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Financial Accounting 1 Course Outline

This document outlines the grading policy, instructor, course description, learning outcomes, content, and textbooks for the Financial Accounting 1 course. The grading is based on assignments, quizzes, class behavior, midterm, and final exam. The course aims to provide an introduction to financial reporting and accounting processes. By the end of the course, students will understand accounting language and concepts, how to complete the accounting cycle, and prepare basic financial statements. The course content covers accounting concepts, the recording and adjusting process, accounting for different types of business entities, accounting systems, and financial reporting of assets.

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1K views

Financial Accounting 1 Course Outline

This document outlines the grading policy, instructor, course description, learning outcomes, content, and textbooks for the Financial Accounting 1 course. The grading is based on assignments, quizzes, class behavior, midterm, and final exam. The course aims to provide an introduction to financial reporting and accounting processes. By the end of the course, students will understand accounting language and concepts, how to complete the accounting cycle, and prepare basic financial statements. The course content covers accounting concepts, the recording and adjusting process, accounting for different types of business entities, accounting systems, and financial reporting of assets.

Uploaded by

xandercage
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Financial Accounting 1 (MS251)

Grading Policy: Assignments 20%, Quizzes 10%, Class behaviour 5%, Mid-semester
Exam. 25%, Final Exam. 40%, Attendance - (80% (Min.) to qualify to sit in the final
examination
Course Instructor: Dr. Ijaz Ali

COURSE DESCRIPTION/OBJECTIVES
The primary aim of Financial Accounting is to provide students with an introduction to the process and
function of financial reporting. Whilst a large proportion of the course is aimed at understanding
accounting as a process, taking a preparers perspective, we will also seek to develop an
understanding of the importance of the role of accounting in todays society.

LEARNING OUTCOMES
After studying this course the student will be able to understand:
1. The language of accounting and financial reporting;
2. Complete Accounting Cycle
3. Preparation and the role of Journal, Ledger and subsidiary books
4. Preparation of balance sheet, profit and loss account and cash flow statement.

Course Content
Week

Topic

01

Accounting and its role

02

Basic Accounting Concepts

03 & 04

The recording process


o The Recognition Issue
o The Valuation Issue
o The Classification Issue
o The Recording Process
o Analysis of Transaction
o The Journal
o The Ledger
o Balancing the Accounts

05 & 06

Preparation of Financial Statements


o Preparing Trial Balance
o Locating and correcting errors in recording process

o Preparing Profit and Loss Account and Balance Sheet


06 & 07

The adjusting and closing entries


o Need for Adjusting Entries
o Recording adjusting entries
o Preparing adjusted trial balance
o Recording closing entries
o Preparing post-closing trial balance
o Preparing work-sheet
o Preparation of Financial Statements

08 & 09

Accounting for trading organization


o The Purchase Function
o Accounting for Purchases and Sales
o Return and allowances
o Periodic System
o Perpetual System
o Worksheet
o Preparation of financial Statements
o Departmental Accounts

10 & 11

Accounting Systems
o Developing a System
o Subsidiary Journals
o Subsidiary ledgers
o Cash Book
o Petty cash book
o Control Accounts

12

Cash
o
o
o
o
o

13 & 14

Accounting for debtors and stock


o Accounting Treatment of Bad Debts
o Direct write-Off Method
o Aging Schedule
o Percentage of Sales Method
o Recoveries of Bad debts
o Stock
o Measurement of Stock Quantity
o Measurement of Stock Cost
o Perpetual Stock System
o Periodic Stock System

and temporary investment


Nature and Composition of Cash
Cash Management and Control
Maintaining Bank Account
Bank Reconciliation
Short term investments

15 & 16

Accounting for property, plant and equipment


o Property, Plant and Equipment
o Lump-sum Purchase
o Subsequent Expenditure
o Depreciation methods
o Revaluation
o Review of Useful life
o Intangible Assets and Amortization
o Wasting Assets and Depletion

Text and Reference Books


1. Horngren, Harison, Oliver (2012): Financial & Managerial Accounting, 3rd Edition,
Prentice Hall
2. Williams, Haka, Bettner: Financial & Managerial Accounting, Latest Edition, Prentice
Hall
3. Professor Muhammad Ammanullah Khan: Financial Accounting, Latest Edition
4. Frank Woods: Business Accounting 1, Latest Edition
5. Meigs and Meigs, Accounting for Business Decision, Latest Edition

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