Accounting, Banking and Finance Lectures
 /  Accounting, Banking and Finance Lectures
  1. ACC111 – Introduction to Accounting

    AUSTIN .O. AMUGHORO

    NAture and scope of accounting Book-keeping is the systematic recording of transactions on a daily basis in the appropriate books. It is an integral part of accounting.

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  2. ACC212 – Introduction to Cost and Management Accounting – Lecture 1

    AUSTIN .O. AMUGHORO

    NATURE, SCOPE AND FUNCTIONS OF COST AND MANAGEMENT ACCOUNTING: There is no clear different between Cost Accounting and Management Accounting as both are sometime used interchangeably. They serve both purpose to service management in making decisions, planning, control and ensure that standards and budgets are adequately maintained.

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  3. ACC212 – Introduction to Cost and Management Accounting – Lecture 2

    AUSTIN .O. AMUGHORO

    Meaning of cost: Cost is defined by (ICMA) as the amount of expenditure (actual or notional) incurred on or attributable to a specific thing or activity. Glauter and Underwood defined cost as essentially money measurement of the sacrifices which an organization has make in order to achieve it objectives.

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  4. ACC212 – Introduction to Cost and Management Accounting – Lecture 3

    AUSTIN .O. AMUGHORO

    STANDARD COSTING AND BUDGETARY CONTROL: Variance: This is the different between standard performance and actual performance. It can either be favourable or unfavourable also known as adverse.

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  5. ACC212 – Introduction to Cost and Management Accounting – Lecture 4

    AUSTIN .O. AMUGHORO

    THE ELEMENT AND CLASSIFICATION OF COST: There are three elements of cost which are material, labour and overhead. There are the key areas which are used in determining the actual cost of goods bought or services rendered.

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  6. ACC212 – Introduction to Cost and Management Accounting – Lecture 5

    AUSTIN .O. AMUGHORO

    MATERIAL CONTROL AND PRICING: The purchase department receives and processes purchase requisitions from the storekeeper, the production department, the plant engineer and other heads of departments.

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  7. ACC213 – Introduction to Financial Accounting

    AUSTIN .O. AMUGHORO

    CONSIGNMENT ACCOUNTS A Consignment of goods is the sending of goods by the owner to his agent who then collects, stores and sells them unbehalf of the owner.

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  8. ACC215 – Business concept of a system – Lecture 2

    AUSTIN .O. AMUGHORO

    DEFINITION A system is an orderly grouping of interdependent components linked together according to plan in order to achieve a specific goal or objective. The word system is from a Greek word “systema” which means an organized relationship among functioning units or components. A system has always a specific goal or objective which it must accomplish. The goals could be more than one.

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  9. ACC215 – System Analysis And Design – Lecture 1

    AUSTIN .O. AMUGHORO

    INTRODUCTION System analysis and design involves the process of examining a system or business situation with the purpose of improving it through better procedures and methods. It relates to shaping an organization, improving the performance of an organization and achieving objectives for profitability and growth.

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  10. ACC223 – Introduction to Finance

    MONI Matthew Osedebamhen

    DEFINITION & MEANING OF FINANCE:Finance is a field that deals with the study of investments. It includes the dynamic of assets and liabilities over time under conditions of different degree of uncertainty and risk. Finance can also be defined as the science of money management. It is a discipline that is concerned with determing value and making decisions.

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  11. ACC223 – Introduction to Finance – Lecture 2

    MONI Matthew Osedebamhen

    SCOPE OF FINANCE FUNCTION/FINANCIAL MANAGEMENT. Estimating financial requirements: The first task of financial manager is to estimate short term and long term needs (financial requirements) of the business, for this purpose, he will prepare a financial plan for present as well as for the future. The amount required for purchasing fixed assets as well as needs of funds for working, capital will have to be ascertained. The estimation will have to be based on sound financial principles so that neither there are inadequate nor excess funds with the concern.

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  12. ACC223 – Introduction to Finance – Lecture 3

    MONI Matthew Osedebamhen

    GOALS/OBJECTIVES OF THE FIRM Every manager must make sure that the firm maximizes the objectives for which the firm was set up by the owners (shareholders). The objective allows us to measure the impact of any decision made in the firm. Recall that in finance three key decisions are usually made investment, financing and dividends decisions. They are made to decide where to raise funds (Finance decision), how much profit to pay out in dividends (dividend decision) and where to invest (investment decision).

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  13. ACC223 – Introduction to Finance – Lecture 4

    MONI Matthew Osedebamhen

    CAPITAL BUDGETTING This involves project generation, project evaluation, selection, commiting of funds into selected ones, and project implementation. Project generation involves looking for new projects, may be to expand existing facilities, new lines of products or reduce cost of production. Project evaluation: Estimating the cash in flows and cash out flow of a project proposal and choosing appropriate criterion to measure the profitability of the proposals.

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  14. BFN222 – Elements of Banking – Lecture 1

    Vincent Afure Akpotor

    Meaning and Concept of Banking Today, the term, bank, means different things to different people in different economies. In order to reconcile the divergent views on the meaning and characteristics of banks, the banking laws in each economy provides operational definition and functional classification which governs banking practices in the economy. In practical terms, a bank means what the operating banking law in an economy defines as a bank (Ezeuduji, 2000:8). To many people, a bank refers to an institution which accepts deposits from the public and in turn advances loans by creating credit.

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  15. BFN224 – Business Finance

    VINCENT AFURE AKPOTOR

    Introduction Finance was originally considered as a part of Economics. However, the increase in population and the subsequent upward surge in demand for goods and services propel producers to begin to look out for funds outside the firm. Added to the above, the emergence of new technologies and new industries the need for financing industries brought the subject out as a discipline and today finance stands as a discipline in its own capacity. This is because of the need to develop the needed expertise to adequately raise and use fund in a beneficial way to both the firm and economy.

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  16. BFN224 – Business Finance – Lecture 2

    VINCENT AFURE AKPOTOR

    CAPITAL BUDGETING Generally, assets are classified as either current or fixed asset. Current asset are those assets whose life span does not exceed one year, while fixed or capital asset are those whose life span extend to a number of years. These capital asset are used by the firm in the physical process of producing goods and services and they are used for a number of years. The acquisition of capital assets calls for a huge sum of money. As a result the huge capital outlay involved, firm carefully plan and evaluate expenditure for capital assets.

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  17. BFN224 – Business Finance – Lecture 3

    VINCENT AFURE AKPOTOR

    CAPITAL STRUCTURE DECISIONS There are various means used for raising funds needed for the smooth running of a firm. These funds can be classified into two broad groups; namely the short term and long term funds. The short term and long term sources of funds are referred to as the financial structure of the firm. Thus the financial structure refers to the way a firm’ asset are financed. In effect it is the entire right hand side of the balance sheet. The capital structure on the other hand, represents the permanent financing of the firm.

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  18. BFN224 – Business Finance – Lecture 4

    VINCENT AFURE AKPOTOR

    LEVERAGE EFFECT ON EARNINGS FOR SHARE Financial leverage is defined as the use of fixed charges sources of funds, such as debt and preference shares along with shareholders’ equity in the capital structure. It can also be referred to as trading on equity. The primary motive of a firm for using financing leverage is to magnify the shareholders earnings under favorable economic conditions.

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  19. BFN224 – Business Finance – Lecture 5

    Vincent Afure Akpotor

    FINANCIAL STATEMENT ANALYSISFinancial statement shows a firm’s accounting value for a specific period of time. Our purpose here is to examine the relevant financial statements and point out some of its relevant features which form a key source of information for financial decisions. Financial statement analysis is a technique through which financial managers obtain useful information that aid decision making towards the achievement of organizational objectives. Such information include financial ratios and working capital movement.

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  20. BFN226 – The financial system – Lecture 1

    Vincent Afure Akpotor

    The Nigeria financial system The domestic financial system of any economy refers to a set of institutional and other arrangements that transfer savings from those who generate them to those who ultimately use them for investment or consumption purposes. It is made up of a mechanism for organizing and managing the payments for current and capital transactions. a mechanism for the collections and transfer of savings by banks and other depository institutions. Arrangement covering the activities of capital markets with respect to the issues of trading of marketable and transferable securities.

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  21. BFN226 – The financial system – Lecture 2

    Vincent Afure Akpotor

    THE CONCEPT OF INTERNATIONAL BUSINESS International Business is made up of two components: international trade and investment and international finance. By international trade and investment we mean the exchange of goods and services among countries and the movement of the factor of production across national boundaries. The study of the causes, reasons and the consequences of international exchange of goods and services and the international movement of the factors of production are the pure or real theory of trade. It examines the causes, volume, direction and composition of trade. It analyses the effect of trade restrictions.

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  22. Fundamentals and Principles Of Auditing – Lecture 1

    Adelegan Oluyomi Michael

    Nature and Purpose of Audit: The auditor may be engaged to perform statutory and non-statutory roles of auditing. Under this circumstance, the professional body to which an accountant belongs sets out the fundamental principles expected to guide his conduct in rendering services to his varied clients.

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  23. Fundamentals and Principles Of Auditing – Lecture 10

    Adelegan Oluyomi Michael

    AUDIT REPORT: The audit report is the end product of every audit assignment. The auditor has a statutory duty under S.359 (1) of 1990 statute to issue a report to the members of the client’s company expressing an independent opinion on the truth and fairness view of the client financial statement. Where the client company is a public limited company (PLC), the auditor has additional duty under S 359 (3) of the 1990 statute to issue a report to the member of the audit committee which must statutorily set up by such a company.

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  24. Fundamentals and Principles Of Auditing – Lecture 2

    Adelegan Oluyomi Michael

    AUDIT EVIDENCE: “Audit evidence” means the information obtained by the auditor in arriving at the conclusions on which the audit opinion is based. Audit evidence encompasses the quantity and quality (or reliability) of evidence to be obtained by auditors. It is important for auditors to obtain sufficient, appropriate and reliable audit evidence to enable them draw reasonable conclusions on which to base their audit opinion.

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  25. Fundamentals and Principles Of Auditing – Lecture 3

    Adelegan Oluyomi Michael

    Audit Documentation: It is the duty of the auditor to document matters which are important in providing evidence to support the audit opinion and evidence that the audit was carried out in accordance with auditing standards, accounting standards and relevant regulations.

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  26. Fundamentals and Principles Of Auditing – Lecture 4

    Adelegan Oluyomi Michael

    INDEPENDENCE, OBJECTIVITY, INTEGRITY, CONFIDENTIALITY, SKILLS, CARE AND COMPETENCE: IFAC Code of Ethics for Professional Accountants states that “it is in the public interest and, therefore, required by this Code of Ethics, that members of assurance teams, firms and, when applicable, network firms be independent of assurance clients”.

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  27. Fundamentals and Principles Of Auditing – Lecture 5

    Adelegan Oluyomi Michael

    Materiality and Judgement: The APB Statement of Auditing Standard 220 covers ‘Materiality and the audit’. The International Auditing and Assurance Standards Board of IFAC issued International Statement on Auditing 320 on ‘Audit Materiality’.

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  28. Fundamentals and Principles Of Auditing – Lecture 6

    Adelegan Oluyomi Michael

    Statutory Audit: These are audits carried out because the law requires them. Statutes which require audits to be done in Nigeria include the Companies and Allied Matters Act, 1990. Essentially, all Public Limited Liability (PLC) companies are required by law to engage an external auditor to audit their financial statement every year.

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  29. Fundamentals and Principles Of Auditing – Lecture 7

    Adelegan Oluyomi Michael

    LEGAL FRAMEWORK: In practice, the auditor should be thoroughly familiar with statutes and other pronouncement relevant to the client’s operations so as to be able to form an independent opinion on the truth and fairness view of the client’s financial statement.

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  30. Fundamentals and Principles Of Auditing – Lecture 8

    Adelegan Oluyomi Michael

    AUDITING STANDARDS AND GUIDELINES: In practice, Auditing standard prescribe the basic principle expected to be addressed by an auditor in the course of an audit. On the other hand, auditing guideline gives some guidelines on the procedures by which Auditing standard may be applied. In addition, these guidelines discuss the current technique in auditing and specific audit problem in a particular industry.

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  31. Fundamentals and Principles Of Auditing – Lecture 9

    Adelegan Oluyomi Michael

    AUDIT MANAGEMENT Audit management is the process of coordinating the auditor resources to ensure the delivery of qualitative audit services to audit client. In addition, it means that auditor should take appropriate steps to ensure that he avoid exposure to professional negligence which can be instituted by the client or a 3rd party that can claim reliance on the audited financial statement. To ensure that audited is effectively discharged on schedule, the auditor should institute an effective audit strategy by planning the audit and instituting effective audit strategy.

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Agbarha – Otor
Ughelli North
Delta State
Nigeria

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