Administrative Information Teachers Name Course Code Course Title Contact Number Email address Contact Hours Credit

Hours Prerequisite Session : : : : : : : : Mr. Farhan Ahmed ACC 202 Financial Accounting 0344-2424245 / 0334-2664466 farhan.ahmed72@gmail.com 3 3 ACC 101 Summer, 2011

Course Description Accounting and book keeping, accounting statements, effects of transactions on the accounting equation, mechanics of double-entry accounting, the General Journal and posting of transactions, trail balance, adjusting entries and preparation of Financial Statements, financial analysis, depreciation, Inventory keeping methods. Course Objective This is an introductory course for masters level. It assumes no previous knowledge of the subject. The course is aimed at imparting basic concepts of accounting such as balance sheet, income statement, worksheet and journal and ledger accounts. Major aim of the course is to ensure that students can interpret accounting data as presented in the financial statements. Required Text Book Meigs Williams Haka Bettner, Accounting; The Basis for Business Decisions, International Edition, 11th Edition, Irwin/McGraw-Hill, copyright 1999.

Grading Criteria
Quiz ( 1 & 2 ) Mid Term Exam Attendance & Class Participation Assignments / Surprise Quizzes/Presentation Final Exam Total 10% 20% 05% 15% 50% 100%

Course Outline
Weeks Topics Introduction to Accounting A system of information for decision making Users of the Information Their objectives in use of the information The integrity of the information Specific Characteristics of the Information Introduction to International Accounting Standards The Accounting Cycle The Journal The Ledger Preparation of Adjustments, ledger accounts, balancing ledgers and preparation of trial balance report Depreciation (Concept) Introduction to the complete accounting cycle, from analyzing economic events to preparing of financial statements (including a simple statement of cash flows). Preparation of Simple Financial Statements Sole Proprietor Limited Companies QUIZ 1 Preparing an Annual Report Demonstration of how accruals and deferrals result from timing differences between cash flows and income statement transactions All stages of annual report preparation The worksheet Merchandising Activities Introduction to merchandising business Introduction to Inventories Introduction to Cost of Goods sold Perpetual Systems Periodic Systems MID TERM

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Balance sheet Accounts Long term Assets Property Plant & Equipment, Investments, Goodwill, Trademark, Patents Current Liabilities, Accounts Payable Cycle, notes payable Revenue Recognition, Receivables, Cash and Bank Balances Long Term Liabilities Financial Assets Accounting and reporting issues related to Cash & Cash Equivalents Short term investments Accounts receivable Estimation of Uncollectible accounts receivables Mark to-Market reporting of short term investments Inventories and the Cost of Goods sold Cost flow assumptions Illustration of Periodic and Perpetual Inventory systems FIFO LIFO Average A comparison Plant Assets and Depreciation Tangible and In-tangible long term fixed assets Methods of Depreciation in detail MACRS MACRS for income tax purposes / QUIZ 2 Stockholders Equity: Paid-In Capital Issues related to contributed capital Legal capital Preferred stock Book value Market value Liabilities Introduction to current and non-current liabilities Details of current liabilities Details of Long-Term liabilities Special types of liabilities Interpreting Financial Statements: Liquidity Ratios Gearing Ratio Profitability Ratio Receivable / Inventory Turnover in days FINAL EXAM

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