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F.A I

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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72 views2 pages

F.A I

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.

Uploaded by

Zara Shoukat
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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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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