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Administrative Information Course Name: Course Code: Credit Hours: Course Prerequisites: 1.

Course Description: The course will enrich the participants understanding of fundamental concepts and standards of financial accounting and how the use of IT can make financial accounting and reporting more effective and less cumbersome. 2. Course Objectives: Course covers topics in Financial Accounting that will enhance the students understanding of how the variety of monetary transactions is recorded in a standardized way. 3. Learning Outcomes: Following are specific learning outcomes of the course: LO1. Learn and understand the basic concepts, conventions & standards of Financial Accounting. - Get ample introduction to Single Entry System & Double Entry System. - Analyze how the variety of transactions can be recorded in accrual basis of accounting. - Appreciate how accrual basis of accounting is more effective than single entry system of accounting. LO2. Analyze the different financial transactions and be able to record them in accrual basis of accounting. Post the transactions in ledger, prepare a trial balance and prepare financial statements. Understand and apply the accounting cycle in recording transactions of a merchandising and manufacturing concerns. Financial Accounting & IT ACC203 3 Credit hours ACC101

LO3.

Apply the concepts learnt in practice and be able to perform well in variety of assessment tools i.e. quizzes, assignments, project report and midterm & final exam. LO4. A student after taking this course should: Be skilled in recording variety of financial transactions. Be capable in analyzing particular transactions in variety of business operations. Be proficient in identifying and rectifying wrong entries. Be accomplished in preparing financial statements. Be skillful in rigorous process of recording transactions completing each step of the accounting cycle.

4. Textbook: Financial Accounting, by Meigs & Meigs. 11th Edition. 5. Reference Book(s): Financial Accounting: An Introduction to Concepts, Methods & Uses by Clyde P. Stickney. 6. Topics/Chapters: Introduction to Accounting Functions & Sub fields of Accounting Accounting Cycle Accounting Concepts & Conventions Accounting Standards Use of IT in Financial Accounting

Accounting principles and transaction analysis Types of Accounts Accounting Equation Rules of Debit & Credit

Recording transactions Analyzing transactions Recording in General Journal Posting in General Ledger Benefits of computerized accounting

Preparation of the Trial Balance. Balancing the accounts Preparing Trial Balance Limitations of Trial Balance. Examples using Excel & Access

Adjusting & Closing entries Journalizing adjustment entries Preparing Adjusted Trial Balance Passing the closing or transfer entries

Preparation of financial statements - Balance Sheet - Income Statement - Statement of Owners Equity - Examples using Excel & Peachtree Correcting Entries - Nature of erroneous entries - Methods of detection - Analyzing correcting entries - Rectifying the erroneous entries Accounting for merchandising activities Accounting for manufacturing concerns. Bank Reconciliation Statement
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Reasons for reconciling statements. Procedure or steps for reconciliation. Examples; also by using Peachtree

Accounting for Fixed Assets & Depreciation


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The basic concepts of depreciation The methods of depreciation Straight line depreciation method Declining depreciation method Double declining depreciation method Sum of the years depreciation method Production hours depreciation method Production units depreciation method Accounting for depreciation

Accounting for Inventories.


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The basics of inventory Inventory accounting systems Inventory valuation methods LIFO, FIFO, WAM etc. Accounting for inventory Impact of inventory on financial statements.

7. Teaching and Learning Methodology:


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A focused and skill building course content would be provided. Ample worked examples would be provided with applications. Assignments would reinforce the concepts and ensure skill building. Useful Articles complementary to course objective would be provided.

8. Materials and Supplies: Students should bring their personal scientific calculators and/or financial calculators. 9. Grading Policy/Student Assessment:

Assessment Instruments Test/Quiz Assignment 1 Midterm Exam Class Participation Final Exam 10. Attendance Policy:

Percentage 10 % 15 % 20 % 05 % 50 %

LO Covered LO 1,4 LO 2 LO 1,2,4 LO 4 LO 1,2,3,4,

Prompt arrival and regular attendance are extremely important. Refer to student handbook for policies on late entry, maximum absences allowed, leave application etc. 11. Expected Class Conduct: Students can submit the assignments to the CR and the CR will be responsible to submit the assignments to the Instructor. Late arrivals must be avoided. Students can make an e-group at which files, assignments, marks can be uploaded, queries posted and answered and general correspondence related to the course could be made possible.

12. Weekly Course Outline: Lecture# Topic Introduction to Accounting 1 2 Functions & Sub fields of Accounting Accounting Cycle Accounting Concepts & Conventions Accounting Standards Use of IT in Financial Accounting principles and transaction Assessment Percentage

Accounting analysis. -

Types of Accounts Accounting Equation Rules of Debit & Credit

Recording transactions Analyzing transactions Recording in General Journal Posting in General Ledger Benefits of computerized accounting

Quiz

Preparation of the Trial Balance. Balancing the accounts Preparing Trial Balance Limitations of Trial Balance. Examples using Excel & Access

Adjusting & Closing entries Journalizing adjustment entries Preparing Adjusted Trial Balance Passing the closing or transfer entries

Preparation of financial statements - Balance Sheet - Income Statement - Statement of Owners Equity - Examples using Excel & Peachtree

7 8 9

Applying concepts to two Case Studies Midterm Correcting Entries - Nature of erroneous entries - Methods of detection - Analyzing correcting entries - Rectifying the erroneous entries Accounting for merchandising activities Accounting for manufacturing concerns. Bank Reconciliation Statement
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10 11 12

Reasons for reconciling statements. Procedure or steps for reconciliation. Examples & Problems Fixed Assets &

Quiz

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Accounting for Depreciation.


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The basic concepts of depreciation The methods of depreciation Straight line depreciation method Declining depreciation method Double declining depreciation method Sum of the years depreciation method Production hours depreciation method Production units depreciation method Accounting for depreciation

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Accounting for Inventories.


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The basics of inventory Inventory accounting systems Inventory valuation methods LIFO, FIFO, WAM etc. Accounting for inventory Impact of inventory on financial statements.

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Computerized accounting (using Peach Tree) Recap & Course Contents

* Additional assignments, tests and quiz can be conducted. ** Appropriate allocation of marks can be introduced here depending on the number of assessments. Recommendation: Minimize the number of assessments since this eats into the teaching time. 13. Students with Physical or Educational Challenges: Students with educational and/or physical challenges are entitled to extra attention and time from the instructor. Therefore students are advised to notify the course instructor at the beginning of the course. Special arrangement may also be made on prior request based on specific challenges. 14. Academic Integrity This course seeks to empower students for independent learning, resourcefulness, clear thinking, and perception. All submitted work and activities should be genuine reflections of individual achievement from which the student should derive personal satisfaction and a sense of accomplishment. Plagiarism and cheating subvert these goals and will be treated according to the policy stated in the Student Handbook. The instructor reserves the right to utilize electronic means to help prevent plagiarism.