Financial Accounting-MNG-2210 BSIT Regular & Self Support

Introduction:

This course explains Accounting principles and concepts and how to prepare and analyse financial accounts. This course intends to introduce students with knowledge of Financial Accounting required to help them to understand the process of financial management and to develop modern accounting information systems. It will also help to enhance their ability to solve business and financial matters.

Course Prerequisites: None

Learning Outcomes:

The learning outcomes will be to provide understanding of:

Basic accounting concept and techniques and their applications in various business and financial problems.
Equip them with accounting skills and knowledge that can be applied for financial decision making.
Financial analysis of various financial statements at work place.

Text Books:

Financial and management accounting by Jan Williams, Sue Haka, Mark Bettner and Joseph Carcello, McGraw-Hill/Irwin; 16th Edition (2011).
Fundamental Accounting Principles with Connect plus by John Wild, Ken Shaw, and Barbara Chiappetta, McGraw-Hill/Irwin; 20th Edition(December 27, 2010).
Accounting Principles by jack L. Smith, Robert M. Keith and William L. Stephens, McGraw-Hill Companies, 3rd Edition(1993).
Financial Accounting by M. Asghar Paracha Edition 18th (2018).
Accounting by Sohail Afzal and M. Arif Ch.

System of Evaluation:

Individual Class Presentations/Projects* Regular Class Presentations/Participation (5%) Term Paper/Assignment (10%) Class Quiz/Case Studies (5%)	20%
Mid Term Examination	30%
Final Examination	50%
	100%

Lesson Plan:

Week:	Topic to be Discussed
1	Introduction to Accounting, Accounting Principles/Concepts and Conventions, Branches of accounting.
2	Book-keeping, Double Entry Book-keeping, Monetary/Non-Monetary Events and Transactions, Cash & Credit Transactions, Accounting Equation, Effects of Business transaction on Accounting Equation.
3	Analysis/Classification of Business Transactions, Single Entry & Double Entry System, Accounts and types of Accounts, Debit & Credit rules for Assets, Liabilities, Expenses /Revenue etc.
4	Journal and rules for journalizing, Simple Entry & Compound Entry, Capital & Drawing Account.
5	Ledger, Balancing of Ledger Accounts, Trails Balance.
6	Methods of preparing Trail Balance, Advantages of Trail Balance, Accounting Cycle to Trail Balance,
7	The Cash Book, Single & Two Column Cash Books, And their preparation.
8	Three Column Cash Book, The Petty Cash Book.
9	Bank Reconciliation, Purpose and Causes of differences b/w Cash & Bank Balances, Preparation of Reconciliation Statements Accounts.
10	Classification of Short term and Long Term Assets and Liabilities, Revenue & Capital, Capital & Revenue Expenditures, Profit/Loss under Capital and Revenue.
11	Depreciation, Definition & Causes of Depreciation, Types of Depreciation
12	Basic Financial Statements (Final Accounts), Trading Account, Profit & Loss account.
13	Statements of Financial position (Balance Sheet), Structure of Balance Sheet for a Sole Trader.
14	Accounting Errors & Accounting Adjustments to Financial Statements, Accrued & Prepaid Income and Expenses, Bad Debts & Provision.
15	Accounting for Partnership, Introduction Partnerships, Agreements and Deed.
16	Revision/Presentation & Completion left over topics of course