LESSON PLAN

COURSE/CODE : Financial Accounting

CREDIT HOUR :3
CONTACT HOUR :4
LECTURER’S NAME : Nurul Asyikin binti Abdul Ghani Email : asyikin_ktd@yahoo.com

Weeks Topics

1 CONTROL ACCOUNTS

 The need for control accounts

 The advantages of control accounts for debtors
and creditors
 Identify the two major types of control accounts
 Preparation of the sales ledger control account
and the purchases ledger control account
 At this stage treatment of bad debts is restricted
to the direct write-off method. Bill receivables
are not included until covered under Receivables.
2-4 RECEIVABLES
 Types of receivables
 Accounts receivables (Debtors)
o Bad debts, doubtful debts and provision
for doubtful debts
o Bad debts recovered
o Discount allowed, discount allowable and
provision discount allowable
o Accounting entries and balance sheet
presentation.
 Notes or Bills receivables
o Mechanism of notes receivables
o Determine maturity date
o Compute interest on notes receivables
o Accounting entries to record notes
receivables and its disposition.
 Internal control for receivables
5-9 ACCOUNTING FOR NON-CURRENT ASSET (TANGIBLE)
 Distinguish nature and types of non-current
assets.
 Tangible NCA or Property, Plant and Equipment
(Per FRS 116)
 Initial Recognition and measurement Initial Costs.
 Elements of cost
 Self-constructed Property, Plant and Equipment
 Subsequent costs: capital expenditure vs revenue
expenditure.
 Depreciation
 Method of depreciation:
o Straight line method
 o Reduced balance method
o Sum of the digits
o Units of production.
 Accounting entries relating to acquisition and
disposal of property, plant and equipment.
 Subsequent measurement: limited to initial
revaluation for this paper (Asset revaluation
reserve is not required to be covered)
10-12 CORRECTION OF ERRORS
 Distinguishing between errors that affect and
those that do not affect the trial balance
(agreement)
 Illustrate the use of the journal entries in
correcting errors, including the use of a suspense
account
 State the effect of errors on net profit and
prepare the corrected statement of profit.
 State the effect of errors on balance sheet items
and prepare the corrected balance sheet.
13-14 INCOMPLETE RECORDS AND SINGLE ENTRY (Sole Trader)
 Introduction to incomplete records and single
entry.
 Difference between comparison and analysis
method.
 Comparison method:
o Statement of affairs
o Statement of profit
 Analysis method:
o Techniques used to construct accounting
records.
o Prepare trading, profit and loss account
(income statement) and balance sheet.

Assessment
Assignment 5%
Quizzes 5%
Test 20% 30%

Final Examination 70%

Total 100%