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AF 1001- Fundamentals of Accounting

Form number
QEC-ISOB-D1-CW 0.3
COURSE OUTLINE/ DOCUMENT
COURSE Name Nouman Shakeel
INSTRUCTOR
INFORMATION email ID [email protected]

DEGREE Program Batch Section(s) Semester FALL

INFORMATION BSBA 2021 A Year 2021

Course Category
Code Title Credit hours
C- Core/ E-Elective
C AF 1001 Fundamentals of Accounting 3
COURSE
INFORMATION Prerequisite(s)
TA
No. of
Required Brief Justification
TA(s)
(Yes/ No)
- -

Edition
Title of Book Course Pack
---
TEXT BOOK(s)
INFORMATION Author(s) ---
Publisher ---
Title of Book Fundamentals of Financial Accounting
1.
Imprint details Fred Phillips, Robert Libby, Patricia Libby- McGraw Hill
2.
Title of Book Intermediate Accounting , Fundamentals of Accounting
Imprint details Donald Kieso, John Wiley & Sons Inc.
Title of Book Financial & Managerial Accounting (Meigs & Meigs)
3.
Imprint details
Jan R Williams, Susan F Haka, Mark S. Bettner, Joseph V
Reference Book (s) Carcello
a. Annual Reports of various local and international business entities
Support Material(s)

b.

c.

d.

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Brief Description of Course:

This course introduces students to the principles, concepts, and applications of financial accounting.
Students are taught the process by which financial transactions and events are recorded, so as to
develop the capability to perform basic accounting functions, with the background knowledge of and
adherence to accounting concepts and principles. The course introduces accounting terminology, the
(not more than 250 words)

double entry accounting system, and the nature, purpose, and importance of different types of
decision-useful accounting information.
Several important concepts will be studied in detail, including all the steps in the accounting cycle,
revenue recognition, inventory and long-term assets. The course emphasizes the construction of the
basic financial accounting statements - the Income Statement, Balance Sheet, and Statement of
Retained Earnings.

Course Objectives (CO): (Brief & unambiguous)… at least 5 COs

a. tend to describe specific, discrete units of knowledge and skill
b. can be accomplished within a short time frame - still may be relevant for a class period
c. tend to be STATEMENTS OF INTENT; do not necessarily suggest that the behavior has been demonstrate
The following specific objectives are expected to be achieved by the end of the course:
To understand fundamental accounting concepts, including the definitions of the elements of financial
1.
statements: assets; liabilities, equity; revenues and expenses
To undertaking double entry accounting procedures for various business entities and comprehend the steps of
2.
the accounting cycle
3.
To translate commercial transactions such as sales, purchases, and the processing of receipts and payments
into both journal entry and ledger account formats. Preparing trial balance.
To calculate and enter transactions related to accruals and deferrals, and prepare the year end adjusted Trial
4.
balance
5. To prepare the Income Statements, Balance Sheets and Statements of Retained Earnings
To compute inventory using the periodic and perpetual inventory systems. To learn transactions related to
6.
inventory. Cost flow assumptions.
To learn amounts used in balance sheet for other current assets excluding inventory. To prepare reconciliation
7.
of bank statements.
8.
To record transactions related to accounts receivables and allowance for doubtful accounts. To understand
and record transactions related to marketable securities and their carrying value in balance sheet.
To understand the concept of depreciation and its various methods of calculation; to calculate and record
depreciation.

Learning Outcome (LO): (Brief & unambiguous-with reference to course objectives i.e. at least 5 LOs
a. describe broad aspects of behavior which incorporate a wide range of knowledge and skill
b. accomplished over time in several learning experiences
c. refer to DEMONSTRATIONS OF PERFORMANCE
By the end of this course, a student should be able to:
The students will be able to use accounting and business terminologies and will be able to differentiate
a.
between generally accepted accounting principles (GAAP) and international standards (IAS).
b.
The students will be able to use the fundamental accounting equation to analyze the effect of business
transactions on an organization's accounting records and financial statements.
The students can develop basic accounting system to create -record, classify, and summarize the data
c.
needed to for a variety of business decisions.
The students will be able to use accounting concepts, principles, and frameworks to analyze and effectively
d.
communicate information to a variety of audiences.
The students will be able to develop financial statements and will be able to comment on the usefulness of the
e.
statements for creditors and other stakeholders.

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Students will be able to calculate the value of inventory to be recorded in sales related transaction and balance
f.
sheet amounts.
g.
Explain the nature of current assets including the measuring and reporting of items such as receivables and
bad debts.
The students will be able to resolve issues relating to acquisition of assets and can calculate depreciation
h.
expenses for the assets over life.

PLO 1 PLO 2 PLO 3 PLO 4 PLO 5 PLO 6 PLO 7 PLO 8 PLO 9 PLO 10
CLO 1
CLO 2
CLO 3
CLO 4
CLO 5
CLO 6
CLO 7
CLO 8
CLO 9
CLO 10

Courseware Structure: (Mark X where applies)

Lecture Multimedia Exercise IT Labs Case Individual Group Any other Medium
Studies Assignment Presentation
(Lect) (MM) (Exer) (Lab) (CAS) (Assign) (G-Pres)

X x x x Project

COURSE CONTENTS:
**Courseware Events
Weeks Contents/Topics (MM/ IT Lab/Case Study/ Comments (if any)
Assignment/
Presentation etc.)
Introduction to accounting
 Definition of accounting
 Types of business entity
Week-01 Lecture / Reading
 Users of the financial statements
 How an accounting system contributes to providing
useful information
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Statement of financial position and income

statement
 Financial statements
 Statement of financial position
Week-02 Lecture/ Exercises
 Income statement
 Relationship between the statement of financial
position and income statement
 The accounting equation
Double entry bookkeeping
 The duality concept and double entry bookkeeping
 Ledger accounts, debits and credits
Lecture/ Exercises/
Week-03  Recording sales and purchases returns
Assignment #1
 Accounting for discounts
 Balancing off a statement of financial position ledger
account
Double entry bookkeeping (Contd…)
 The trial balance
Lecture/ Exercises/
Week-04  Closing off the ledger accounts
Quiz #1
 Opening balances in the ledger accounts
 Preparation of financial statements
Inventory
 Adjustments for inventory in the financial statements
 Recording inventory in the ledger accounts
 Drawings of inventory Lecture/ Exercises
Week-05
 Valuation of inventory
 Methods of calculating cost of inventory
 IAS 2 Inventories
Sales tax
 Principles of sales tax Lecture/ Exercises/
Week-06
 Calculation of sales tax Assignment #2
 Accounting entries for sales tax
Accruals and prepayments
 Accruals basis of accounting
 Accrued expenditure
 Prepaid expenditure Lecture/ Exercises/
Week-07
 Proforma expense T account Quiz #2
 Accrued income
 Prepaid income
 Proforma income T account
Accruals and prepayments (Contd…)
 Accrued income
Week-08 Lecture / Exercises
 Prepaid income
 Proforma income T account
Irrecoverable debts and allowances for receivables
 The provision of credit facilities
Week-09  Irrecoverable debts Lecture/ Exercises
 Accounting for irrecoverable debts
 Accounting for irrecoverable debts recovered
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 Allowance for receivables

 Accounting for the allowance for receivables

Non­current assets
 Noncurrent assets
 Capital and revenue expenditure
 Noncurrent asset registers Lecture/ Exercises/
Week-10
 Acquisition of a noncurrent asset Assignment #3
 Depreciation
 Methods of calculating depreciation
 Accounting for depreciation
Non­current assets (Contd…)
 Consistency and subjectivity when accounting for
depreciation
 Disposal of noncurrent assets Lecture/ Exercises/
Week-11
 Revaluation of noncurrent assets Quiz #3
 Depreciation and disposal of a revalued asset
 Disclosure of noncurrent asset balances in company
financial statements
From trial balance to financial statements
 Trial balance
Week -12 Lecture/ Exercises
 Adjustments
 Illustrations
Books of prime entry and control accounts
 Business documentation
 Accounting records
 Ledger accounts and the division of the ledger
Lecture/ Exercises/
Week 13  Sales and purchases day books
Assignment #4
 Sales tax in day books
 Control accounts
 The petty cash book
 The journal
Control account reconciliations
 Control accounts
Lecture/ Exercises/
Week-14  Supplier statements
Quiz #4
 Control account reconciliation
 Preparing a control account reconciliation
Bank reconciliations
 The bank reconciliation
Week-15  Differences between the bank statement and the cash Lecture / Reading
book
 Proforma bank reconciliation
Week-16 Project/Presentations Presentations

** Courseware Events column is subject to variations / appropriations

Recommended Web links:

www.mhhe.com/williams_basis17e
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www.accounting101.org
www.khanacademy.org
www.accountingcoach.com
http://www.accountingverse.com

Grading Criteria
X ABSOLUTE Grading RELATIVE Grading

Marks Distribution: Planned Courseware Events:

Particulars
% *Weight
Marks Ranges Particulars Planned Remarks
(Qz/As/Labs)
1. Interactive Session assignments 6 5 ~ 10
1. Quizzes < or = 4 All quizzes unannounced
2. Pop Quizzes 10 5 ~ 10
2. Assignments/ < or = 4 Individual assignments
3. Mid-Term Exams 30 15 ~ 30
3. Presentations/
< or = 1 Mostly group assignment
graded activities
4. Class participation 4 1 ~ 10
4. Labs < or = 0 Individual Lab Exercises
5. Project(s) 10 8 ~ 10

6. Final Exam 40 40 ~ 50

Total: - 100 100

*Weight Ranges as defined in NeON

QUALIFYING You must attend every class for your own personal benefit. Please refer to university
policy of minimum attendance requirement i.e., 80% of hours taught (48 hours). Failing to
ATTENDANCE conform to the qualifying attendance threshold, the student will stand debarred from
sitting in the examination and assigned with “F” Grade.

All assignments should be your own work (or your group’s when approved). PLAGIARISM
Academic and Moral
will be awarded with “F” grade and/or reported to the University for academic and moral
Integrity:
misconduct. To protect yourself, ALWAYS PROVIDE REFERENCES!

Instructions / Suggestions for STUDENTS for satisfactory progress in this course:

 FAST has a 100 percent attendance policy. However, students are allowed to sit in the final exam if they have at least 80 percent attendance.
 Do not schedule other appointments during your lecture time, still If you miss a lecture; Ask for a copy of the lecture notes. Get a good, readable
and reliable copy and work though it carefully and diligently.
 Plagiarism in any part of the course can lead to an F in the whole course.
 On average, most students should find at least three hours outside of class for each class hour for satisfactory learning.
 Note: Counseling hours are displayed outside the doors of permanent faculty members for providing extra guidance to students. However,
students are welcome to get help from the instructor at all times.

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 If you encounter academic difficulties in your course, do not wait, contact your instructor or advisor in designated counseling hours and seek
appropriate levels of assistance to help resolve your academic apprehensions.
 Inform your course instructor, advisor, administrator or staff person of your concerns and provide them with all relevant information on the
challenges you are facing.
 Read the objectives and learning outcomes well; students are expected to attain the intended learning outcomes.
 Plan all of your activities; use the calendars, things to do list, reminders or other resources to help you keep track of important tasks, course
assignments, quizzes, examination dates and deadline dates as well as your co-curricular activities.
 Students unable to submit an assignment by the due date should discuss the matter in advance with the course instructor. At the instructor’s
discretion, late assignments may not be accepted. Where late assignments are accepted, a late penalty of 10% per day will be levied.
 Assignments/ Activities: They are not meant simply for grades, but to reinforce your learning. Assignments are due on time. Each day late will
lower your assignment grade by 10%. Apart from value of content, spelling, grammar, punctuation, and good presentation (printing and paper
quality) will figure into your assignment grade.
 Copying other students' work or allowing your own work to be copied, both are considered cheating.
 You must log in to your SLATE account at least once in every 24 hours for announcements, assignments, lecture notes and messages
 Check NEON regularly for your attendance, and evaluations.
 You need to enter the lecture room fully awake and able to devote your best concentration, for this go to bed at reasonable times and take
optimum sleep.
 Come to each lecture properly prepared, bring in last lectures’ notes, textbooks, ball points/pencils, laptops and calculators etc
 Use the few minutes you usually have before the start of each class to review the prior lectures’ notes and homework. This will save us valuable
in-class time to work on new material.
 Chapters should be read and homework/exercises should be attempted before class.
 Do not get behind. You are encouraged to work with other students.
 The homework assigned is a minimum. You should always work extra hours on your own.
 Develop a learning habit rather than memorizing, work in groups, whenever appropriate.
 Apply the learned principles and gained knowledge; be creative in thinking.
 To guard against errors, please keep copies of the papers you turn in and retain all graded assignments for your reference.
 It is the responsibility and duty of students to become acquainted and abide by all the policies and rules of the FSM.

SEPECIAL
I N S T R U C T I O NS
(Specific to the subject
being taught)

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