DEPARTMENT OF MANAGEMENT SCIENCES ISLAMIA UNIVERSITY BAHAWALPUR

TITLE OF DEGREE PROGRAM :

BBA

COURSE OFFERED:

Semester 3

COURSE TITLE: COURSE INSTRUCTOR

Financial Accounting M. USMAN ARSHAD

Course Objectives and Outcomes: This course introduces the basic concepts, standards, and practices of financial reporting. It is oriented towards the user of these reports, and establishes the understanding needed to assimilate, analyze, and present relevant financial data. The course is devoted to the basic financial statements, the analysis and recording of transactions, and the underlying concepts and procedures, with an eye toward the financial statement analysis. The course begins with an overview of the procedures necessary to prepare and understand the basic financial statements. The remainder of the course examines the accounting for the most common and significant transactions of a firm, including revenue and accounts receivable, sales and inventories, longterm fixed assets, bonds and other long-term debt, and stockholders equity. How Program Content Meets The Program Objectives? Students must read the assigned readings thoroughly and are expected to come to the class fully prepared. In addition, students are required to apply themselves diligently to the course of study, and to prepare class and homework assignments as given. Regular attendance is strongly advised. Text Books: ESSENTIAL TEXT: Accounting the Basis for Business Decisions- Thirteenth Edition by Williams, Haka and Bettner Accounting the basis for business decisions 9th edition by Robert F. Meigs and Walter B. Meigs

Lectures: The medium of instruction will be English. Instructional methods will vary with each instructor. However, some suggested techniques are Quizzes and other tests with feedback and discussions; Problem Solving Lectures and class discussions; Power Point Presentations; Guests Speaker; Group Activities; Oral reports and other student presentations; Web based assignments and activities

General Rules and Procedures 1. Students unable to submit an assignment on the due date should discuss the matter in advance with the professor. At the professors discretion, late assignments may not be accepted. Where late assignments are accepted, the professor will apply a late penalty. 2. Test dates and assignment due dates are announced in class. Students are responsible for keeping track of these dates. There will be no makeup quiz, mid-term or final for any reason whatsoever. 3. Success in this course is based heavily on in-class participation and assignments, therefore; attendance and active in-class participation is essential to a students success. All in-class assignments must be completed in-class; they cannot be made up with a takehome. Failure to attend these classes will therefore result in zero in that particular assignment. Course Assessment Midterm exam Assignments, Projects Quizzes Final 30% 10% 10% 50%

What is expected of you? The course is taught using predominantly a classroom lecture format; group learning activities are strongly encouraged. Students are expected to ask for assistance through Office hours, Students are expected to take an active part in the learning process through participation in classroom discussion. Students will be expected to enhance the knowledge learned in the text by further reading, solving practical problems in forms of exercises. Students are expected to timely complete their assignments, and prepare quizzes; exams .They should be able to apply different concepts to real life problem solving.

Weeks 1

Contents Overview of Accounting, International Accounting Standards Overview of financial accounting and accounting cycle Accounting Concepts, Professional judgments, Classified Balance sheet, Income Statement, Forms of Business Organizations, Sole proprietorship, its Characteristic and, Liability Accounting for Sole Proprietorship, Partnership, General Partnership, Limited and unlimited partnership Financial Statements of Partnership Accounting for new partnership, Admission and retirement of partners, Additional investment and drawing accounts, Partnership profits and taxes, Dissolution of partnership Corporation, advantages and disadvantages of corporations, Formation of Corporation, Authorization and issuance of Capital stocks, Common stocks and preferred stocks Corporation, Shareholder Liability, Retained earnings, Accounting for Dividend, Numeric problems, Stock holders Equity statement, Stock value, Measuring Corporation Income, and Earnings per Share, Acquisition of plant assets, depreciation methods Depreciation methods, Disposal of plant assets, Intangible and natural resources Revision, Midterm exam Discussion on midterm paper, Accounting for liabilities Accounting for liabilities, Bonds, Accounting for bond payable Tax benefits of bonds, Present value of bond, Bonds issued at premium and discount, Operational lease and capital lease, Numerical Problems Accounting for Account Receivable, Allowance for and Writing off Uncollectable A/R Statement of Cash Flows, Its purpose, formats of statement of cash flows (Direct Method. Indirect Method) Formats of statement of cash flows (Direct Method, Indirect Method), Preparation of Cash flow statement Preparation of Cash flow statement, Analysis of Financial Statements Analysis of Financial Statements, Sources of information, comparative financial statements, Tools and analysis, Ratios Revision

Suggested Reading Chapter Chapter

Chapter 12

Chapter

Chapter

8 9 10

Chapter Chapter

11 12 13 14 15 16

Chapter Chapter Chapter Chapter Chapter