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    F.A I

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    Zara Shoukat
    This document outlines a course on financial accounting. The course is designed to provide students with an introduction to financial reporting and accounting processes. Over 17 weeks, students will learn key accounting concepts and skills, including the accounting cycle, preparing financial statements, accounting for assets like inventory and property, and adjusting and closing entries. They will gain an understanding of the language of accounting, the role of accounting in business, and how to complete essential accounting activities. The goal is for students to understand the basic techniques and importance of financial accounting.

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    F.A I

    Uploaded by

    Zara Shoukat
    25 views2 pages
    This document outlines a course on financial accounting. The course is designed to provide students with an introduction to financial reporting and accounting processes. Over 17 weeks, students will learn key accounting concepts and skills, including the accounting cycle, preparing financial statements, accounting for assets like inventory and property, and adjusting and closing entries. They will gain an understanding of the language of accounting, the role of accounting in business, and how to complete essential accounting activities. The goal is for students to understand the basic techniques and importance of financial accounting.

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    This document outlines a course on financial accounting. The course is designed to provide students with an introduction to financial reporting and accounting processes. Over 17 weeks, students will learn key accounting concepts and skills, including the accounting cycle, preparing financial statements, accounting for assets like inventory and property, and adjusting and closing entries. They will gain an understanding of the language of accounting, the role of accounting in business, and how to complete essential accounting activities. The goal is for students to understand the basic techniques and importance of financial accounting.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    25 views2 pages

    F.A I

    Uploaded by

    Zara Shoukat
    This document outlines a course on financial accounting. The course is designed to provide students with an introduction to financial reporting and accounting processes. Over 17 weeks, students will learn key accounting concepts and skills, including the accounting cycle, preparing financial statements, accounting for assets like inventory and property, and adjusting and closing entries. They will gain an understanding of the language of accounting, the role of accounting in business, and how to complete essential accounting activities. The goal is for students to understand the basic techniques and importance of financial accounting.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    Year -1: 1st Semester

    MGT-101: FINANCIAL ACCOUNTING-I


    Credit hr. 03 Category:
    Foundation
    SDG: 08

    COURSE DESCRIPTION:
    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 preparer‟ perspective, we will also
    seek to develop an understanding of the importance of the role of
    accounting in today’s business world.

    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 .

    WEEKLY BREAKDOWN/OUTLINE CONTENTS:

    Week Content
    Week 1 Accounting and its role: Development of accounting, Accounting Theory and Conceptual
    framework Accounting Defined, Why study Accounting, Major fields of Accounting as a Career
    Week 2 Basic Accounting Concepts, The Entity Concept, The Reliability (or Objectivity) principle, The
    cost Principle, The Going-Concern Assumptions, The Stable Currency Assumptions
    Week 3 The recording Processes, The Recognition Issue, The Valuation Issue, Classification
    Week 4 Recording Processes, Analysis of Transaction, The Journal, Ledger, Balancing Accounts
    Week 5 Preparation of Financial Statements
    Week 6 Preparing Trial Balance, Locating and correcting errors in recording process, Preparing Profit and
    Loss Account and Balance Sheet
    Week 7 The adjusting and closing entries, Need for Adjusting Entries, Recording adjusting entries
    Preparing adjusted trial balance, Recording closing entries
    Week 8 Preparing post-closing trial balance, Preparing work-sheet, Preparation of Financial Statements
    Week 9 Mid Term Examination
    Week 10 Accounting for trading organization : The Purchase Function, Accounting for Purchases and Sales,
    Periodic System, Perpetual System
    Week 11 Work-sheet, Preparation Financial Statements, Departmental Accounts, Accounting Systems,
    Developing a System, Subsidiary Journals, Subsidiary ledgers
    Week 12 Cash and temporary investment, Nature and Composition of Cash, Cash Management and Control
    Maintaining Bank Account, Bank Reconciliation, Short term investments
    Week 13 Accounting for debtors and stock, Accounting Treatment of Bad Debts, Direct write-Off
    Week 14 Aging Schedule Percentage of Sales Method
    Week 15 Accounting for property, plant, and equipment, Property, Plant and Equipment, Lump-sum
    Purchase, Subsequent Expenditure Depreciation methods
    Week 16 Revaluation, Review of Useful Life, Intangible Assets &Amortization Wasting , Depletion
    Week 17 Final Term
    RECOMMENDED BOOKS
    1. Williams, Haka, Bettner: Financial & Managerial Accounting,
    Latest Edition, Prentice Hall
    2. Meigs and Meigs, Accounting for Business Decision, 9th
    Edition/Latest Edition

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