CAC 1202: Understanding of the Principles, Concepts and Techniques of Financial Accounting - Accounting and Finance Assignment Help

Assignment Task:

Task:

AIMS OF THE COURSE

The course seeks to provide students with an understanding of the principles, concepts and techniques of financial accounting and helping them develop and apply this knowledge to practical situations.

COURSE OBJECTIVES

After completing this course the student should be able to: 

• Develop an appreciation of accounting in the socio-economic environment
•  Apply the basic principles and concepts which underlie accounting and financial reporting
•  Develop an ability to apply accounting techniques to maintenance of accounting records both in commercial and non commercial organisations and use of accounting data for preparation of financial statements and reports.

Introduction

The capital structure of a limited company is different from that of the other forms of organisation due to its limited liability. The capital account of a company form of organisation does not change as a result of the profit earned. For example, if Mr Peters introduces $20,000 in his business, and earns a profit of $2,000 in the first year of operations, then as a sole proprietor the profit is added to his capital account – this means that the business owes Mr Peters $22,000 ($20,000 + $2,000) at the end of the reporting period. However, if Mr Roberts invests this $20,000 in shares of a limited company then he has no share in the profits of the company. He can only expect a dividend on his shares. The company, even after it has made profits owes Mr Peters only $20,000. Hence profits earned by a company are not added to the capital account. Profits are maintained in a separate account called retained earnings. This section of the module discusses the capital structure and finance costs of companies. It discusses the issue of bonus shares, rights shares and share premiums and the various reserves which are present in the SOFP of a limited company.

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