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MOHAMMAD ALI JINNAH UNIVERSITY ISLAMABAD

Faculty of Business Administration

Course Plan Spring 2011

Principles of Accounting I

ACCA2033

Course Title Principles of AccountingCourse Convener Ahmad FrazSemester Spring 2011Class Sessions Twice a week

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 statementinterpretation 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 thefundamental 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. Thecourse 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,

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 tomake 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.

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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 05%

Quizzes 05%

Mid term 20%Sub Total 30%

Final Term

Home Assignments 05%Quizzes 05%

Class Participation 10%

Final Project 10%Final Examination 40%

Sub Total 70%

Total 100%

Expected Learning Outcome of the Course:

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

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Session Topic1 Accounting: The language of Business

2 Accounting: Information for decision making

3 Accounting system, Decision making by external parties

4 Decision Making by internal parties, Integrity of accounting

5 Basic Financial Statements

6 Analyzing Business Transactions

7 What is Accounting cycle

8 General journal & General Ledger

9 Using T accounts

10 Generalization, ledgers, trial balance

11 Preparing financial statements

12 Closing Entries and Post Closing TB

13 Adjusting entries

14 Forms of Business organizations

15 Sole proprietorships

16 Partnership17 Corporation

18 Bad debts

19 Provisions for bad debts

20 What are the adjustments and worksheet

21 Bank reconciliation

22 Rectification of errors

23 Concept of depreciation

24 Depreciation methods

25 Plant assets and depreciation

26 Disposal of plant and equipment

27 What are GAAPs, IAS, and IAS 1