Financial Accounting

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FINANCIAL ACCOUNTING I
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 today’s 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 01
Accounting and its role

Development of accounting

Accounting Theory and Conceptual framework

Accounting Defined

Why study Accounting

Financial statements

Major fields of Accounting

Accounting as a Career
Week 02
Basic Accounting Concepts

The Entity Concept

The Reliability (or Objectivity) principle

The cost Principle

The Going
-
Concern Assumptions

The Stable Currency Assumptions

Ethics
-
the
-
Most
Fundamental Principle of Accounting

Qualitative characteristics of Financial statements
Week 03 & 04
The recording process

The Recognition Issue

The Valuation Issue

The Classification Issue

The Recording Process

Analysis of Transaction

The Journal

The
Ledger

Balancing the Accounts
Week 05 &06
Preparation of Financial Statements

Preparing Trial Balance

Locating and correcting errors in recording process

Preparing Profit and Loss Account and Balance Sheet
Week 06 &07
The adjusting and
closing entries

Need for Adjusting Entries

Recording adjusting entries

Preparing adjusted trial balance

Recording closing entries

Preparing post
-
closing trial balance

Preparing work
-
sheet

Preparation of Financial Statements
Week 08
& 09
Accounting for
trading organization

The Purchase Function

Accounting for Purchases and Sales

Return and allow
a
nces

Periodic System
43

Perpetual System

Worksheet

Preparation of financial Statements

Departmental Accounts
Week 10 & 11
Accounting Systems

Developing a System

Subsidiary Journals

Subsidiary ledgers

Cash Book

Petty cash book

Control Accounts
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 & 14
Accounting for debtors and stock

Accounting Treatment of Bad Debts

Direct write
-
Off Method

Aging Schedule

Percentage of Sales Method

Recoveries of Bad debts

Stock

Measurement of Stock Quantity

Measurement of Stock Cost

Perpetual Stock System

Periodic Stock System
Week 15 & 16
Accounting for property, plant and equipment

Property, Plant and Equipment

Lump
-
sum Purchase

Subsequent Expenditure

Depreciation methods

Revaluation

Review of Useful life

Intangible Assets and Amortization

Wasting
Assets and Depletion
TEXT/REFERENCE BOOKS
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, 9
th
Edition/Latest Edition
44
PRINCIPLES OF MARKETING
COURSE DESCRIPTION/OBJECTIVE
This course is designed to introduce foundations of marketing as they relate to the whole business enterprise. This course will focus on developing an understanding of key marketing concepts. The objective of this course, specifically, is to enhance the conceptual knowledge of marketing as applicable to decision making process with a focus on...
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