Financial Accounting Course Description

LAHORE SCHOOLOF ECONOMICSLahore, Pakistan

Study Program EMBA – Section A Semester WINTER-I -2014Course Title Financial AccountingCourse Instructor Raheel Sarwar Butt.

Course Summary

This course is designed to provide students with a comprehensive introduction to accounting. Topics include: the nature and function of accounting; double entry accounting; preparation and analysis of financial reports; the regulatory and conceptual frameworks of accounting; criticisms of conventional accounting practice and proposals for reform; financial management and the use of accounting information for management decision making; ethics and accounting practice.

Learning Objectives

The participants must fully comprehend the need and importance of primary financial statements i.e. income statement and balance sheet.

Use of cash flow statement in future decision-making.

Understanding the accounting principles involved in issuance share capital and dividends.

Analyzing the annual report of a corporation by using different analytical tools.

1. StaffThe most appropriate contact is your teacher. Instructor/ Lecturer

Name: Raheel Sarwar ButtPhone: 0304 0413003

Email: r.sarwarbutt@yahoo.com

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Financial Accounting Course Description

Assessment

End Term Exam 35%Mid Term Examination 20%Quizzes 10%Project Report 25%Class Participation 10%Total 100%

The end term examination shall be a comprehensive test and will constitute the syllabi covered during pre mid term and post mid term session.

Assessment details and criteria:

Quizzes/ Home Assignment

After each lecture there will be a quiz / Assignment.

Mid Term Test

Details for the test are as follows: The test will be held in week six of the semester during normal class time. Subject matter covered in weeks 1 to 5 (refer to attached schedule) will be

eligible for inclusion on the test. The test will be of 90 minutes’ duration and comprise short answer questions. No

reference material may be accessed during the test. As well as contributing to overall assessment in the course, it is the purpose of the class test to provide students with some interim feedback on their progress in the course.

The criteria to be applied in grading test papers will be the accuracy of submitted answers and demonstrated understanding of the subject matter covered in the course.

Assignment

Refer to group document, will be available by week 5 of the semester, detailing purpose, requirements and assessment criteria. The assignment will be due in week 10 of the semester. Maximum of three students would be allowed to form a group.

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Financial Accounting Course Description

End of semester examination

Details for the examination are as follows: The examination will be of two & half hours’ duration. No reference material may be taken into the examination venue. All material covered during the semester will be considered examinable. This will

encompass material covered in classes, set questions, exercises and problems, and the required reading.

The purpose of this assessment task will be to assess, in a comprehensive manner, the extent to which students have achieved the objectives specified for the course.

The criteria to be applied in grading examination papers will be the accuracy of submitted answers and demonstrated understanding of the subject matter covered in the course.

Grading Criteria

Students are required to thoroughly study the topic to be discussed in the next session apart from completing and handing over their assignments in the following session. The assignment work completed and class participation/presentation will be considered at the time of grading as per policy. For this purpose, students are expected to achieve high standards in their expressions. The grading will be as follows:

Marks Allocation Letter Grade GPA     

85% and Above A 4.00>=80%<85% A- 3.75>=75%<80% B+ 3.50>=70%<75% B 3.00>=65%<70% B- 2.75>=60%<65% C+ 2.50>=55%<60% C 2.00>=50%<55% C- 1.75>=40%<50% D 1.00Below 40% F (Fail) 0.00

   

Attendance Policy

Students are required to attend all the class meetings. Excessive absences (more than 2 classes) will affect student’s grade. Students missing more than 3 consecutive classes may not be allowed to sit for term examination or may be recommended to take the course at another time.

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Financial Accounting Course Description

Plagiarism

Plagiarism is presenting someone else work as your own and is a serious offence with serious consequences. As set out in the University Regulation, students who are caught plagiarizing will, for a first offence, be given a zero mark for that task. A second offence will result in a failing grade for the course(s) involved and any subsequent offence will be referred to the Student Discipline Committee.

Students must:

fully reference the source(s) of all material, even if you have re-expressed the ideas, facts or descriptions;

acknowledge all direct quotations; and not submit work that has been researched and written by another person

Turnitin – Turnitin is a software application that allows students to check their assignments for referencing and citation omission or incorrect paraphrasing.

Knowledge

Comprehend the processes of statutory financial reporting by incorporated entities and the role of generally accepted accounting practices

Be aware of the theoretical underpinnings of the current regime of financial reporting by incorporated entities and the role of generally accepted accounting practices

Understand the strengths and limitations of corporate financial reports as a source of information

Skills Explain the implications of accounting change for financial statement analysis Undertake and comprehend mandated corporate accounting procedures Analyze and explain the rationale behind particular accounting procedures

Values Develop a critical awareness of contentious issues relating to corporate financial

reporting Appreciate the importance of judgment and ethical integrity in corporate financial

reporting

Prescribed Text Book

Accounting; The basis of business decisions Meigs, William, Haka, Bettner; Latest Edition, Mc-Graw Hill Inc. USA

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Financial Accounting Course Description

Reference Books:

1. Warren, Carl, Reeve J. & Duchac, J. (2009) Accounting, 23rd Edition. Thomson South-Western Company

2. Fess Philip E; and Carls Warren. (1990) Accounting Principles, 16th Edition, South-Western Company

3. Williams, Haka, Bettner, Meigs, (2003) Financial Accounting, 11th Edition, McGraw Hill Publishing Co.

Week Topics Quiz/Assignment

1 Introduction of the Course Quiz/Assignment

1 Nature of Business, Role of Accounting in Business, Business Ethics, Importance of Accounting, Users of Accounting

Quiz/Assignment

1 Generally Accepted Accounting Principles, Business Transactions and the Accounting Equation

Quiz/Assignment

1 Preparation of Financial Statements Quiz/Assignment

2 Usefulness of an Account, Chart of Accounts, Characteristics of an Account Analyzing and Summarizing Transactions in Accounts, Normal Balances of Accounts

Quiz/Assignment

2 Illustration of Analyzing and Summarizing Transactions Quiz/Assignment

3 Trial Balance. Discovery and Correction of Errors Quiz/Assignment

3 The Matching Concept: Cash Basis & Accrual Basis of Accounting. Nature of the Adjusting Process

Quiz/Assignment

4 Recording Adjusting Entries, Summary of Adjustment Process, Adjusted Trial Balance

Quiz/Assignment

4 Accounting Cycle, Worksheet, Financial Statements Quiz/Assignment

5 Adjusting and Closing Entries, Post-Closing Trial Balance, Fiscal Year, Reversing Entries

Quiz/Assignment

5 Nature of Merchandising Businesses Quiz/Assignment

6 Year End Tasks. Multiple Step Income Statement, Balance Sheet, Retained Earning Statement

Quiz/Assignment

6 Accounting for the sale and purchase of merchandise, Accounting for Quiz/

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Financial Accounting Course Description

transportation costs, sales taxes and trade discounts. Illustration of dual nature of merchandising transactions

Assignment

7 Closing and Reversing Entries for a merchandiser. Reversing Entries for Accrued Liabilities

Quiz/Assignment

7 Mid term Exam Quiz/Assignment

8 Principles of Accounting System. Accounting System, Installation & Revision Quiz/Assignment

8 Subsidiary Ledgers & Special Ledger Quiz/Assignment

8 Controlling Accounts. Accounting for deferrals Quiz/Assignment

9 Cash and Importance of internal control over cash. Cash Change Fund and Cash Short and Over

Quiz/Assignment

9 Internal control of cash payments Basic feature of Voucher System Quiz/Assignment

10 Nature of bank account. Bank reconciliation. Petty cash fund Quiz/Assignment

10 Classifications of receivable Internal Control of Receivables .Nature and accounting for uncollectible receivables

Quiz/Assignment

11 Estimating Uncollectible Quiz/Assignment

11 Nature and characteristics of promissory notes. Accounting for notes receivables

Quiz/Assignment

12 Inventories. Effect of Inventory of current period, inventory systems Quiz/Assignment

12 Valuation of Inventory at cost. Estimation of Inventory Quiz/Assignment

13 Characteristics of Plant Assets. Nature of Depreciation. Methods of computing Depreciation

Quiz/Assignment

13 Capital & Revenue Expenditure Quiz/Assignment

14 Disposal of Plant Assets. Depletion, Leasing, Intangible Assets Quiz/Assignment

14 Final Exam Quiz/Assignment

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