Lecture Notes On Intermediate Financial Accounting

4 INTRODUCTION You are holding in your hand the course guide for ACC311 (Financial Accounting). The purpose of the course guide is to relate to you the basic structure of the course material you are expected to study as a B.Sc. Accounting Student in National Open University of Nigeria. Like the name course guide implies, it is to guide you on what to expect from the course material and at the end of studying the course material. COURSE CONTENT The course content consists basically of the treatment of transactions according to the provisions of accounting standards. Specifically, the published financial statements, cash flow statement and interpretation of financial statements, accounting for insurance claims and foreign branches, accounting for contract, investment, lease and hire purchase were the main focus of this course material. COURSE AIM The aim of the course is to bring to your cognizance the practical treatment and presentation of financial transactions as regards issues in financial accounting appropriate at this level. COURSE OBJECTIVES At the end of studying the course material, among other objectives, you should be able to: 1. Explain the conceptual framework of the International Accounting Standard Board; 2. Explain Financial Statement and the underlying assumptions,