Acc. Course Outline

COMSATS Institute of Information Technology
Defence Road, Off Raiwind Road, Lahore
COURSE HANDBOOK
1 Course Title Accounting-I

2 Course Code MGT-130
3 Credit Hours 3(3,0)
4 Semester
5 Resource Person
6 Supporting Team Members None
7 Contact Hours (Theory) 3 hours per week
8 Contact Hours (Lab) Not Applicable
9 Office Hours
10 Course Introduction
This course introduces students of BSBA to the fundamental principles and procedures of
accounting with emphasis on accounting procedures used in service and merchandising
businesses in preparation of financial statements. Students will develop an understanding of the
connections between financial analysis, control, and decision making in the management of a
business, as well as the effects of technology and globalization on accounting procedures and the
role of the accountant.
11 Learning Objectives and Learning Outcomes
Subject Specific: Knowledge, Understanding and Skills
The course is intended to provide the BS BA students with the necessary financial accounting
background. It is a study of the principle and mechanics of financial accounting covering analysis
and recording of transactions: adjusting entries and making trail balance leading to periodic and
financial statements
General: Knowledge, Understanding and Skills
 Recording of business transactions
 Preparation of Financial Statements
 Summarising and Analyzing the Financial Results
 Making decisions after all above activities
Learning Outcomes
After completion of the module student should be able to:
1. understand various terminologies related to accounting
2. understand how to record business transactions.
3. understand how to summarize business transactions.
4. understand the position of various accounts
5. understand how financial statements are prepared.
6. make decisions after analysing the statements
Course Contents
12
The approach of the course covers the learning of various accounting techniques used for
maintaining the financial data of a business concern. The contents of the course are organized into
different parts, each part having its distinctive importance. This includes how to record the
gathered financial data, how to summarize the recorded data and how to use summarized data in
decision making It also covers the learning of relationship between a single business and changes
in the broader world of business. It also focuses on how to manage various financial matters in a
business concern.
Lectures
13
Weeks Topic of Lecture Reading Assignment
Week 1&2  Accounting the language of Business. Ch. 1, Pages 4 – 37,

 Importance of Accounting and use. Ch. 2, Pages 38–85.
 Terminologies used in Accounting, GAAP and Meigs and Meigs
IAS.
 Accounting Equation.
Week 3&4  Introduction to Accounting cycle Chapter 3, Pages 86 –

 Concepts of debit and credit. 139, Meigs and Meigs
 General Journal entries
 General ledgers
Week 5&6  Trail Balance Chapter 4, Pages 140 –

 Adjusting Entries, their effects and recording. 191, Meigs and Meigs
 Adjusted trial Balance
Week 7  Preparation of Income Statement A/C and Balance Chapter 5, Pages 192 –
Sheet of service concerns 245, Meigs and Meigs
 Closing entries
 Post closing trial Balance
Week 8&9  Accounting for Merchandising Activities, Chapter 6, Pages 251 –

difference of financial statements of 289, Meigs and Meigs
merchandising and service concerns.
 Subsidiary Ledgers
 Credit terms
Week 10  Allowances for Account Receivables, Adjustment Chapter 7, Pages 300 –

according to time and its Entries. 345, Meigs and Meigs
 Methods used for creating Allowances and Entries

 Note Receivables, discounting and factoring Chapter 7, Pages 300 –
Week 11  Marketable securities, mark to market principle 345, Meigs and Meigs
and entries
Week 11  Bank Reconciliation Statement Chapter 7, Pages 290 –
 Theory, Background and Practice 299, Meigs and Meigs
 Financial Assets, cash, Receivables and
Marketable Securities
Week 12  Plant assets, different types, acquisition. Chapter 9, Pages 392 –

 Tangible Assets, Methods of Depreciation, 396, Meigs and Meigs
Application of Methods
 Effects on profitability
Week 13  Amortization, Depletion, obsolescence etc. Chapter 9, Pages 397 –

 Reporting of tangible, Intangible assets and 435, Meigs and Meigs
natural resources in Balance Sheet
Week 14  Inventories Chapter8, Pages 346–

 Systems of recording inventories 396, Meigs and Meigs
 Cost of Goods Sold
Week 15 Revision of syllabus N.A
Week 16 Terminal Examination.

14 Course Assessment
The assessment of this module shall have following breakdown structure
First Sessional Test 10%

Second Sessional Test 15%
Quizzes/Assignments 25%
Terminal Examination 50%
The minimum pass marks for each course shall be 50%. Students obtaining less than 50% marks
in any course shall be deemed to have failed in that course. The correspondence between letter
grades, credit points, and percentage marks at CIIT shall be as follows:
Grades Letter Grade Credit Points Percentage Marks
A ( Excellent) 4.0 90and above

A- 3.7 85-89
B+ 3.3 80-84
B (Good) 3.0 75-79
B- 2.7 70-74
C+ 2.3 65-69
C (Average) 2.0 60-64
C- 1.7 55-59
D (Minimum passing) 1.3 50-54
F (Failing) 0.0 Less than 50
15 Assessment Schedule
Sep 2017 1st Assignment and Quiz

Oct 2017 2nd Assignment and Quiz
Oct 2017 Sessional 1 Examination
Nov 2017 Sessional ll Examination
Dec 2017 3rd Assignment and Quiz
Jan 2017 Terminal Examination
16. Format of Assignment
17. Text Book Financial and Managerial Accounting: The basis for
Business decisions
by : Willium, Haka, Bettner & Carcello 14th edition
18. Reference Books
 Accounting: Financial Accounting
by: Worren Reev Fess 22nd Edition
 Introduction to Financial Accounting

by: Charles T. Horgren& Garry L. Syndem 5th Edition
 Fundamental Accounting Principles

by: Larson Wild chiappetta 17th edition
20. Attendance Policy

Every student must attend 80% of the lectures/seminars delivered in this course and 80% of the
practical/laboratory work prescribed for the respective courses. The students falling short of
required percentage of attendance of lectures/seminars/practical/laboratory work, etc., shall not be
allowed to appear in the terminal examination of this course and shall be treated as having failed
this course.

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COMSATS Institute of Information Technology

Defence Road, Off Raiwind Road, Lahore

1 Course Title Accounting-I

Subject Specific: Knowledge, Understanding and Skills

Week 1&2  Accounting the language of Business. Ch. 1, Pages 4 – 37,

Week 3&4  Introduction to Accounting cycle Chapter 3, Pages 86 –

Week 5&6  Trail Balance Chapter 4, Pages 140 –

Week 8&9  Accounting for Merchandising Activities, Chapter 6, Pages 251 –

Week 10  Allowances for Account Receivables, Adjustment Chapter 7, Pages 300 –

Week 12  Plant assets, different types, acquisition. Chapter 9, Pages 392 –

Week 13  Amortization, Depletion, obsolescence etc. Chapter 9, Pages 397 –

Week 14  Inventories Chapter8, Pages 346–

Week 15 Revision of syllabus N.A

Week 16 Terminal Examination.

First Sessional Test 10%

A ( Excellent) 4.0 90and above

Sep 2017 1st Assignment and Quiz

 Introduction to Financial Accounting

 Fundamental Accounting Principles

20. Attendance Policy

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