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ACCOUNTING FUNDAMENTALS Course outline (1)

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15 views

ACCOUNTING FUNDAMENTALS Course outline (1)

Uploaded by

mahnoorarif160
Copyright
© © All Rights Reserved
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ACCOUNTING FUNDAMENTALS (SEAF-161)

I. Course Details
Credit Hours 3 (3+0)
Pre-requisites -
Course Leader Mr. Zohaib Ahmad
Recommended Textbook(s) 1. Financial & managerial accounting (The basis for business
decisions), Meigs & Meigs, 15th edition, McGraw Hill/
Irwin, 2009.
Recommended Reference 1. Software Engineering, A practitioner’s approach, Pressman R. S.
(Books/Websites/Articles) & Maxim B. R., 8th Edition, McGraw-Hill, 2015.
2. Fundamentals of accounting, Libby & Libby, 8th edition,
McGraw Hill, 2013.

II. Course Learning Outcomes (CLO)


CLOs Description Domain Taxonomy PLOs Assessment
Level Artifact
CLO-1 Identify why accounting is a necessary Cognitive 1 1 A1, Q1,
skill. Describe the key concepts and Midterm
elements of accounting.
CLO-2 Describe accounting cycle: Preparation of Cognitive 2 2 A2, Q2
Journal, ledger, trial balance, income Midterm,
statement, statement of retained earnings, Final Term
statement of owner’s equity and balance
sheet.
CLO-3 Demonstrate accounting entries in Cognitive 3 3 A3, Q3,
different concerns like adjustments of Midterm,
entries, merchandising concerns etc. Final Term

III. Course Assessment


Evaluation Methods Weight (%)
Quizzes 10
Assignments 10
Presentation/Project 5
Midterm 25
Final Term 50
Total 100
IV. Grading Policy
For students admitted in Fall 2021 and onwards
Grade A+ A B+ B C+ C D+ D F
%age >=90 80-89 75-79 70-74 65-69 60-64 55-59 50-54 <50
GPA 4.00 4.00 3.50-3.99 3.00-3.49 2.50-2.99 2.00-2.49 1.50-1.99 1.00-1.49 0.00

For students admitted before Fall 2021


Grade A1 A2 A3 B1 B2 B3 C1 C2 D F
%age >=90 80-89 77-79 74-76 70-73 67-69 64-66 60-63 50-59 <50
GPA 4.00 4.00 3.66 3.33 3.00 2.66 2.33 2.00 1.50 0.00

V. Weekly Breakdown
Week CLOs Topics Reference
No.
1 CLO-1 Introduction to Accounting. Accounting Information. Types of Chapter 1
Accounting Information. Role of Accounting Information in making
decisions. Importance of Accounting Information for internal and
External users. Accounting Systems.
2 Basic Terms. Business and its types. Types of Accounts (Assets, Chapter 1
Liabilities, Capital, Expense and Revenue. Types of Accounts.
Accounting Cycle. Accounting Period, Credit, Debit, Fiscal Year,
3 How to balance the fundamental accounting equation; Debits and Chapter 2
Credits; "T" Accounting; Double Entry Accounting; Transactions.
Cash and credit transaction. Effect of Transactions on Accounting
Equation. Source Documents; General Journal. Journalizing the
events of increase in capital, increase and decrease in Assets and
Liabilities.
4 CLO-3 General Journal. Accrual Basis Accounting Applying Matching Chapter 2
Principle and Realization Principle in recording expenses and
Revenue. General Journal and its relationship to ledger. Posting
(Process of transferring information from the journal to the
individual accounts in the Ledger. Types of Ledgers.
5 CLO-2 Trial Balance, Its Uses and Limitations. The Accounting Cycle. Chapter 3
Journal, Ledgers and Trial balance.
6 Financial Statements. Nature and general purpose of Financial Chapter 3
Statements. Relevant Accounting Principles. Purpose of the Income
Statement; Multi-Step Income Statement; What are Retained
Earnings, Revenue, Expenses, Net Income, Income Tax,
7 Statement of Retained Earnings and Classified Balance Sheet. Chapter 4
Relation of Income statement, Statement of Owners Equity and
Balance Sheet.
8 Practice from journal to Balance Sheet. Accounting Cycle. Chapter 4
9 Mid Term Exams
10 CLO-3 Need for adjusting entries, Types of Adjusting Entries. The concept Chapter 5
of Depreciation. Accumulated Depreciation. Book Value. Contra
Asset Account. Depreciate able Assets. Useful Life. Converting
Assets to Expenses; Prepaid Expenses, Accrued Expenses
11 Converting liabilities to Revenue. Accruing uncollected revenue. Chapter 5
Adjusted trial balance. Purpose of Adjusted Trial Balance. Effects of
Adjusting Entries on Financial Statements
12 CLO-2 Preparing a Work Sheet and its uses. Closing The Temporary Chapter 5
Accounts. Preparation of After closing Trial Balance.
13 CLO-1 GAAP (Generally Accepted Accounting principles). Introduction to Chapter 5
Merchandising Concerns. Operating cycle of Merchandising
Companies
14 CLO-3 Journal Entries in Periodic & Perpetual Systems Accounting for Chapter 6
Merchandising Concerns
15 Cash and credit purchase transactions, Cost Transaction Chapter 6
(Transportation cost), Purchases return and purchases Discount
transaction journal entries.
16 Special cases in Merchandising Companies Net method. Special Chapter 6
cases in Merchandising Companies Gross method. Credit terms,
Cash discounts, Returns of Unsatisfactory, Merchandising Exercise.
Practice of the entries for all merchandising concerns.

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