Principles of Financial Accounting Course No.

Acct 100

Semester: Fall

Academic Year: 2012/2013

Faculty Name: Office Hours:

Md Abubakar Siddique Sunday (11.00 a.m - 12.00 p.m.) Male Tuesday (11a.m 12.00 p.m.) Female And by appointment
03-7133456 03-7632383 md.siddique@uaeu.ac.ae, Only university student ID emails can be used to send me any emails. Any other emails will not be considered.

Faculty phone: Fax: Email:

Course Description:
This course aims at introducing the financial accounting principles used in the preparation of financial statements. The course covers the preparation of financial statements. It also covers the accounting cycle in both service and merchandising organizations. In addition, the course covers, in details, the problems of accounting measurement and disclosure of financial position.

Course Objectives:
1. 2. 3. 4. 5. Upon completion of this course, students should be able to: Identify the users and uses of accounting. Understand why ethics is a fundamental business concept. Explain the meaning of generally accepted accounting principles. Prepare an income statement, retained earnings statement, and balance sheet. Identify, and carry out the basic steps in the recording process.

6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18.

Explain why adjusting entries are needed, and prepare the all types of adjusting entries. Prepare a work sheet. Explain the process of closing the books, and state the steps of the accounting cycle. Prepare entries for a merchandising company. Identify the unique features of the income statements for a merchandising company. Explain the basis of accounting for inventories and describe the inventory cost flow methods. Explain the operation of a petty cash fund. Indicate the control features of a bank account, and prepare a bank reconciliation. Distinguish between the methods used to value accounts receivable. Describe the valuation and disposition of notes receivable. Describe the application of the cost principle to plant assets. Explain the concept of depreciation, and compute periodic depreciation using different methods. Explain the accounting for current liabilities

Course Prerequisities:
None.

Required Textbook: Weygandt, and Kiso and Kimmel, Financial Accounting- IFRS Edition, John Wily and Sons, Inc, 2011. Planned Lecture Schedule:
Subject Accounting in action The recording process Adjusting the accounts Completing the accounting cycle Accounting for merchandising operations Inventories Internal control and cash Accounting for receivables Plant assets, natural resources, and intangible assets Liabilities Study Objectives 1-8 1-7 1-7 1-6 1-6 1-3 5-8 1-8 1-3 1-3

Week 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18

Dates Sept. 9 15 Sept. 16 22 Sept. 23 29 Sept. 30 Oct. 6 Oct. 7 - 13 Oct. 14 20 Oct. 21 - 27 Oct. 28 Nov. 3 Nov. 4 10 Nov. 11 - 17 Nov. 18 - 24 Nov. 25 Dec. 1 Dec. 2 8 Dec. 9 15 Jan. 6 12 Jan. 13 19 Jan. 20 24

Subject Chapter 1: Accounting in action Chapter 1: Accounting in action Chapter 2: The recording process Chapter 2: The recording process Chapter 3: Adjusting the accounts Chapter 3: Adjusting the accounts Chapter 4: Completing the accounting cycle Chapter 5: Accounting for merchandising operations Chapter 5: Accounting for merchandising operations Chapter 6: Inventories Chapter 7: Internal control and cash Chapter 7: Internal control and cash Chapter 8: Accounting for receivables Chapter 8: Accounting for receivables Chapter 9: Plant assets, natural resources, and intangible assets Chapter 10: Liabilities Review

Assessment Tasks

Case Study #1: Chapter 1 (submit by Sept. 27) Quiz #1: Chapters 1 & 2 (in class Oct. 2/3) Case Study #2: Chapter 3 (submit by Oct. 18)

Case Study #3: Chapter 5 (submit by Nov. 8) Quiz #2: Chapters 5 & 6 (in class Nov. 18/19)

Quiz #3: Chapters 7 & 8 (in class Dec. 11/12)

Case Study #4: Chapter 9 (submit by Jan. 14) Final Exam: Jan. 28 (6:00pm-8:00pm)

Grading: In class activities Individual and/or group Case Studies Quizzes Midterm Exam Final Exam Total 10% 20% 20% 20% 30% 100%

Grade A B+ B C+ C D+ D F

Grade Points 4.0 3.3 3.0 2.3 2.0 1.3 1.0 0

Percentage Scores 90-100 85-89 80-84 75-79 70-74 65-69 60-64 0-59

Other Policies for The Course:

Attendance: Special attention is given for lecture attendance starting from the first lecture. Normal college procedures and regulations are applied. Homework and Assignments: Must be completed individually and submitted in WileyPlus before the due date. There will be no make-up assignments for any reason. Online Quizzes: Four in-class quizzes will be given during the semester. The top three quizzes will count towards your final grade. Quizzes will be conducted on laptops, and no notes are allowed to be used. There will be no make-up quizzes for any reason. Active Learning: The course depends primarly on active learning. Students are expected to be well prepared before coming to each class. Cheating: Attempts to cheat using any kind of oral or written tools will be punished by following the official college procedures and regulations