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    Arooj khalid
    This 3 credit hour Financial Accounting course offered in the fall 2020 semester introduces students to basic accounting principles and financial statements. The 32 lectures will cover accounting concepts, the accounting cycle, transactions, financial statements, inventory, depreciation methods, and cash flow statements. Students will be evaluated based on class participation, assignments, midterm and final exams. The course aims to give students an understanding of how accounting information is generated and presented in financial reports.

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    Course Outline

    Uploaded by

    Arooj khalid
    41 views3 pages
    This 3 credit hour Financial Accounting course offered in the fall 2020 semester introduces students to basic accounting principles and financial statements. The 32 lectures will cover accounting concepts, the accounting cycle, transactions, financial statements, inventory, depreciation methods, and cash flow statements. Students will be evaluated based on class participation, assignments, midterm and final exams. The course aims to give students an understanding of how accounting information is generated and presented in financial reports.

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    This 3 credit hour Financial Accounting course offered in the fall 2020 semester introduces students to basic accounting principles and financial statements. The 32 lectures will cover accounting concepts, the accounting cycle, transactions, financial statements, inventory, depreciation methods, and cash flow statements. Students will be evaluated based on class participation, assignments, midterm and final exams. The course aims to give students an understanding of how accounting information is generated and presented in financial reports.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    41 views3 pages

    Course Outline

    Uploaded by

    Arooj khalid
    This 3 credit hour Financial Accounting course offered in the fall 2020 semester introduces students to basic accounting principles and financial statements. The 32 lectures will cover accounting concepts, the accounting cycle, transactions, financial statements, inventory, depreciation methods, and cash flow statements. Students will be evaluated based on class participation, assignments, midterm and final exams. The course aims to give students an understanding of how accounting information is generated and presented in financial reports.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    Course Title: Financial Accounting

    Pre-requisite: None

    Credit Hours: 3

    Semester: Fall, 2020

    Module Leader / Facilitator: Adil Ali

    Email: [email protected]

    Course Description

    Accounting plays a vital role as an information system for monitoring, problem solving and
    decision making. However, first step is to generate and present information in a manner that
    is useful. In recognition of this, Fundamentals of Financial Accounting is designed to give
    students an understanding of basic Accounting principles along with recording of business
    transactions in such a manner that is followed by companies globally. It will help students in
    knowing how financial statements are prepared and how profitability is calculated using
    Income Statement and how financial position of company is evaluated using Balance Sheet.
    It will also help them in learning different Depreciation Methods used for calculating
    depreciation and how cash flow statements are prepared.

    LEARNING OUTCOMES

    At the end of this course students will be able to have understanding of:

     Accounting cycle.
     Business Transactions.
     Debits and Credits and their role in double entry system.
     Financial Statements.
     Merchandising Companies
     Inventory Costing System
     Depreciation Methods
     Corporations
     Cash Flow Statements
    Mode of Delivery

    This course will be delivered through 32 lecturers of 1.5 hour lecture each.
    Class Behaviour/Attitude / Class Participation

    You will be expected to be present for all class sessions and to arrive on time. Your
    participation grade will reflect your comments made during case discussions. You will be
    evaluated on your performance for each class. In-class contributions are all-important
    because you will be learning from one another. Our discussion should not always arrive at
    some consensus. To the contrary, comments that identify the pros and cons of alternative
    decisions, and generate a healthy debate are strongly encouraged and rewarded. While we
    anticipate vigorous in-class discussion, we demand that arguments always occur at a
    professional level. No personal attacks or insults will be tolerated. In this spirit, we ask that
    class members speak only when called upon. Finally, address your comments to the entire
    class, not just to the instructor.

    Course Evaluation

    Class Participation 10 %

    Assignment / Quizzed 20 %

    Mid Term Examination 30 %

    Final Examination 40 %

    Weekly Lecture Plan


    Accounting and its role
     Development of accounting
     Accounting Theory and Conceptual framework
     Accounting Defined
    Week 01 & 2  Why study Accounting
     Financial statements
     Major fields of Accounting
     Accounting as a Career

    Basic Accounting Concepts


     The Entity Concept
     The Reliability (or Objectivity) principle
     The cost Principle
    Week 02 & 03
     The Going-Concern Assumptions
     The Stable Currency Assumptions
     Ethics-the-Most Fundamental Principle of Accounting
     Qualitative characteristics of Financial statements
    Week 04 & 05 The recording processes
     The Recognition Issue
     The Valuation Issue
     The Classification Issue
     The Recording Process
     Analysis of Transaction
     The Journal
     The Ledger
     Balancing the Accounts
    Preparation of Financial Statements
     Preparing Trial Balance
    Week 06 & 07
     Locating and correcting errors in recording process
     Preparing Profit and Loss Account and Balance Sheet
    The adjusting and closing entries
     Need for Adjusting Entries
     Recording adjusting entries
     Preparing adjusted trial balance
    Week 08 & 09
     Recording closing entries
     Preparing post-closing trial balance
     Preparing work-sheet
     Preparation of Financial Statemen
    Accounting for trading organization
     The Purchase Function
     Accounting for Purchases and Sales
     Return and allowances
    Week 10 & 11  Periodic System 43
     Perpetual System
     Worksheet
     Preparation of financial Statements
     Departmental Accounts
    Accounting Systems
     Developing a System
     Subsidiary Journals
    Week 12 & 13  Subsidiary ledgers
     Cash Book
     Petty cash book
     Control Accounts
    Cash and temporary investment
     Nature and Composition of Cash
     Cash Management and Control
    Week 14 & 15
     Maintaining Bank Account
     Bank Reconciliation
     Short term investments

    Recommended Books / Resource Materials

    1. Williams, Haka, Bettner: Financial & Managerial Accounting, Latest Edition,


    Prentice Hall
    2. Professor Muhammad Ammanullah Khan: Financial Accounting, Latest Edition
    3. Frank Wood‟s: Business Accounting 1, Eleventh Edition
    4. Meigs and Meigs, Accounting for Business Decision, 9th Edition/Latest Edition

    Attendance Requirement: 75% attendance is mandatory to sit in examinations.

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