COURSE INFORMATION

Name Principles of Accounting

Code EC-1101
Coordinating Faculty Faculty of Management Sciences
Level Basic
Credits 3
Pre-requisites Nill
Delivery Method Lectures

Coordinator Habibullah Khan

Contact Phone: 0782264212
Email: charteredktk@yahoo.com

Schedule Link to course schedule and coordinator schedule for support

Coordinator Regulations Link to specific regulations set by each faculty for a specific course

COURSE DESCRIPTION
Accounting plays a vital role as an information system for monitoring, problem solving and
decision-making. However, the first step is to generate and present information in a manner that
is useful. In recognition of this, the principles of financial accounting course focuses on the
record-keeping and financial statement preparation process.
LEARNING OUTCOMES
 Creating an understanding of basic accounting terms and concepts.
 Familiarizing with the accounting process of determination of income / loss for a certain
period and financial position at a certain date.
 Developing an understanding of the accounting cycle and the key valuation and
allocation methods used for the assets side of balance sheet.
 Be able to prepare a set of financial statements for various forms of businesses and non-
profit entities.
 Develop an ability to apply accounting concepts, principles and practices.

LEARNING RESOURCES
Text book:

Accounting (The Basis for Business decision) Author: Meigs Williams Haka

Bettner Edition: 11th

Reference Book:
Financial Accounting : Tools for Business Decision Making by Paul D. Kimmel, Jerry J.
Weygandt, Donald E. Kieso, Hardcover: 832 pages, Publisher: Wiley

1
 COURSE SCHEDULE

Week No. Topics for Discussion Suggested Activity Remarks

1 Definition of Accounting, Components of Review of lecture at
Accounting, Decision Making by External home.
Parties, Decision Making by Internal Parties
2 Definition of Business, Types of Review of lecture at
Accounting Basic Terminology home.
3 Basic Accounting Principles, Book Keeping Practice Questions
Vs Accounting, Introduction to Financial
Statement
4 Accounting Equation, Income Statement, Practice Questions
Cash Flow Statement
5 Introduction to Accounting Cycle, Rules for Practice Questions Quiz # 1
Debit and Credit, Journal
6 Ledger, Trial Balance Financial Statements Practice Questions Assignment
#1
7 Adjusting Entries Practice Questions
8 Adjusting Entries, Adjusted Trial Balance Practice Questions
9 Mid Term Examination
10 Closing Entries, After closing trial Balance Practice Questions
11 Preparing Annual Report Practice Questions
12 Accounting for Merchandising Activities, Practice Questions Assignment
Merchandising Companies, Operating Cycle of #2
Merchandising Activities, Income statement of
Merchandising Activities
13 Cost of Goods Sold, Subsidiary Ledger, Practice Questions
Perpetual Inventory System, Periodic Inventory
System
14 Form of Business Organization, Sole Practice Questions Quiz # 2
Proprietorship, Corporation
15 Financial Assets – I (Cash and Bank), Practice Questions
Reporting Cash in Balance Sheet, The statement
of cash flows, Cash Management, Internal
control over cash disbursements
16 Bank Statements, Reconciling the Bank Practice Questions Quiz # 3
Statement
17 Financial Assets – II (Account Receivable), Practice Questions
Uncollectible accounts, The Allowance for
Doubtful Accounts, Aging of the Accounts
Receivable, Management of Account
Receivable
18 Practice and Review Question answer
Session
19 Terminal Examination

2
ASSESSMENT
SUMMARY
TYPE PERCENTAGE RATIONALE
Internal Assessment
- Assignment 10%
- Quiz 10% 25%
- Others 5%
Program Assessment
- Midterm 25% 75%
- Terminal 75%

GRADING
MARK RANGE GRADE POINT GRADE EXPECTED RESULT
90 and above 4.0 A The percentage of class
expected to score this
grade.
80 – 89 3.0 B
70 – 79 2.0 C
60 – 69 1.0 D
59 and below 0.0 F

POLICIES & GUIDELINES

a. Plagiarism and copying of copyright materials are serious offences and may lead to
disciplinary actions.
b. The course enrolment is charged by the faculty office. Please approach the staff in the
faculty office for any queries about course enrolment, class quota, etc. In no
circumstances should you approach the lecturers who have no control on this.
c. Make-up test for mid-term: No Make Up chance is available to absent or Failed students.
d. There is no make-up session for the oral presentations and quizzes. If you are absent from
the oral presentation without eligible reasons/documents, you will not earn any marks on
the oral presentation. If you are absent from the oral presentation with eligible
reasons/documents, your score on the final exam will be applied higher weight (including
weight on final exam and mid-term test).