Lesson Plan Guideline

Superior University

Financial Accounting I
Module Handbook
1

Lesson Plan Guideline

Contents
COURSE DELIVERY ARRANGEMENTS.............................................................................3
COURSE INSTRUCTORS.......................................................................................................3
2. Course Introduction...............................................................................................................3
2.1 Course Objectives:...........................................................................................................4
2.2 Course Contents:..............................................................................................................4
2.3 Student Gain....................................................................................................................6
3. Teaching and Learning Methodology....................................................................................7
3.1 Lectures...........................................................................................................................7
3.2 Activities & quizes:........................................................................................................7
3.3 Projects7
Two projects (Mid-term and Final Term) will be undertaken by the students in order to
apply their comprehensions of theoretical constructs with practical demonstrations...........7
4. Assessment.............................................................................................................................7
4.1 Assessment chart.7
4.1.1 Mid term exam.7
4.1.2 Final term exam7
5. Assignment8
6. Reference Material...............................................................................................................12
6.1 Reference books..11
6.2 Websites and Links........................................................................................................12
7. Lecture Plan.....................................................................................................................14
8. Academic & Disciplinary Policies.......................................................................................20
8.1 Late Submission:...........................................................................................................20
8.2 Absenteeism:..................................................................................................................20
8.3 Scholastic Honesty:.......................................................................................................20
8.4 Plagiarism......................................................................................................................20
9. Cover Sheets for Assessment:..............................................................................................20
10. Assessment GPA and Percentages:...............................................................................209

Lesson Plan Guideline

COURSE DELIVERY ARRANGEMENTS

Course
Credit Hours
Lecture Duration
Semester Duration

Financial Accounting
3
3 Hours Per week
15 weeks

COURSE INSTRUCTORS
Module Leader
Module
Module Tutors

1. Mr. Saeed Ahmad Sabir

Room and Building

Phone Number
Email
Consultation Hours

2. Mr. Saeed Ahmad Sabir

3. Mr. Malik Javied Anwar
4. Mr. Imtiaz ahmad
5. Mr. Kamran Ali
Accounting & Economics Faculty Room

2. Course Introduction
This course basically deals with the fundamentals of Financial Accounting. The Students are
expected to learn an understanding of accounting concepts, principles, procedures and
systems for preparation of financial statements, accounting treatments of current assets and
liabilities, tangible and intangible assets. Students should become adept at classifying
problems, situations and applying the required accounting principle.
Program:
Semester:

B.com (hons)
1st

Session:

2012-2016

Pre Requisites:

Nil

Follow Up:

Financial Accounting II
1- Financial Accounting by PROF. Dr. CH. ABDUL REHMAN
2- Financial accounting by Meigs & Meigs 11th edition

Text Books

2.1 Course Objective:

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Lesson Plan Guideline

This module provides a broad overview of financial Accounting for under
graduation students in business and management. The module has
following specific aims:

An applied knowledge of accounting principles, concepts and skills of accounting,

and preparing financial statements manually.

An applied knowledge of preparing the Books of accounts.
To develop Understanding the accounting errors and methods of rectifying the
accounting errors.

To provide a comprehensive understanding of Depreciation and

methods of calculation of depreciation.

2.2 Course Contents:

Topics include:
a) Introduction of Financial Accounting & Basic Terms of Accounting
b) Accounting Concepts and Principles
c) Analysis of transactions according to rules of Debit & Credit
d) Accounting Equation
e) Journal
f) Ledger
g) Trail Balance
h) Banking Transactions,
i) Cash book & Bank Reconciliation Statement
j) Financial Statements, Completion of Accounting Cycle
k) Rectification of Errors
l) Capital and revenue incomes & Expenditures.
m) Depreciation.

Lesson Plan Guideline

RELATIONAL DIAGRAM OF MAIN CAPABILITIES

The context and
purpose
Of financial
Accounting

Financial
information and
the fundamental
basis of
Accounting.

Recording the transaction in Journal

The use of
double-entry and
accounting
systems

Classification in Ledger

Preparing a trial balance

Preparing basic financial statements

Lesson Plan Guideline

2.3 Student Gain
Classification

Topics
After Completion of this course students will be able to
Know and understand:

Knowledge and Comprehension

The Business Transactions, Books of Accounts, tools

and techniques of Accounting, Flow of data,

Procedures for measuring business performance.

Student should be able

To design different types of documents, reports and

data flow diagram. Like Receipt Vouchers, payment
Vouchers.

Skills

To prepare Books of Accounts like Journal, Ledger

and Trail balance.

To prepare basic financial statements: Income

statement, Balance Sheet of trading, service & profit
making organizations.

To reconcile the bank statement.

Student should be able

Analysis and Synthesis

To charge the depreciation on asset.

To analyze the different reports (Income Statement &

Balance Sheet of trading, service and data flow of
accounts.

Lesson Plan Guideline

3. Teaching and Learning Methodology
3.1 Lectures
Lectures are basically interactive sessions in which teacher uses different techniques to
deliver knowledge about subject as adopted specially in Accounting like:

Some re-cap of previous lecture

Outline of the current lecture

Discussion on Theoretical concepts

Formats of different reports and practical demonstration on the board

Class activity

Lecture review and assignment

3.2 Activities and Quizzes

Different types of activities designed by reputed experts will be commenced in the
class to develop and enhance interest and potential of students towards practical
application of the topic.
To ensure the increased learning of lectures, class quizzes and viva will be carried
out.
3.3 Projects:
Two projects (Mid-term and Final Term) will be undertaken by the students in order to apply
their comprehensions of theoretical constructs with practical demonstrations.
4. Assessment
The assessment scheme is intended to provide a balance of activities, which enables you to
make best use of the learning and also to provide you with opportunity to do well on a
number of different factors. This means that a range of assessment techniques are used as
follows:
Table 1
Percentage Mark
80-100
70-79
60-69
50-59
Below 50

Grade
A
B
C
D
F

Lesson Plan Guideline

4.1 Assessment chart
Assessment
Mid Term Assignment (Break Up on
Page No.9)
Mid Term Exam (Break up 4.1.1)
Final Term Project (Break Up on
Page No.10)
Viva
Final Exam
Total
4.1.1 Mid Term Exam
Assessment
Objective
Subjective
Total

Weight age
10%
20%
20%
10%
40%
100%
Weight age
10%
90%
100%

Note: 20% weight age of midterm papers marks will be include in Final Result.
Topic Percentage in Mid Term Paper
Topic
Introduction & Basic terms of
Accounting
Journal, ledger & Trial balance
Accounting equation
Banking transactions
Total

Weight age
15%

Subjective
10%

Objective
5%

40%
25%
20%
100%

40%
22%
18%
90%

--3%
2%
10%

4.1.2 Final Term Exam

Assessment
Weight age
Objective
10%
Subjective
90%
Total
100%
Note: 40% weight age of Final term papers marks include in Final Result.
Topic Percentage in Final Term Paper
Topic
Bank reconciliation Statement
Rectification of Error
Financial Statement (Without
Adjustment)
Depreciation Account
Cash book
Total

Weight age
15%
28%
27%

Subjective
15%
25%
25%

Objective
---3%
2%

15%
15%
100%

11%
14%
90%

4%
1%
10%
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Lesson Plan Guideline

5. Assignments:
Pre mid Assignment:
Register your company. Report and discussion on the chart of Accounts on a particular
company.
Guide lines for Assignment:

This assignment will be group based & group consists on 2-3 members.
Register your company with your course instructor
The Annual Report of your company should be obtained from the Lahore
Stock Exchange or can be downloaded from the Company Website. .
See the Expenses & Incomes of the company from income statement and
Assets and liabilities from the Balance Sheet of the company.
See Notes to the Accounts of the heads of income statement & Balance sheet.
Explain each item that include in income statement, balance sheet and notes to
the accounts.

Guide line for viva:

Viva consist on six questions;
Three questions from the Heads of Income Statement
Three questions from the Heads of Balance Sheet
Each Question Consist of 10 Marks
Content of Report:
Company Profile
Heads of Accounts
Explanation of Heads of Accounts
Marking Policy
Contents
Company Profile
Heads of Accounts

Marks
5
5

Explanation of Heads of Accounts

40
Viva
20
Total marks
70
Note: 10% weight age of midterm Assignment marks include in Final Result
Final Term Project:
Project Title
Project Description

Application of Deprecation Methods in a Firm According to IAS16.

You should imagine yourselves to have been recently appointed as an
accountant of a company. You have been asked by the board to charge
on depreciation on fixed assets of the company which you are
selected.
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Lesson Plan Guideline

Learning outcomes

After the completion of this project student will be able to

Apply the concept of Accounting
Understand fixed assets & its treatment in financial
statements.
Understand the application of depreciation.

Time Duration
Size of team

Fourteen (14) Days for the completion of Project

There will be a team of three students.
1) One student should have CGPA ranging from 3 to 4
2) Second student should have CGPA ranging from 2 to 3
3) Third student should have CGPA ranging from 1 to 2
Description
Timeline
Learni Evidence
ng
outcom
e/s
What is the Accounting 05 Day
LO 1
Report
Manual?
Required
For Which Company you
prepare report?
Company Introduction?
Board of Directors of the
company
To identify that which 05 Days
LO
Report
accounting policy is Required
being followed by a
company (Cash basis or
Accrual Basis).
Which
accounting
procedures are used by
the company for the
complete working on the
calculation
of
Depreciation?
1At which value fixed
02Days
LO 3
Report
assets would be recorded Required
in the books of accounts.
Appropriate method of
recording depreciation.
Valuation of Fixed assets
in case of addition and
disposal of Fixed Assets.
1- Straight
Line 02 Days
LO 4
Report
Method
Required
2- Diminishing
Balance Method
3- Units of Output
Method

Tasks

1) Introduction

2) Accounting policies and

procedures

3) Fixed Assets

4) Depreciation

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Lesson Plan Guideline

4- Sum of years
digits Method
Evaluation Criteria and Rubrics
Learning outcomes
Grading descriptors
Application the
Grading range (1- 3)
concept of
Description
Accounting.
No learning (The individual has not provided any help in
Apply the rules of
completing the assignment and attained no knowledge, this will be
assessed through Viva Voce)
debit & credit.
Acceptable learning (The individual has participated in the project
Understand fixed
and has learnt to some extent, this will be assessed through Viva
assets & its treatment Voce)
in financial
statements.
Excellent Learning(The individual has fully participated in the
Understand the
project, has performed his/her assigned task very diligently and has
attained the required practical knowledge, this will be assessed
application of
through Viva Voce)
depreciation.
Evaluation criteria of
participation in the
project

Project submission
Guidelines

Special Instructions/other
information if any

No Contribution Acceptable Excellent

(0)
(2)

(3)

Description
No contribution (The individual has not provided any help in
completing the assignment and has not performed his assigned roles)
Acceptable (The individual has participated in the project and has
tried to perform his assigned role to some extent)
Excellent(The individual has fully participated in the project, has
performed his/her assigned task very diligently and has contributed
quality work in the project)
Note: The failure to contribute in the project will result in the failure to
get any marks in the project as well.
When to submit: The date and time of assignment submission will
28th lecture of the semester in the students office. If the final project
will be submitted next day then 10% and if submitted the two days
after that date then 20% deduction will be made from the total marks
obtained.
How to submit: The process of assignment submission is i.e. use of
cover page, submission of assignment in hard copy, in-case of
extension or late submission the student has to take written permission
from the Program Manager and then submit it to the students office.
Where to submit: The student has to submit his/her assignment at
student office.
Special instructions/information may involve:
a. Resources and reference materials
Business Accounting 1 By Frank Wood
latest edition
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Lesson Plan Guideline

Reference Books
a. Principles of Accounting By M.A Ghani
b. Contemporary Accounting By Robert L. Dansby,
Burton S. Kaliski
c. Accounting Principles By Jack L.Smith (McGraw-Hill
d. Financial Accounting Fundamentals by PBP
a)
Additional References:
a) Business Week
b) Accountant
b. Websites and Links
www.iasb.com
www.accounting.com
http://www.fasb.org/
http://www.luca.com
www.businessweek.com
www.ac.com.
c. Special guidelines should be to the students in case of
an organizational visit/meeting with executives:
1.
Dressing
2.
Communication
3.
Punctuality
4.
Preparation of contents to be discussed
Marking Criteria
Contents
Introduction Of A Company

Marks
4

Accounting Policies And Procedures

Fixed Assets
Executive summary
Total Marks

6
6
4
20

6. Reference Material
6.1 Reference Books
a.
b.
c.
d.
e.

Business Accounting 1 By Frank Wood

Principles of Accounting By M.A Ghani
Contemporary Accounting By Robert L. Dansby, Burton S. Kaliski
Accounting Principles By Jack L.Smith (McGraw-Hill
Financial Accounting Fundamentals by PBP

6.2 Websites and Links

www.iasb.com
www.accounting.com
http://www.fasb.org/
http://www.luca.com
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Lesson Plan Guideline

www.businessweek.com
www.ac.com

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Lesson Plan Guideline

7. Lecture Plan
Lecture
Plan
Session
Lecture
1

Lecture Break up

Introduction
Accounting.

to

Lecture
2
Basic terms of
Accounting

Lecture
3

Lecture
4

Class Activity

Topics

Basic terms of
Accounting

Accounting
Concept
and
Principles of
Accounting
IAS,
IFRS,GAAP

Group discussion on
branches
of
accounting and bookkeeping.
Difference
between book-keeping
and Accounting.
Group discussion on
Objects of accounting
basic terminologies of
Important accounting terms
Transaction,
purchases, the accounting.
business, types of business,
Accountancy, Goods, types of
purchases, sales, types of sales,
return outward & inward
Group discussion on
Important accounting terms.
basic
terminologies of
Accounts Receivable, Accounts
payable, Trade discount, cash the accounting.
discount, capital, drawings,
expense, revenue
Discussion
on
Materiality, going concern,
Accounting
Concepts
accounting period, accrual and
&
Principles
of
cash basis,
Accounting.
Also
Prudence and conservatism
International
accounting discuss
standards, Generally accepted
accounting principles
Need and importance of
accounting
Book-keeping and accounting
Branches of accounting

Objective
of Home
Activity & Session Assignment
Understanding
about
the
accounting, bookkeeping
&
terminology
of
Accounting
Understand the
basic terminologies
of the accounting.

Summary
branches
Accounting

of
of

Reading
basic
accounting terms
from Chap # 1

Understand the Reading

basic
basic terminologies accounting terms
of the accounting.
from Chap # 1

Understand
Accounting
Principles
Concepts

the Write down the

summery
of
& GAAP
from
Chapter # 1

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Lesson Plan Guideline

Lecture
5
Accounting
Equation

Lecture
6

Analyzing
of
Transactions
Event monetary
and
nonmonetary, credit
and
cash
transactions

Lecture
7

Lecture
8

Lecture
9

Recording
transactions
Journal

of
in

Recording
transactions
Journal

of
in

Posting
in
ledgers
Introduction,
second phase of
accounting Cycle

Accounting equation
Elements of Accounting
Sources & resources
business point of view
Problems & Discussion

P # 4, 5 of
Chapter # 2
from

Understand
the
elements
of
Accounting
&
equality
of
resources
&
sources.
Understand
the
analysis of the
transactions as well
as rules of debit &
credit

P # 1, 2 , 3 from
Chapter # 2

Analysis of transactions
Rules of debit & credit
Treatment of elements
accounting

Accounting cycle
Introduction of journal
Specimen of journal
Journal entry
Entry
Journalising
Simple entry, compound entry
Narration & ledger reference
Journal
Problems & discussion

P#1
Chap # 4

Understand about P # 1,2

the journal, entry, Chap # 4
simple
&
compound entry

P#3
Chap # 4

What is ledger?
What is posting?
What is balancing?
What is balance?

P #1
Chap # 5

Understanding to
how the transaction
record in first book
of accounts. Trade
discount and cash
discount.
Understand about
the ledgers, forms
of ledgers, debit &
credit balance.

P#1
Of Chapter # 3
of

P # 2,3,4 from
Chapter # 3

from

P # 4,5
Chap # 4

P # 1,2
Chap # 5

from

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Lesson Plan Guideline

Lecture
10

Lecture
11

Posting
in
ledgers
Introduction,
second phase of
accounting Cycle

Preparation
of
Trial balance

Lecture
12
Banking
transactions

Lecture
13
Banking
transactions
Lecture
14 & 15
Lecture
16

Lecture

Debit, Credit Balance & Zero

balance.
P#4&5
Ledger
Practical problems regarding Chap # 5
the ledgers

Understand about
the ledger and how
the transaction is
transfer
from
journal to ledger.
P
#
4
&
5
Understand the trial
Methods of preparing trial
Chap # 4
balance & how the
balance.
ledgers
balances
Comprehensive problems
transfer in trial
balances
Group
discussion Understand
the
What is bank?
about
the
bank
&
bank
&
different
Types of bank accounts
Relationship with bank or different types of bank types of bank
accounts.
customer
Deposits & withdrawals & their
accounting treatment
Problem # 2,3 of
Bank
Chapter # 7
Practical problems & solutions

P # 1, 2, 3
Chap # 5

P # 1, 2 3
Chap # 4

Understanding the Illustration

#
Banking
1,2,3 &
transactions
and Problem # 1 of
recording
of Chapter # 7
banking
transactions.

Mid Term Paper

Sub division of
journal
Bank

p#1
Introduction of cash book.
Distinction
between
cash Chap # 8
account & cash book
Single column, double column
& triple column cash book.
P # 4,5,6
Importance of BRS

Understand
the P # 2,3
cash book and how Chap # 8
prepare the single
column cash book
Understand

the Illustr # 5,

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Lesson Plan Guideline

17
Lecture
18
Rectification of
errors

Lecture
19

Chap # 8
Method of preparation of BRS
Practice problems & solution
P # 7,8
Errors in accounting records
Chap # 15
Book-keeping errors
Trial balance errors
Rectifications of errors
Double
sided
Errors
and
rectification

and P # 1,2,3
of Chap # 15
those
single

Illustration # 3,4,5
Chap # 15

Understand
method
rectifying
which are
sided

and P # 1,2,3
of Chap # 15
those
single

P # 1,4,5
Chap # 14

Understanding
P # 2,3,6
about the capital Chap # 14
and revenue item
and
also
differentiate
the
revenue and capital
expenditure,
receipts, payments,
losses and gains
Understanding
P # 2,3,6

Capital

Why we differentiate b/w capital P # 1,4,5

Lecture
20
Rectification of
errors

Lecture
21

and

P# 7,8,9
Chap # 8
P # 9,10
Chap # 15

Understand
method
rectifying
which are
sided

Capital
and
Revenue Capital
and
revenue
expenditures

BRS
andhow
prepare the BRS
Understand
and
method
of
rectifying
those
which are double
sided.

Illustration # 3,4,5
Chap # 15

Single
sided
errors
and
rectification
Suspense Account: why a
suspense account is opened and
operated
Practical problems and solution
Single
sided
errors
and
rectification
Suspense Account: why a
suspense account is opened and
operated
Practical problems and solution
Why we differentiate b/w capital
and revenue
Difference between capital and
revenue expenditures
Capital and revenue receipts

Rectification of
errors

Lecture

Reconciliation
statement

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Lesson Plan Guideline

22 & 23

and revenue
Chap # 14
Difference between capital and
revenue expenditures
Capital and revenue receipts

Revenue Capital
and
revenue
expenditures

Lecture
24

Lecture
25

Lecture
26 & 27

Group discussion on
financial statement as
well
as
Income
statement & balance
sheet.

Introduction
to
financial
statements
Difference between income
statement and trading and profit
and loss account
Statement
for
Trading,
Manufacturing
and
services(Introduction)
Difference between direct &
indirect expenses
Classification of assets &
liabilities in balance sheet
Marshalling
Practice questions & solution

Definitions
Methods of depreciation
Why depreciation is charged?

Discussion
on Understand
the
depreciation,
basic terminology
amortization,
about depreciation
depletion, wear & tear,
obsolescence, working
life of an asset,

Financial
Statements
(Income
Statement
&
Balance Sheet

Financial
Statements
(Income
Statement
&
Balance Sheet
Financial
Statements
(Income
Statement
&
Balance Sheet

Lecture
28
Depreciation

about the capital Chap # 14

and revenue item
and
also
differentiate
the
revenue and capital
expenditure,
receipts, payments,
losses and gains
Understand
the
Income statement
& balance sheet.
Statement pattern
of
Trading
&
manufacturing
business.

Group discussion on
direct
&
indirect
expenses, assets and
its types as well as
liabilities and its types

Understand
the Reading the types
current Assets & of assets and
fixed assets and liabilities.
current liabilities &
fixed liabilities

Illustration #1,2,3 7
P#7

Understand
how P # 1,2,3,8,9
income statement &
balance sheet is
prepare

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Lesson Plan Guideline

Lecture
29 & 30
Depreciation

Straight line method

Diminishing balance method
Sale of asset
Sum of year digits method
Units of production method
Problems and solutions

Illustration # 1,2,3,4

Understand the how P 1,2,3,4,5,6

depreciation
is
calculated by using
different methods
of depreciation.

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Lesson Plan Guideline

8. Academic & Disciplinary Policies
8.1 Late Submission:
According to the University policy an assessment item submitted after the due date,
without an approved extension, will be penalized at a rate of 10% per day of the
possible maximum mark for the assessment item for each day or part day that the
item is late. You can submit your assignment up to 2 days after due date. Late
submission subjects to maximum 20% deduction in overall marks. Assessment items
submitted more than two days after the due date will be awarded zero marks.
8.2 Absenteeism:
Late coming and shortage in attendance i.e. 8 continual absents from class, ensure
that students will be struck off from the relevant subject.
8.3 Scholastic Honesty:
Superior University expects each student to do his/her own work. The University has
"zero tolerance" for cheating, plagiarism, unauthorized collaboration on assignments
and papers, using "notes" during exams, submitting someone else's work as one's
own, submitting work previously submitted for another course, or facilitating acts of
academic dishonesty by others. The penalties are severe!
8.4 Plagiarism
University policy prohibits students plagiarizing, collusion, copying and ghost
writing any material under any circumstances. A student plagiarizes if he or she
presents the thoughts or works of another as ones own. This definition may include:
Using anothers ideas without due acknowledgement;
Working with others without permission and presenting the resulting work as
though it was completed independently.
Aiding another student to plagiarize is also a violation of the plagiarism Policy
and may invoke a penalty.
9. Cover Sheets for Assessment:
A Faculty specific Assignment Cover Sheet (available at university bookshop) is to be
completed and attached to each assessment item to be submitted.
10. Assessment GPA and Percentages:
(80-100%) This is an outstanding standard indicating comprehensive knowledge and
understanding of the relevant materials; demonstration of an outstanding level
of academic ability; mastery of skills (as identified in the assessment task); and
achievement of all assessment objectives.
(70-79%)

(60-69%)

This is an excellent standard indicating a very high level of knowledge and

understanding of the relevant materials; demonstration of a very high level of
academic ability; sound development of skills (as identified in the assessment
task); and achievement of all assessment objectives.
This is a very good standard indicating a high level of knowledge and
understanding of the relevant materials; demonstration of a high level of
academic ability; reasonable development of skills (as identified in the
assessment task); and achievement of all assessment objectives.

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Lesson Plan Guideline

(50-59%)

This is a satisfactory standard indicating an adequate knowledge and

understanding of the relevant materials; demonstration of an adequate level of
academic ability; satisfactory development of skills (as identified in the
assessment task); and achievement of most assessment objectives.

Fail (less than 50%)

This is an unsatisfactory standard indicating an inadequate knowledge and
understanding of the relevant materials; insufficient evidence of academic
ability; failure to develop skills (as identified in the assessment task); and
failure to achieve assessment objectives.

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FINANCIAL ACCOUNTING-I Lesson Plan Guideline

MID TERM EXAM
B.com & BBA 1st

(OBJECTIVE PART)
Department: MS
Course Instructor:
_______
Course Instructor: Saeed Ahmad
Instructions:
Name: ____________
Roll No: __________
Time Allowed: 10 min.
Total Marks: 10

Total Marks: 10
Obtained Marks: ----------------

All questions are to be attempted on the paper and returned to the invigilator within
10 minutes after you have received
the question paper.
Obtained
Any cuttings or overwriting in answering the questions will not be accepted and no
marks will be given even if the answer is correct.

SECTION I
Q.1: chose the correct option from the following options.

(10*1=10)

1- According to which concept, revenue should be recognized at the time when goods
a)
c)
2a)

are sold or services are rendered.

Realization concept
b) Dual Aspect concept
Matching concept
d) None of theses
The amount invested by owner to start the business or expand the existing business.
Capital
b) Drawings

c)

Both a & b

d) None of these

3- Unsold goods are ready for sale is called?

a) Sales

b) Stock

c) Purchases

d) None of these

4- An entry in which more than one account is debited or more than one account is
credited is called?
a) Simple entry

b) An entry

c)

Both a & b

d) None of these

5a)
b)
6a)

The king of all the books is called?

Ledger
b) Trial balance
Journal
d) None of these
The transfer of information from journal to ledger is called_____________
Journalizing
b) Posting

c)

Balancing

d) None of these

7- Purchases furniture on cash which account will be debited_____________

a) Purchases
b) Furniture
c) Creditors

d) None of these
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Lesson Plan Guideline

8- The rate of allowance given a Creditor to a Debtor, if he pays his debts before the due
date of payment is normally.
a) 5%

b) 2%

c) 1%

d) None of these

9- Stationary is an example of _____________

a) Consumable asset
b) Expense
c) Asset

d) None of these

10- All events which are related with money are measured in terms of:
a) Kilogram
b) Quantity
c) Both a & b

d) None of these

FINANCIAL ACCOUNTING-I
MID TERM EXAM
Name: ___________________
Department: MS
Roll
No:Instructor:
____________
Course
9090

B.com & BBA 1st

(SUBJECTIVE PART)
Total Marks:
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Lesson Plan Guideline

Name _____________
Roll No___________

Instructions:
The subjective part is to be submitted within 1hours 30 min, extra time will not be
given.

Time Allowed:1 hours 30 min.

Neat handwriting, use of margins and marker for headlines will increase the

Total marks: 90

outlook/presentation of your paper

Attempt All questions.

Question No. 1: Pass the journal entries of the following transactions and post them in
the ledgers and prepare the trial balance
(50 Marks)
12345-

Mr. Usman started business with cash Rs. 500,000.

He purchase goods for cash Rs. 100,000
He purchase building for cash Rs. 200,000
Sold good to cash for Rs. 50,000
Paid salaries Rs. 5,000

Question No.2: Prepare the accounting equation statement with the help of following
transactions.
(20 Marks)
1- Mr. Saeed started business with cash Rs. 200,000.
2- He purchase goods on cash Rs. 20,000
3- Purchase goods from Mr. Haris Rs. 10,000
4- Paid advertising expenses Rs. 2,000
5- Sold goods to Mr. Asif Rs. 15,000 costing Rs. 12,000
6- Withdrew cash from business Rs. 5,000
QuestionNo.4: Record the transactions in the journal.
(20 Marks)
1. Mr. Waqas started business with cash Rs. 300,000
2. Deposited cash into bank Rs. 200,000
3. Purchase goods by cheque Rs. 20,000
4. Paid salaries to employees through Cheque Rs.2,000
5. Received cheque from a debtor Rs. 5,000 & deposited into bank.

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Lesson Plan Guideline

FINANCIAL ACCOUNTING-I
FINAL TERM EXAM
B.com & BBA 1st

(OBJECTIVE PART)
Department: MS
Course Instructor:
_______
Course Instructor: Saeed Ahmad
Instructions:
Name: __________
Roll No: ________

Total Marks: 10
Obtained Marks: ----------------

All questions are to be attempted on the paper and returned to the invigilator within
10 minutes after you have received
the question paper.
Obtained

Time Allowed: 10 min.

Any cuttings or overwriting in answering the questions will not be accepted and no

Total Marks: 10

marks will be given even if the answer is correct.

SECTION I
Q.1 Question # 1: chose the correct option from the following options.
Question # 1: chose the correct option from the following options.
1- The term expenses and expenditures are?
a) Same
b) Opposite

b) Different
d) None of theses

2- Trademark is an_____________
a) Tangible Asset

b) In-tangible Asset

c)

d) None of these

Both a & b

3- Bills receivable is an asset of __________

a) Drawer

b) Drawee

c) Payee

d) None of these

(10*1=10)

4- A bill drawn and accepted without any sale and purchase of goods, main purpose to
help one or both the parties financially is called___________
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Lesson Plan Guideline

a) Trade bill

b) Foreign bill

c)

d) None of these

Accommodation bill

5- Noting charges is an expense of:

a) Drawer
b) Payee
c) Holder of the bill
d) None of these
6- Decrease in the value of intangible asset is called__________
a) Depreciation
b) Amortization
c)Both a & b
d) None of these
7- Scrape value is also called___________
a) Residual value
b) Trade in value
c)Both a & b
d) None of these
8- Straight line method of depreciation is also called__________
a) Fixed installment method
b) Original cost method
c)Both a & b
d) None of these
9- Diminishing balance method of depreciation is also called__________
a) Written down value method
b) Original cost method
c)Both a & b
d) None of these
10- The decrease in the value of natural resources is called__________
a) Depletion
b) Obsolescence
c)Both a & b
d) None of these

FINANCIAL ACCOUNTING-I
FINAL TERM EXAM
Name: ___________________
Department: MS
Course Instructor:

B.com & Bba 1st

(SUBJECTIVE PART)
Total Marks: 90

26

Lesson Plan Guideline

Roll No: ____________

Name _______________

Instructions:
The subjective part is to be submitted within 2hours 30 min, extra time will

Roll No______________

not be given.
Neat handwriting, use of margins and marker for headlines will increase the

Time Allowed: 150 mints.

Total marks: 90

outlook/presentation of your paper

Attempt All questions.

Question No 1:
[20]
Mr. Simmons has the following items in his balance sheet as on December 31st, 2012:
Capital $ 147,200 Accounts payable $ 16,800; Fixtures $ 22,400; Car $ 30,400; Inventory $
36,400; Accounts Receivable $ 22,240; Cash at bank $ 50,000; Cash in hand $ 1,760.
During the first week of December 2012
a) He bought extra inventory for $ 1,600 and payment is made through cheque.
b) One of the Accounts Receivable paid his $3,670 by cheque.
c) He bought a Fixture by cheque $ 3,400.
d) He paid Accounts payable by cheque $ 8,000.
You are asked to draw up a Balance Sheet as on December 31, 2012 after the above
transactions have been completed.
Question No 2: The bank columns in the cash book for June 2010 and the bank statement for
the month for Ali are as follow:
[25]

Date

Particulars

Jun 1
Jun 16
Jun 24
Jun 31
Jun 31

Balance b/d
M.Ali
Kamran
M.Ilyas
M.Yasir
Total

Date

Particulars

2010
Jun 1
Jun 16
Jun 10

Balance b/d
Cheque
Usman

Cash Book
Rs.(Dr) Date
6,960
352
292
996
356
8,956

Jun 10
Jun 15
Jun 28
Jun 31

Bank Statement
Dr

Particulars

Rs.(Cr)

Usman
Bilal
Fiza
Balance

1,396
132
460
6,968

Total

8,956

Cr

Balance
6960 Cr

352
1,396

7312 Cr
5916 Cr
27

Lesson Plan Guideline

Jun 15
Jun 24
Jun 30
Jun 30
Jun 30
Jun 30
Jun 30

Bilal
Mubashir
Credit transfer
Bank Charges
Interest
Zakat
ATM charges

132
292
108
88
200
120
80

5784 Cr
6076 Cr
6184 Cr
6096 Cr
6296 Cr
6176 Cr
6096 Cr

You are required to:

(a) Write the cash book up to date to take the above into account, and
then
(b) Draw up a bank reconciliation statement as on 30 June 2010
Question No 3: From the following trial balance of Mr. Wilcox after his first years trading
December ended 20X8. A balance sheet is also required
[25]
Trial Balance as at Dec. 31, 20X8
General expenses
305
Business rates
......2,400
Motor expenses
910
Salaries
.39,560
Insurance
..1,240
Purchases....121,04
0
Sales
.. 235,812
Car..
4,300
Creditors
.11,200
Debtors
..21,080
Premises
53,000
Cash at
bank..2,715
Cash in hand
325
Capital

.23,263
Drawings.23,
400

270,275

270,275

Stock at 31 December 20X8 was 14,486.

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Lesson Plan Guideline

Question No 4: Give journal entries to rectify the following errors.

[20]
a) Sold goods to Mr. Ahmed Rs. 2000 and but wrongly debited to Mr. Ammar Account.
b) Paid salaries Rs. 950 but wrongly debited to Salaries account Rs. 590.
c) Wages Rs. 500 paid on installation of machinery but wrongly charge to wages
account.
d) Sold goods to Mr. A Rs. 23000 but wrongly credited to his account.
e) The taxes on the private property of Mr. Saeed Rs.1,500 had been paid by the

business and debited to Taxes Account.

f) The Purchases Book has been under cast Rs.100, Rs.350 and Rs.150 respectively on
consecutive three pages.

29

Lesson Plan Guideline

30