Act 101

Department of Software Engineering
Faculty of Science and Information Technology

Semester: Spring 2016
Name of the course
: Principles of Accounting
Course Code
Faculty:
Course Description:
This course is an introduction to the basic concepts and standards underlying financial
accounting systems. Several important concepts will be studied in detail, including:
Measuring and Recording Business Transactions, Business Income and Adjusting Entries,
Completion of the Accounting Cycle, Managerial Accounting and its applications, Cost
classifications, Cost Volume Profit analysis and decision making. .
Course objectives:
This introductory course will provide the students with basic understanding of the principles
and concepts of accounting as well as their applicability and relevance in the business sector.
On completion of this course the students will be able to:
a. Outline the role and principles of financial accounting and reporting.
b. Record, handle and summarize accounting data.
c. Gather basic understanding on Managerial Accounting and its application in the real
world.
Evaluation
Performance of the students will be evaluated as per the following order:
Class attendance
Class tests/ Quiz
Assignment
Presentation & Participation
Midterm
Final Examination
7%
15%
5%
8%
25%
40%
Lecture Schedule:
Topic(s)
Lecture 01
Definition of Accounting; Users of Accounting Data; Brief History of

Accounting; Generally Accepted Accounting Principles;
Lecture 02
Assumptions of Accounting; Double Entry Book-keeping; Basic Accounting

Equation. Transaction Analysis using accounting equation.
Lecture 03
Illustrations of Tabular analysis and Prepare Financial Statements.
Lecture 04
Solving different problems and exercises of Tabular analysis and Prepare

Financial Statements
Lecture 05
1st Quiz
Lecture 06
Definition of Account. Understanding Debits and Credits; Debit credit

procedures, Summary of Debit credit rules, Steps in the Recording Process,
Journal, advantages of Journal, Journalizing rules; Example of Journal.
Lecture 07
The Ledger; Preparation of Ledger from Journal, Illustration of Preparing

ledgers, The Trial Balance-Limitations of a Trial Balance; Locating Errors.
Lecture 08
Illustrations of Recoding process, Prepare Journal entry, preparing ledgers

and Trial Balances.
Lecture 09
Solving different problems and exercises of Recording process
Lecture 10
2nd Quiz
Lecture 11
Timing issues, The time period assumption, Accrual vs. Cash Basis
Accounting; Recognizing Revenues and Expenses; The Basics of Adjusting
Entries.
Lecture 12
Types of Adjusting Entries- Adjusting Entries for Deferral; Adjusting

Entries for Accruals. Illustration and solving problems of Adjusting
Journals, Posting adjusting Journals and Prepare Adjusted Trial Balance.
Lecture 13
Solving different problems and exercises of Adjusting Entries
Mid Term Examination
Lecture 14
Work sheet, steps in preparing a Work sheet; Exercises of Preparing

Worksheet
Lecture 15
Preparing financial statements- Income Statement, Owners Equity

Statement and Balance Sheet; Preparing adjusting entries from a work sheet;
Lecture 16
Closing the Books of Accounts, Preparing Closing entries; posting Closing

Entries; Preparing a post-closing trial balance.
Lecture 17
Solving Problem and Exercises of Preparing Worksheet, Financial

Statements, closing entries and post-closing trial balance.
Lecture 18
Assumptions- Monetary Unit assumption economic Entity assumption;

Time Period assumption going concern assumption; Principles: Revenue
recognition Matching principles; Full disclosure principle; Cost Principle;
Constraints of Accounting- Materiality, Conservatism, Cost Benefit
relationship and Industry practices;
Lecture 19
3rd Quiz
Lecture 20
Lecture 21
Merchandising operation, Service vs. Merchandising company, Flow of cost

of merchandise; Perpetual and Periodic system, Recording purchase related
transaction of Merchandise, purchase return, purchase discount, freight
costs. Recording Sales of Merchandise, Sales revenue; sales return and
allowance; sales discounts.
Financial statement presentation, Determine Cost of goods sold; Prepare
income Statement, Completing the Accounting Cycle using a Work Sheet,
Preparing Financial Statement adjusting entries and closing entries
Preparing the Post Closing Trial Balance, Forms of income statement
multiple steps Income Statement Single Step Income Statement.
Lecture 22
Problem and exercises of Merchandising operation.
Lecture 23
Plant assets; Determine the cost of plant asset, Depreciation methods,

disposal of plant assets, Natural Resources, Accounting for Intangible
assets.
Lecture 24
Review
Final Examination
Text Book Recommended
1. Accounting Principles (Latest Edition) - J.J. Weygandt, D.E. Kieso and Paul D.
Kimmel

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Department of Software Engineering

Faculty of Science and Information Technology

Definition of Accounting; Users of Accounting Data; Brief History of

Assumptions of Accounting; Double Entry Book-keeping; Basic Accounting

Illustrations of Tabular analysis and Prepare Financial Statements.

Solving different problems and exercises of Tabular analysis and Prepare

Definition of Account. Understanding Debits and Credits; Debit credit

The Ledger; Preparation of Ledger from Journal, Illustration of Preparing

Illustrations of Recoding process, Prepare Journal entry, preparing ledgers

Solving different problems and exercises of Recording process

Types of Adjusting Entries- Adjusting Entries for Deferral; Adjusting

Solving different problems and exercises of Adjusting Entries

Mid Term Examination

Work sheet, steps in preparing a Work sheet; Exercises of Preparing

Preparing financial statements- Income Statement, Owners Equity

Closing the Books of Accounts, Preparing Closing entries; posting Closing

Solving Problem and Exercises of Preparing Worksheet, Financial

Assumptions- Monetary Unit assumption economic Entity assumption;

Merchandising operation, Service vs. Merchandising company, Flow of cost

Problem and exercises of Merchandising operation.

Plant assets; Determine the cost of plant asset, Depreciation methods,

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