Advanced Financial Accounting is an important course for students specializing in accounting or any other person who may be interested in the topics covered. This course covers specialized accounts; each topic does not depend on the other. The topics include: piecemeal distribution of cash, amalgamation of partnership firms, sale of a partnership, conversion of a partnership into a limited company, accounting for branches both home and foreign branches, consignment accounts, accounting for insurance claims for both loss of sock, buildings etc on account of fire risk and loss of profit during the period operations are stopped or are not going on well because of fire, accounting for hire purchase, accounting for royalty and lease, accounting for insolvency, bankruptcy and liquidation of companies. You can click on the link below to see the description of each each topic and the corresponding sourcses that you can use.
This Module develops students’ ability to apply relevant knowledge, skills and exercise professional judgment in carrying out the role of internal management relating to governance, internal control, compliance and the management of risk within an organization, in the context of an overall ethical framework.
COURSE SUMMARY
The aim of this subject is to ensure that students can demonstrate the knowledge, skills and competencies necessary to carry out the audit of an entity and undertake assurance engagements, having due regard to the Institute’s and profession’s ethical standards in a changing and complex business environment.
Audit Practice and Assurance Services as an Integral Part of the Syllabus
In carrying out the audit of an entity’s financial statements it is essential to fully understand the application of the relevant International Standards in Auditing (ISAs), International Accounting Standards (IASs) and International Financial Reporting Standards (IFRSs). Many issues that face auditors frequently arise from the accounting treatment of certain financial transactions in the financial statements of the entity.