estimations and tests- chi-square, goodness-of-fit, homogeneity, independence.
ACCT 301: CORPORATE ACCOUNTING I
The objective of this course is to equip students with the knowledge of company accounts from incorporation, issue of shares and debentures, redemption of shares and debentures, conversion up to the preparation of final accounts in accordance with generally accepted accounting principles for internal decision making.
- Introduction: Nature of Limited Liability Company; Method of establishing a limited liability company; Types of capital for Limited Liability Company.
- Issue of shares, debentures and loan stock: Issue of ordinary shares & preference shares; Forfeiture of shares and re-issue of forfeiter shares; Issue of debentures & loan stock
- Redemption of shares and debentures: Redemption of redeemable preference shares; Redemption of debentures
- Conversion to limited liability company: Conversion of sole proprietorship to limited liability company; Conversion of partnership to limited liability company
6. Final accounts of companies. Preparation and presentation of P&l and Balance sheet of limited liability companies.
ACCT 302: CORPORATE ACCOUNTING II
The objective of this course is to equip students with the Knowledge of theoretical and legal framework in the preparation of financial statements of companies for publication and their ability to prepare, analyse, interpret and report on financial statements.
1. REGULATORY FRAMEWORK FOR PREPARATION OF PUBLISHED FINANCIAL STATEMENTS: Requirement of International financial reporting standard (IFRS); Requirement of International Accounting Standard (IAS); Requirement of statement of accounting standard (SAS); Requirement of Banks & other financial institutions Act (BOFIA); Requirement of companies & Allied Matters Act (CAMA); CBN Prudential guidelines, insurance acct and other provisions
2. PUBLISHED FINANCIAL STATEMENTS: Objectives of published financial statements; Contents of published financial statements; Preparation of final account in conformity with the requirements of the law for manufacturing companies, banks and insurance business; Preparation of cash flow statement for manufacturing companies, banks and insurance companies using direct and indirect method; Preparation of value added statement for manufacturing companies, banks and insurance companies;
3. COMPUTATION AND INTERPRETATION OF ACCOUNTING RATIOS: Usefulness and limitations of accounting ratios; Types of financial analysis; Computation and analysis of accounting ratios from profit and loss account, balance sheets, notes to the accounts, value added statements and cash flow statement, for manufacturing companies, Banks and insurance companies.
ACCT 303: COST ACCOUNTING 1
The objective of this course is to train student towards mastery of the tools of cost accounting and their applications in decision-making. Students are also expected to learn different method and techniques in collecting, measuring and reporting cost information relevant to business and other activities.
1. INTRODUCTION TO COST ACCOUNTING: Definition and purpose of cost accounting; Classification of cost by nature, functions, elements, responsibilities and behaviour.
2. MATERIAL COSTING: Stock recording and management; Procurement and pricing; Methods of Inventory valuation; Just-In-Time purchasing and production; ABC Analysis Technique; Inventory Control
3. LABOUR COSTING: Basic methods of remuneration; General features of incentive schemes; Labour costing and labour cost control; Job evaluation, merit rating, labour turnover and their impact on labour cost
4. OVERHEAD COST ACCOUNTING AND CONTROL: Overhead classification and analysis; Overhead allocation, apportionment and absorption; Cost centres & cost unit
5. INTEGRATED AND INTERLOCKING ACCOUNTS: Book-keeping entries for costing systems, integrated and interlocking systems; Reconciliation of financial and cost accounting profits.
6. COSTING METHODS: Operation costing; Specific order costing: Job, batch, uniform & contract costing; Process costing; Joint & by product costing; Service costing
ACCT 304: COST ACCOUNTING II
The objective of this course is to examine student’s ability to analyze and predict cost behaviour pattern and their impact on profit and loss. Students will also be examine on their ability to evaluate alternative course of action.
1. COST BEHAVIOURAL PATTERNS AND COST ESTIMATION
2. BUDGETING & BUDGETARY CONTROL: Forecasting problems & techniques; Budgeting process & organization; Preparation of functional budget: Fixed & flexible budget, cash & master budget; Behavioural aspects of budgetary control; Preparation and reconciliation of budgeted and actual results.
3. STANDARD COSTING & VARIANCE ANALYSIS: ; Types & basis of setting standard; Methods of determining standard cost & uses of standard cost; Types of variances & their analysis
4. MARGINAL AND ABSORPTION COSTING: Preparation of income statements using both marginal & absorption costing; Uses of marginal costing in decision-making
5. COST- VOLUME PROFIT ANALYSIS: Limitations of breakeven analysis; Types of breakeven charts; Methods of calculating break-even point & other level of activities; Margin of safety.
6. COST CONTROL: Cost control and reduction techniques such as: Value analysis, Work study, Method study, Quality control techniques, Merit rating, Job evaluation, Work measurement and cost audit.
The course is set to give students knowledge of mathematical tools and their respective application in business decisions relating to planning and control.
ACCT 305: QUANTITATIVE TECHNIQUES 1
- Review of elementary concepts: the sigma notation and subscripts; simple interest and compound interest;
- Linear Programming: introduction; graphical method; foundation of the simplex method; dual simplex method; duality theory and sensitivity analysis; linear goal programming.
- Transportation and assignment problems.
- Network optimization models: prototype examples; its terminologies; the simplex method.
- Game theory: formulation of two-person, zero-sum game; simple and mix strategy games; graphical solution procedure; linear programming procedure.
ACCT 306: QUANTITATIVE TECHNIQUES II
- Decision analysis: decision making without experimentation; decision making with experimentation; decision trees; utility theory; applications.
- Queuing theory: basic structure; the role of exponential distribution; birth-and-death process; models involving non exponential distributions; priority-discipline queuing models; queuing networks; applications.
- Inventory theory: components of inventory models; deterministic continuous-review models; deterministic periodic-review models; stochastic continuous-review models; stochastic single-period model for perishable products; stochastic periodic-review models; large inventory systems.
- Simulation Analysis: essence of simulation; generation of random numbers; outline of major simulation study; the spreadsheets; variance-reducing technique; regenerative method of statistical analysis.
ACCT 307: PETROLEUM AND SOLID MINERALS ACCOUNTING
The objective of this course is to introduce students to the accounting procedures of oil and gas and solid minerals sector of the Nigerian economy.
Part I: Petroleum Accounting
- Introduction to Oil and Gas Accounting: Definition of oil and Gas; Terminologies used in oil and Gas operations; Oil and Gas reserves; Phases in Oil and Gas Upstream Operations; Regulatory framework in the preparation of oil and gas accounts (SAS, IAS, IFRS and GAAP).
- Classification and Grouping of Cost and Revenue in oil and Gas: exploration cost, production cost, transportation cost, refining and distribution cost; property cost and their treatment; Oil and Gas Revenues Process
- Historical cost methods and financial reporting in oil and Gas operations: Successful Efforts(SE) Vs. Full Cost (FC); Differences Between Successful Efforts and Full Cost Accounting and Related Accounting Treatment; Ceiling Test; Certain Property Costs and the Treatment of these Costs under SE and FC. Differences of Depletion, Depreciation &Amortization; Asset Impairment and Disposal Linkages; Preparation of final accounts using SE & FC
- Joint venture and Production Sharing Contract(PSC): Production Sharing Contract between National Oil Companies and Operating Companies; Calculation of PSC; Intoduction to joint venture.
- Account for Mineral Interests (i.e. Royalty, Working Interest, Overriding Royalty Interest, Etc.).
- Accounting for Exploration and Production Companies.
- Accounting for Decommissioning (Brief Intro.)
Part II: Solid Minerals Accounting
- Introduction: The nature of extractive industries; preproduction phase and treatment of preproduction cost; types of reserve and reserve recognition in mineral resources.
- Regulatory framework for extractive industries: International Financial reporting Standard (IFRS 6): Reason for issuing, main features, objective and scope of IFRS 6; IAS and its development
- Accounting for Extractive Industries: Method of Accounting for exploration and evaluation cost; Impairment test; Amortisation and depreciation of cost carried forward; Reserve recognition Accounting
ACCT 308: Research Methods
The objective of this course is to expose students to the rudiments of research design, basic theory and project report writing. The course will teach students basic issues in each of the chapters in a typical project report.
- Meaning and nature of research
- Types of research
- Attributes of a research problem
- Literature review
- Research design and data collection
- Data analysis and presentation
- Presentation of research report
- Ethical Issues in research process.
ACCT 309: ELECTRONIC ACCOUNTING
The objective of this course is to introduce students to the Accounting software’s
ACCT 310: MANAGEMENT INFORMATION SYSTEMS
This course is designed to meet the challenges of today’s advanced studies in the field of management and of the ongoing changes in the modern era of computer science. The objective of the course is to provide students with an understanding of the principles of information systems technology and its impact on the strategic goals and direction of the organization. Students shall learn how Management Information Systems (MIS) concepts are applied in business and how information systems can provide solutions to the entire organization.
- Overview of management of information system: Definitions of management information system: production and information perspectives, Concepts in MIS: data vs information, Why MIS, Information as a strategic resource, Characteristics of information system, Approaches to information systems, Problems with MIS.
- Systems concepts: system defined, characteristics and elements of systems, objectives and types of systems, relevance of systems theory to information, the roles of information system in business and management, the fundamental roles of information system applications in business, historical development of information systems, the expanding roles of information systems in business and management.
- The functional support: the decision support, the communication decision support, the performance monitoring support.
- Management challenges and the role of MIS: what, why and how of management, management functions and levels, three schools of management solving problems with MIS, solving problems with MIS, sources of MIS solutions, design and management of the MIS.
- Information technology and MIS: computers and MIS, system design, Acquisition, implementation, Review and maintenance, MIS administration and management
- Case studies
PUBLIC SECTOR ACCOUNTING
The objective of this course is to enable students to understand the legal frameworks and the Financial Authorities used in the Public Sector and to describe the Accounting Concepts and various Professional Pronouncements on Government Accounting. Students are expected to identify the various revenue inflows to the Federation Account and Consolidated Revenue Fund, their differing characteristics and interaction with each other. Students are also expected to evaluate the Financial Management Cycle in Federal, States and Local Governments and explain the main public expenditure votes, Personnel Emolument, Overheads and Capital Votes and the rules guiding disbursement and preparation of Financial Statements for Parastatals based on the enabling laws and explain the procedure of accounting for the funds allocated to each of them. The course is divided into two semester I and II
ACCT 311: PUBLIC SECTOR ACCOUNTING
- INTRODUCTION TO PUBLIC SECTOR ACCOUNTING: Meaning of public sector accounting; Objectives of public sector accounting; Users of public sector accounting information; Concepts and principles applicable to public sector accounting and finance; Bases of public sector accounting;
- CONSTITUTIONAL AND REGULATORY FRAMEWORK OF PUBLIC SECTOR ACCOUNTING: The constitutional provisions on revenue, revenue allocation and public expenditure (Federal, State and Local Government); The provisions of the Finance (Control and Management Act of 1958, as amended); Financial Regulations for Federal and State Governments, and the Financial Memoranda for Local Governments; Federal Treasury Accounting Manual; Fiscal Responsibility Act, 2007; Public Procurement Act, 2007; The Generally Accepted Accounting Principles applicable to the Public Sector, Local and International Sources; The economic environment of Public Sector Accounting: Performance of the Nigerian economy: a historical perspective and the economic role of the public sector.
- FINANCE OFFICERS: Accountant general of the federation; auditor general of the federation; accounting officer; Sub- accounting officer; revenue collector; imprest and imprest holder; officer controlling expenditure; vote book; bellow the line Accounting; Fedral pay officer; Above the line Accounting; Financial regulation; Budgetary control concepts
- GOVERNMENT ACCOUNTING CONCEPTS AND PRONOUNCEMENTS: Accounting concepts, bases and principles relevant to government accounting; The concept of funds, its relationship to the entity concept and its implications for income measurement and valuation; Professional pronouncements on government accounting by the United Nations, the International Committee on Government Financial Management, Chartered Institute of Public Finance and Accountancy (CIPFA) and International Federation of Accountants (IFAC); Standardisation of Federal and State Government Reporting Formats in Nigeria; International Public Sector Accounting Standards Board (IPSASB).
- SOURCES OF GOVERNMENT REVENUE: Types of Revenue; Federation Accounts Revenue; Federal Government Independent Revenue; Revenue Collection Agencies; Nigerian National Petroleum Corporation (NNPC); Federal Inland Revenue Service (FIRS); Department of Petroleum Resources (DPR); Nigerian Customs Service (NCS); Federation Accounts Allocation Committee; Composition and functions; Bases of revenue allocation; Charges to the Consolidated Revenue Fund; Revenue Collection Procedures and Monitoring; Preparation of Federation Account, Consolidated Revenue Fund and Development Fund.
- FUNDS AND FUNDS ACCOUNTING, AUTHORIZATION OF GOVERNMENT EXPENDITURE AND CONTROL OF GOVERNMENT REVENUE: funding principles; Classification of funds; Types of funds; Authorization of government expenditure; Revenue control; Executive control; Legislative control; Auditor general; Public accounts committee; Ministry of finance control; Control by warrants; Treasury control; Inspectorate division; Internal audit; Departmental control over the budgeted expenditure
- FUNCTION OF THE CASH OFFICE: function of cash office; cash book posting; Cash withdrawal from the bank; Cheque summary register; Security and custody of accounting books/documents; Adequate cash control measures; Preparation of bank reconciliation statements.
- STORES AND STORES ACCOUNTING: Stores and their classification; Maximum and minimum level; cost of store; Procedures for store procurement; Store records: Receipts, payments, transfer and issues of stores; Stock taking; Survey and stocktaking; Board of enquiry
ACCT 312: PUBLIC SECTOR ACCOUNTING II
- PREPARATION OF THE ANNUAL BUDGET, RESERVES BALANCES AND BUDGETARY CONTROL: Budget: Preparation of Medium-Term Expenditure Framework, Objectives/Uses of Annual Budget in the Public Sector, Types of Budgeting-Line – Item Budgeting System, Traditional/Incremental Budgeting System, Planning Programming Budgeting System (PPBS), Programme Performance Budgeting System (PBS), Zero - Based Budgeting System (ZBB); Budgeting Process: Stages in the Budget Cycle, Procedure for Budget, Execution and Achievement of Target, Vote Book and Expenditure Control, Revenue Control Procedures; Budgetary Control: objectives of budgetary control and cash budgets; Reserves/ Balances; Supplementary estimates and condition for approving supplementary funds.
- GOVERNMENT ACCOUNTING PROCESSES: Preparation of Treasury Cash Book and Transcripts; Cash Management and Borrowing Guidelines; Types of Vouchers and their Uses; Self accounting units; monthly cash and bank balances; breakdown of expenditure and posting of main ledger; Bank Reconciliation Statement and its preparation; Preparation of Statutory Financial Statements in Federal and State Treasury: Cash Flow Statement, Consolidated Revenue Fund, Development Fund and Statement of Assets and Liabilities, Preparation of Statutory Financial Statements in Local, Governments, Auditor-General’s Role in Financial Reporting, Preparation of Revenue and Expenditure Accounts; Interpretation of Government Financial Statements; Subsidiary Accounts – Deposit, Advance, Remittance/Cash Transfers, Treatment of loss of Government Fund; - Payroll Accounting and Pension Fund; Accounting for Foreign Mission.
- GOVERNMENT CONTRACTS: Fundamental Principles for Procurement in the Public Sector; Tendering Procedures on Construction/Contract, Goods and Services; Approving authority and limit; The role of Procurement Planning Committee, Contract Payment Procedures, Due Process Concept.
- ACCOUNTING FOR PUBLIC SECTOR ORGANISATIONS, AUTHORITIES, PARASTATALS, BOARDS, CORPORATIONS, AGENCIES AND TERTIARY EDUCATIONAL INSTITUTIONS : The general nature of and differences among these bodies; Financial provisions of enabling laws for the relevant utilities, authorities, Parastatals, boards, corporations, agencies, and tertiary educational institutions; Financial reporting: receipts and payments accounts, income and expenditure accounts, the balance sheet,value-added statement, cash flow statement, five-year financial summary; Processes of appointing Auditors and Auditing of the Financial Statements; Public Accountability of Government Parastatals; Financial Guidelines for the operation of Parastatals.
5. INVESTMENT APPRAISAL IN THE PUBLIC SECTOR: Nature of Investment decisions in Government; Methods of investment appraisal; Risk and uncertainty in investment appraisa; Cost benefit analysis; Life cycle costing and value analysis.
6. PUBLIC FINANCE: The economic environment and role of the public sector: performance of the Nigerian Economy: the economic role of the public sector, objectives of Fiscal Responsibilities; Main sources of revenue and capital finance; Expenditure and Revenue Framework; Borrowing policy and public debts: funded and unfunded debts, external loans: multilateral, Paris Club, London Club, promissory notes, others; Debt Management Strategies: Loans pooling and consolidation, Loan re-scheduling, debt-equity swap, debt forgiveness.
The objective of this course is to equip students with the Technical knowledge required in keeping books, records and preparation of accounts of specialised businesses and transactions. The course is divided in two semesters I and II
ACCT 317: INTERMEDIATE ACCOUNTING 1
Hire Purchases & Account
Accounting for leases
Bills of exchange
Branch account (including foreign branch)
Accounting for pension & provided funds
ACCT 318: INTERMEDIATE ACCOUNTING II
Unit trust and solicitor
ACCT 401: FINANCIAL REPORTING AND REGULATORY FRAMEWORK
The objectives of this course are to familiarize students with the current issues in the regulatory framework for financial reporting and their ability to prepare consolidated financial statements in conformity with Statements of Accounting Standard (SAS), International Financial Reporting Standard (IFRS) and Accounting policies.
REGULATORY AND STATUTORY FRAMEWORK OF ACCOUNTING: Detailed contents and application of all Nigerian Accounting Standards (SAS) issued to-date (excluding the ones examined in ACCT 302); Detailed contents and application of International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS) not yet Issued by Nigerian Accounting Standards Board (NASB); Comparison of local and international standards; Generally Accepted Accounting Principles (GAAP); Arguments for and against regulations; Legislative and quasi-legislative requirements: Companies and Allied Matters Act, 1990, Insurance Act, 2003, Banks and Other Financial Institutions Act, 2003. NAICOM Act, Prudential Guidelines for Banks and Non-banking Financial Institutions, Nigerian Stock Exchange Regulations, Securities and Exchange Commission’s (SEC) and Investment and Securities Acts (ISA).
PUBLISHED GROUP ACCOUNTS: Legal and regulatory framework in the preparation of group accounts; Group structure, the treatment of minority interests: pre and post-acquisition reserves; goodwill; fair-value adjustments; intra-group transactions and dividends; piecemeal and mid-year acquisitions; and disposals to include sub-subsidiaries and mixed groups; The preparation of consolidated Balance sheet, profit and loss account and group cash flow statement involving one or more subsidiaries, sub-subsidiaries and associates, under the acquisition methods (IFRS 3 and IAS 27).
The accounting treatment of Joint ventures and associates (IAS 28 & 31), using equity method and proportional consolidation method.
Foreign currency transactions (IAS 21 & SAS 7) to include overseas transactions and investment in overseas subsidiaries.
Disposal of shares in a subsidiary
ACCT 402: ADVANCE FINANCIAL ACCOUNTING
The objective of this course is to offer in detail advance treatment of accounts for complex business situations/activities
AMALGAMATION AND ABSORPTION: Business combination and takeovers; Method of business combination; Types of consideration in business combination; Acquisition of controlling interest; Accounting treatment under amalgamation and absorption scheme.
CAPITAL RE-ORGANIZATION & RECONSTRUCTION: Capital reorganization and its accounting treatment; Capital reconstruction and its accounting treatment; Structural reorganization and reconstruction.
BANKRUPTCY AND LIQUIDATION: Proceedings in bankruptcy; Bankruptcy of individuals: preparation and presentation of statement of affairs and deficiency account; Partnership Bankruptcy: preparation of statement of affairs and deficiency account; Liquidation of company: preparation of statement of affairs and deficiency account; Liquidators and Receivers accounts.
ACCOUNTING FOR INFLATION: Inflation and its effect on profit; Historical cost system and its defects; Monetary and non-monetary items and their treatment; Current Cost Account (CCA): scope and basis of disclosure, depreciation adjustment, cost of sales adjustment, monetary working capital adjustment, gearing adjustment, current cost profit and loss accounts, and balance sheet and reserve accounts; Current Purchasing power (CPP): Its features and the use of index, preparation of profit and loss account and balance sheet using current purchasing power units.
ACCOUNTING THEORY: Human resource Accounting; Corporate social responsibility and Environmental Accounting; Asset valuation and measurements
ACCT 403: AUDITING AND INVESTIGATION I
This course is designed to provide sound and pragmatic understanding of modern Auditing and Investigation. Students would have an understanding of regulatory and ethical consideration governing the conduct of audit.
FUNDAMENTALS OF AUDIT: Definition of auditing, Historical background of Audit, Development of audit, Need for audit, Objectives of auditing, Merits and demerits of auditing, Qualities of an auditor, Users of audited statements, Auditing and other services. Classification of audits; Audit Engagement: new audits, reason and why auditor may not accept audit assignment, Engagement letter.
REGULATORY AND ETHICAL ISSUES IN AUDITING: Scope and terms of engagement of auditors as provided in, Companies and Allied Matters Act, 1990, Banks and Other Financial Institutions Act 25 of 1991, Insurance Act of 2003, Pensions Reform Act, 2004, Nigerian Accounting Standards Board Act, 2003, Nigerian Standards on Auditing (NSA), Other International Regulatory Bodies: Auditing Practices Board of the United Kingdom, etc, Statements of Accounting Standards (SAS); Professional pronouncements and their applications, that is, guidelines and standards of the professional and other International Bodies.
AUDITING TECHNIQUES: Audit Evidence: Sources of audit evidence, Sufficiency, relevance and reliability of audit evidence, Procedure for obtaining audit evidence; Auditing sampling: Meaning of statistical and non statistical sampling, Reasons for audit sampling, Circumstance where audit sampling may not be appropriate, Stages involved in audit sampling, Planning the sample, Factors influencing sample size, Methods of selection of items and sampling techniques, Advantages and disadvantages of statistical (judgmental) sampling methods
INTERNAL AUDIT AND CONTROL: Scope and purpose of internal audit; Reviewing the relationship between external and internal audits; Internal control system and corporate governance; Outsourcing the internal audit functions.
AUDIT PLANNING: Reviewing the client’s operational background with regard to its financial, legal and personnel situations and the industry environment in which it operates; Allocation and supervision of work and responsibilities; Designing the audit programme; Examining the impact of relevant legislations on the performance of an audit; Evaluating the quality of the audit and maintaining adequate working papers; Planning, documenting and monitoring of time and costs; Establishing procedures for obtaining audit evidence, including balance and transaction testing such as third party confirmation, analytical procedures and management representation; Quality control and peer review; Development of Audit Strategy; Determination of Audit Risks; Execution of Audit Strategy; Organising, audit working papers and working with specialist reports.
AUDIT REPORT: Audit Report: Statutory and non-statutory, qualified and unqualified; Reviewing subsequent events, ‘going concern’ status, management representation and the ‘truth and fairness’ of financial statements; Relationship of auditors with audit committees and third parties.
ACCT 404: AUDITING AND INVESTIGATION II
This course is aimed at giving an insight to contemporary, practical and legal issues in auditing. The objective is to examine students’ ability to prepare reports on specialised audits and investigations and proffer tactical solutions to dynamic problems. Students are also expected to learn how to apply professional expertise in audits and investigations with a view to ensuring transparency and accountability in the public sector.
VERIFICATION: Verification principles; Verification of current assets, fixed assets, liabilities, intangible assets, goodwill, patents, trademarks, copyrights, franchise, debenture loans and borrowing, reserves, equity, income and expenditure, revenue and expenses, sales/purchases, wages and salaries, other income and expenditure account items; Audit documentation.
SPECIALIZED AUDITS: Understanding of special features of certain types of situations peculiar to: farmers, professionals, hospitals, hotels, etc, forensic investigation and reporting, banks, insurance companies, primary mortgage institutions, ‘not-for profit’ organizations – Charities, NGO’s, etc; Insolvency and Business Recovery; Due diligence reviews for mergers, acquisitions and business combinations.
INVESTIGATIONS: Distinction between auditing and investigation; Nature, classes and methods of investigation; Auditors’ involvement with prospectuses and other offer documents; Examination of financial forecasts and projections; The report appropriate to each type of investigation.
PUBLIC SECTOR AUDIT: Appointment, powers and functions of the Auditor-General of the Federation, State and Local Government; Auditing for compliance with legislative and related authorities; Role of Public Accounts Committee in the Audit Process; Internal audit in the Public Sector; Value-for-money audit; Due Process and the Public Procurement Act, 2007; Audit of Corporations and Parastatals; Specialized Audits: Contracts, Pensions, Defense and Security Agencies; Investigations: Uses of Probe Panels in Investigating Acts of Fraud and Corruption; Audit of Government Accounts (Federal, States and Local Governments).
PRINCIPLES AND APPLICATIONS OF PROFESSIONAL ETHICS: The nature of ethics; differentiation between philosophical and professional approaches; Concepts of integrity, obligation, independence, public expectations; Ethics and the professions; social responsibility; Ethics and the law.
ISSUES IN AUDIT PRACTICE: Organisation and Conduct of Professional Office: Office and office facilities, Partners relationship, Staff and management, Quality control, Training; Appraisal of Expectation Gap, Responsibilities for Fraud Detection, Prevention, Reporting Errors, Omissions, Misstatements and Other irregularities. Case studies and implications of new developments from Researches, Decided cases, Standards and other sources; Negotiation skills: Own office and on behalf of clients; Auditors’ liability.
APPLICATION OF INFORMATION TECHNOLOGY IN AUDITING: Understanding the impact of Information Technology in audit environment; Application of Computer Assisted Auditing Techniques (CAATs) in the Audit process; The Role of Auditors in IT security controls implementation; Internal Control Environment; Overview of General and Application Controls; IT General Controls - COBIT Framework.
ACCT 405: TAXATION AND TAX MANAGEMENT 1
The objective of this course is to have a more detailed understanding of Taxation and Tax Management in Nigeria. Students are expected to have a general Understanding and general awareness of Nigerian tax environment and the provisions of statutes in taxation and their interpretations. Students are also expected to learn how to compute tax liabilities based on relevant statutes.
GENERAL SYSTEM OF TAX AND TAX ADMINISTRATION IN NIGERIA: Definition, nature and objectives of taxation; Distinction between taxes and other levies; Historical background and the structure of Nigerian tax system; Sources of various tax laws; Jurisdiction in respect to rules of residence as applicable to individuals, families, estates, executors and itinerant workers; General guidelines and practical procedures for the registration of tax payers; Knowledge of the relevant documents necessary for filing returns for various taxes and relevant tax authorities; Returns, assessment procedures and collection of taxes, interests on overdue tax; Objections, appeals and enforcement; Organs of administration of tax at federal, state and local government levels; Tax Clearance Certificates – nature, objectives, relevance and problems.
2. LAWS AND PRACTICE OF TAXATION IN NIGERIA: Personal income tax laws; Company income tax laws; Income chargeable and exemptions; Allowable and disallowable expenses and related case laws; Tax audit and investigation; Nature and purpose of revenue enquiry; Revenue Department’s procedures; Interpretation of tax laws using decided cases; Ethical issues – implication of confidentiality, conflict of interest and disclosure of information on tax practice; Communication with Clients, Tax authorities and other stakeholders; Case presentation before Body of Appeal Commissioners.
3. TAXATION OF A SOLE TRADER, PARTNERSHIP BUSINESS AND JOINT VENTURE: meaning of a trade or profession; Adjustment of profits of a trade or profession; Basis periods including commencement and cessation years; Change of accounting dates; Treatment of business losses – types of relief and their treatment, losses of new trade or business in commencement and cessation years; Nature, computation and objectives of capital allowances and reliefs available; Treatment of Unearned income: Income from rent on property, including contractor-financed Projects, Income from savings, Dividends and interests; Partnership and joint venture.
4. TAXATION OF EMPLOYEES, TRUST SETTLEMENTS AND ESTATE: The employee: Definition of employee and legal meaning of income, Income from Employment salaries, pensions, charge, annuities, fees, gratuities, allowances and benefits-in-kind; assessments and collection of taxes; Taxation of non-resident individuals deriving income from Nigeria; Trust settlements and estate.
5. COMPANY INCOME TAX: Adjustments of profits; Claims for loss relief and computation of Assessable Profits; Claims for capital allowances and computation of total profits; Computation of tax liability: basis periods including commencement and cessation years, change of accounting dates, treatment of business losses – types of relief and their treatment, losses of new trade or business in commencement and cessation years, nature and objectives of capital allowances and reliefs available; Assessment and payment of income taxes, including minimum tax provisions; Special considerations: Turnover tax, Small company relief, Specialized businesses, including real estate, agriculture, transportation and telecommunication.
6. EDUCATION AND WITHHOLDING TAX: Education Tax: Objectives and basis of computation, education tax fund management; Withholding Tax: relevant tax authority, income subject to withholding tax, time and mode of claims, refunds; grounds and procedures, remittance to tax authorities, Supplies/services subject to Withholding Tax, Rates, Offences and penalties; Preparation education withholding tax accounts
ACCT 406 TAXATION AND TAX MANAGEMENT 11
The objective of this course is to examine students’ ability to appreciate the importance of taxation an tax management in personal and corporate financial planning and decision making.
TAXES ON SPECIALIZED COMPANIES: Air, shipping companies’ insurance business, banks etc
VALUE ADDED TAX AND STAMP DUTIES: - Value Added Tax: Definition, nature, objectives and administration, taxable persons and taxable supplies and services, Input and output VAT, Exempt, zero and zero rated supplies and services; Withholding VAT, Returns, VAT rates, VAT on capital assets, preparation of VAT Accounts and Penalties; Stamp Duties: Definition, nature and objectives, Forms of stamp duties and computations, Administration and Adjudication, transactions attracting stamp duties.
3. CAPITAL GAINS TAX (CGT): Administration of CGT Act Cap CI LFN 2004; - Application of computational rules for Capital Gains Tax in the preparation of CGT returns and advise on appropriate tax planning measures including the use of available reliefs; - Disposal and acquisition of assets; Planning for tax savings and reliefs in capital gains tax; Other matters e.g. partnerships, legatees; Offences and Penalties
4. PETROLEUM PROFITS TAX (PPT): Administration of PPT Cap P13 LFN. 2004; Understanding the nature and classification of income; Knowledge of the concept and computation of posted prices; Definition of Terms; Understanding the nature and classification of costs; Ascertainment of adjusted profits and imposition of costs; Allowable and non-allowable deductions; Treatment of losses; Computation of capital allowance; Tax offsets, petroleum investment allowance, computation of chargeable profit, chargeable tax and the concept of additional tax; Computation of Assessable Profits; Payment of tax due; Offences and Penalties; Incentives available to companies engaged in the utilization of associated gas and objectives for the incentives
5. TAXATION OF MINERAL MINING: Definition of mineral taxation; The unique characteristics of mining industry; Classification of mineral taxes; Taxation of the mineral sector: General policy issues; Minerals taxation regimes; Fiscal policy and mineral taxation
6. ISSUES IN TAXATION: Critical review of tax avoidance schemes; Pioneer legislation; Double taxation treaties and their implications on non-resident companies; Tax implication of mergers, acquisitions and take-over bids; Concepts and applications of deferred taxation; Tax distortion under inflationary conditions
ACCT 407: MANAGEMENT ACCOUNTING 1
The objective of the course is to develop management accounting information for various sectors both Private and Public at the operation tactical and strategic levels in planning, decision making and controlling operations.
AN OVERVIEW OF MANAGEMENT ACCOUNTING: An overview of management accounting; Role of Management accounting in a changing environment; Cost concepts used in planning, control and decision-making – full cost, sunk cost, marginal or direct cost, opportunity cost, incremental cost or differential cost.
2. SHORT-TERM DECISION MAKING: Profit analysis - application and limitation; measuring costs and benefits, decision making involving dropping a segment, make or buy decision, accept or reject, incremental analysis, optimal product mix, adding new product, etc; Single and Multi-Product cost-volume-profit analyses under conditions of uncertainty; pricing: objectives of pricing and factors influencing pricing decisions; pricing methods: cost and market based methods – cost plus, marginal cost, average or lowest market prices or negotiated prices; product-life cycle and appropriate pricing strategies.
3. LONG-TERM DECISION MAKING: Capital Budgeting: objectives of capital budgeting; techniques of evaluating capital budgets such as pay back period, accounting rate of return, cost benefit analysis, discounted cash flow (DCF) techniques-net present value (NPV), internal rate of return (IRR), and profitability index; Capital rationing (single period, multi period) and use of linear Programming
4 RISK AND UNCERTAINTY IN DECISION MAKING
5. SHORT AND LONG-TERM PLANNING: Short Term Planning: types of budgets, budgeting process covering but not limited to identification of objectives, search for possible courses of action, gathering data about alternatives and measuring pay-offs, selection of course of action, and monitoring outcomes and comparing with actual performance alternatives approaches to budgeting such as zero-based budgeting (ZBB). Programme Performance Budgeting System (PPBS) and Activity-Based Budgeting (ABB); Long Term Planning: Objectives of long terms planning, Procedure and stages for developing long-term plan including evaluation of alternatives, Implementation of long-term plan and annual budget. Monitoring and control.
ACCT 408: MANAGEMENT ACCOUNTING II
The objective of this course is to examine students’ ability to assist management in identifying and applying appropriate performance measurement techniques and the relevant quantitative techniques in solving problems.
BUDGETARY CONTROL: Control aspect of budgeting involving: budgetary control, its objectives and relationship; With responsibility accounting; Controllable and uncontrollable outcomes; Analysis of variances; Investigation and evaluation of variances; Behavioural aspect of budgeting including goal congruence, Motivation and the problems of dysfunctional behaviour; Control theory in management accounting including feedback loops, open and closed systems.
STANDARD COSTING: Relationship of standard costing with budgeting; Types of standards and procedure for setting standards; Variance analysis; Planning and operational variances; control ratios.
DIVISIONAL PERFORMANCE EVALUATION: Organisational arrangement; centralization, decentralization and divisionalisation; Performance measures in divisionalised companies: absolute profit, residual income, and return on investment; Transfer pricing in divisionalised companies: objectives of transfer pricing, setting of transfer pricing, types of transfer pricing decision, determination of optimum transfer price
APPLICATION OF QUANTITATIVE TECHNIQUES IN MANAGEMENT ACCOUNTING: Cost estimation methods; Inventory control and estimation of optimum stock; Linear programming techniques; Simulation.
CONTEMPORARY ISSUES IN MANAGEMENT ACCOUNTING: Advanced Manufacturing Technology (AMT); Backflush Accounting; Target Costing (TC); Activity Based Costing (ABC); Throughput Accounting (TA); Life-cycle Costing (LC).
ACCT 409: FINANCIAL MANAGEMENT
The objectives of this course is to familiarize student’s with the major concepts, techniques and tools employed in the sourcing of business finance and its efficient deployment to optimize the value of the business and to apply appropriate Financial Management techniques in analysing the cost and benefits of various sources of finance and capital investment opportunities, allowing for the effects of taxation, inflation, risk and uncertainty.
OVERVIEW OF FINANCIAL MANAGEMENT: Historical evolution of finance; What is financial management; Function of finance; The goal of a firm; Decision making in finance; Condition under which managers make decision; Styles of managerial decision making
NIGERIAN FINANCIAL SYSTEM: Nature and structure of Nigerian financial system; Money market instruments and institutions in Nigeria; Capital market instruments and institutions in Nigeria; The Nigerian stock exchange: its role and mode of operations
SOURCES OF FINANCE: Short-term sources of finance; Long-term sources of finance.
CAPITAL INVESTMENT DECISION: Mathematics of finance - time value of money, present value, yields on investments, loan amortisation, sinking fund etc; Capital expenditure planning and control and the identification and evaluation of investment opportunities including risk and return relationship; Techniques of investment appraisal including payback period, discounted payback period, return on investment, NPV, IRR, PI, Cost- Benefit-Analysis, Value for money; Evaluation of capital projects: Capital rationing including application of Linear programming in Multi-period capital rationing, replacement and abandonment decisions; Treatment of inflation, taxation, risk, uncertainty and the effects of government policies on investment decisions; Qualitative factors in Capital Investment Decisions.
FINANCIAL FORECASTING AND PLANNING: Financial forecasting; Cash budget; Profit planning; Break-even analysis; Operating, financial and combined leverage.
WORKING CAPITAL MANAGEMENT: The components of working capital and the importance of effective working capital management to corporate survival; cash: preparation of cash budget and management of cash surpluses and deficits; cash management models; debtors: analysis and evaluation of various credit terms, use of cash discounts and debt collection techniques, debt factoring and invoice discounting; creditors: evaluating trade credits and the advantages and disadvantages of trading on credit; stocks: formulation of various stock policies and stock control systems techniques including inventory models such as Economic Order Quantity (EOQ), and Just-In-Time (JIT). Implications of inventory control for the financial manager.
VALUATION OF STOCKS: Common stock valuation; Preferred stock valuation; Valuation of bonds
ACCT 410: CORPORATE FINANCE
The objective of this course is to make students understand the nature and structure of capital and dividend policy of a firm, risk and return of a security as as well as the techniques of, and approaches to corporate re-organisation and re-engineering. Student’s are also expected to Up-date themselves with recent developments in Financial Management as well as the international dimensions of Financial Management
CAPITAL STRUCTURE AND DIVIDEND POLICY: The concept and measurement of the various costs of capital - equity, preference shares, debentures and loan stocks; Optimal capital mix: evaluation and determination of financial requirements of corporate entities and organisations emphasising the factors which influence the choice of capital structure: Weighted Average Cost of Capital (WACC); Weighted net income/net operating income approach (Modigliani and Miller concept); Active and passive dividend policies and factors influencing dividend policies; Types of dividends - cash dividend, script dividend and script issues (stock dividend); Legal and procedural aspects of dividend payment in Nigeria; Relevance and irrelevance theories of dividend policy to the value of firm.
PORTFOLIO MANAGEMENT: Risk and return of a single security; Portfolio theory and risk diversification; Efficient portfolio; Systematic and unsystematic risk; Capital asset pricing model (CAPM); Arbitrage pricing model (APM).
CORPORATE RE-STRUCTURING, MERGERS AND ACQUISITIONS: The need and purpose of restructuring; Types of restructuring, take-overs, leveraged buy-outs, distress restructuring; Valuation of business units and entities; Features of a merger, estimating the economic gains and costs of mergers; Basic forms of acquisitions; Motives for mergers and acquisitions; The mechanics and tactics of a merger; Evaluating financial performance of merged companies including reasons for their successes and failures; The impact and effects of government regulations on mergers and acquisitions; Quantitative factors in mergers and acquisitions.
CONVERTIBLES, EXCHANGEABLE, WARRANTS AND DERIVATIVES: Convertible securities; Exchangeable securities; Warrants; Derivatives.
FINANCIAL MANAGEMENT OF SMALL AND MEDIUM SCALE ENTERPRISES: SME’s and capital Investment appraisal techniques; Justification for the use of popular but incorrect techniques, such as pay back period, and ARR; The need for SME’s to embrace the use of DCF techniques viz NPV, IRR, etc; Determination of financial needs of SME’s, problems of SME’s financing, accessibility to other sources of finance such as venture capital, cheaper government fund, government grants and subvention as well as International funds; Micro-credit financing.
6. INTERNATIONAL FINANCIAL MANAGEMENT: International financial markets and their associated risks;Exchange rate determination, identification and management of exchange rate risk; Hedging against currency risks - futures and options markets: Forward contracts, Future contracts, currency options and swaps; The role of the following financial institutions in financing international trade: Nigerian Export - Import (NEXIM) Bank, African-Export-Import Bank (AFREXIM), Bank of Industries (BOI), African Development Bank (ADB), International Monetary Fund (IMF), World Bank, International Finance Corporation (IFC), the Paris Club, London Club, etc; Government control versus self regulation; International Capital Budgeting and International Financing.
ACCT 411: CORPORATE GOVERNANCE AND ACCOUNTABILITY
The objective of this course is to familiarize students with the rudiments in organisational management and the role of accountants in governance framework. Students are expected to analyze the causes of corporate failures and the role of corporate governance in overcoming such failures:
INTRODUCTION: The nature, significance and scope of enterprise governance and threats to effective governance; The Essence of Good Corporate Governance; Principles of Corporate Governance; Regulatory framework for corporate and enterprise governance; The role of accountants and auditors in governance framework; The Role of Institutional Investors in Corporate Governance; the role of board and management in corporate governance; Ethical issues in corporate governance
THEORITICAL FRAMEWORK FOR CORPORATE GOVERNANCE: Agency theory; Agency Relationship; Shareholders vs Managers; Creditors versus Shareholders; areas of potential conflict of interests in agency relationships; Goal congruence and actions necessary to achieve goal congruence.
CODE OF CORPORATE GOVERNANCE: Board size; Board composition; Audit committee; Independent Directors and their role
CORPORATE GOVERNANCE PRACTICES: Corporate Governance in UK, US, and other Western World; Corporate Governance in African and Middle East Emerging Markets; Corporate Governance in Nigeria; Corporate governance from perspectives of different industries: Banking, Manufacturing, Oil & Gas, Insurance, Airline, Telecommunication, etc
GOVERNANCE ISSUES: good practice and issues; Global developments in enterprise and corporate governance; Benchmarking governance cases in practice; Disclosure to Stock Exchange; Protection of Shareholders. Rights; Remuneration: Fairly and Responsibly; Legitimate Interest of Stakeholders/Shareholders; Corporate and other social responsibilities.
CASE STUDIES: Analysis of cases of corporate failures and their causes all over the world as a result of poor corporate governance. Emphasis should be given to Nigerian situation.
ACCT 414: ACCOUNTING ETHICS
The apparent objective of this course is to introduce students of accounting to the basis of ethics as they could be applied to business.
1. ETHICAL FRAMEWORK CONCEPTS AND VALUE: Nature of ethics; The ethical framework for accountants; Rules-based and principles-based approaches; The foundation of the accounting profession; Ethics and the profession; Accountants and their stakeholders; Interests of stakeholders and conflicts; Professional conduct and the public interest; Behaviour and influences of stakeholders; Commonly used theories and principles; Theories of moral development; Virtue ethics theory and value based education; Ethics and culture; Professional values, ethics and attitudes and the code of conduct for accountants; Importance of ethical courage and ethical leadership.
2. THE ENVIRONMENT OF ETHICS: CORPORATE, PROFESSIONAL AND REGULATORY: The corporation and its interests; Professional responsibilities; The accounting profession and public expectations; Professional and legal requirements in financial reporting and auditing; The concept of accountability; The legal framework for businesses and accountants; The role of accountants in the globalization context; The impact of legal and other reforms; Investigative reports and professionalism; Developments in the profession to enhance professional values, ethics, and attitudes, including codifications and education initiatives; Learning with and managing professional responsibilities through case studies.