MOHAMMAD ALI JINNAH UNIVERSITY ISLAMABAD Faculty of Business Administration Course Plan Spring 2011 Principles of Accounting I ACCA2033

Course Title Course Convener Semester Class Sessions Course Introduction Welcome to the world of accounting! This course will review the accounting process leading to the preparation and presentation of financial statements in accordance with Generally Accepted Accounting Principles. An introduction to the fundamentals of financial statement interpretation will also be presented. The main emphasis of this course will be placed on the basic framework of accounting so as to provide the student with an understanding of the fundamental accounting principles and concepts. A heavy reliance will be placed on problem solving and practical analyses to achieve the aforementioned level of understanding. The tools and skills you learn in this course will help you throughout your professional career and your life Course Objectives In this course, my aim is to help you learn the basic accounting concepts and principles. The
course presents the basic techniques and procedures of accounting for proprietorships. The objective of this course is to help you to develop understanding key concepts of Accounting,

Principles of Accounting Ahmad Fraz Spring 2011 Twice a week

preparation of financial statements and to enable you to analyze financial statements. Teaching Methodology: Lecture method shall be the primary mode of teaching, Practice sessions, may be used to make concepts clear, as and when deemed necessary evaluation methodology shall include quizzes, assignments, mid-term and final examinations. Expectations from You:

Prepare for each lecture by reading the prescribed material before class. Assignments must be handed in on time If you are experiencing difficulties with the course, discuss in class. There is a large amount of material to be covered in the course, so keep up to date with your work. It will be very difficult to catch up later. Everyone should have his or her book in class or the concerned reading. Calculators are mandatory.

What You Can Expect From Me:

I am here to help you learn and progress. I will help you gain an understanding of the key concepts and facilitate your learning Your quizzes and mid-term exam will be marked and discussed with you.

I look forward to sharing my experience with you to enhance your learning and understanding of the course

Class Discipline Any student coming to class later than five minutes after the scheduled starting time will be marked as absent for the day. Evaluation Evaluation will be on two formal stages. Mid Term Home Assignments Quizzes Mid term Sub Total Final Term Home Assignments Quizzes Class Participation Final Project Final Examination Sub Total Total Expected Learning Outcome of the Course:

05% 05% 20% 30% 05% 05% 10% 10% 40% 70% 100%

To identify and process transactions relating to assets, liabilities, and capital accounts, and to describe their effects on the accounting equation. Understanding of objective, principals and constraints of financial Accounting Familiarization with terminology involved in the financial reporting Ability to conduct, understand and interpret a simple financial analysis Ability to understand the itemized classification of financial statements and perform basic analysis for evaluation of Liquidity and Profitability Understanding of Accounting, Issues related to Short Term Liquid Assets Such as Cash, Inventories and Accounts Receivable etc. Understanding of Accounting, Issues related to Long Term Assets Such as Plant and Equipment Land etc and issues related to depreciation, amortization and depletion. Understanding of Accounting, Issues related to contributed capital by the owner of an entity and understand the features of common and preferred stock from the investment perspective Preparing the basic format for financial analysis Format, basic construction and its interpretation for decision making

Prescribed Text 1. Text book: Accounting: The Basis for Business Decision 9 e By Meigs and Meigs 2. Accounting : The Basis for Business Decision Making By Meigs, Williams, Haka and Bettner 11th Edition

Session
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Topic
Accounting: The language of Business Accounting: Information for decision making Accounting system, Decision making by external parties Decision Making by internal parties, Integrity of accounting Basic Financial Statements Analyzing Business Transactions What is Accounting cycle General journal & General Ledger Using T accounts Generalization, ledgers, trial balance Preparing financial statements Closing Entries and Post Closing TB Adjusting entries Forms of Business organizations Sole proprietorships Partnership Corporation Bad debts Provisions for bad debts What are the adjustments and worksheet Bank reconciliation Rectification of errors Concept of depreciation Depreciation methods Plant assets and depreciation Disposal of plant and equipment What are GAAPs, IAS, and IAS 1