Accounting & Finance

Accounting & its role;

Course Outlines, Evaluation & Quizzes Plan

Course Outlines

ACCOUNTING FINANCE

1. Accounting and its role 1. An Overview of Business Finance

2. Basic Accounting Concepts 2. Understanding financial statements and cash flows

3. The recording process 3. Analyzing the financial statements3. The recording process 3. Analyzing the financial statements

4. The year and adjustments and financial statements

4. Time Value of Money

5. Accounting for trading organization 5. Project Appraisal Techniques

6. Accounting Systems 6. Introduction to Islamic Finance

7. Company final Accounts FINAL TERM EXAMINATION

MID TERM EXAM

Evaluation Criteria

Criteria Weight age (%age)

1. Mid Term Examination 30

2. Final Term Examination 402. Final Term Examination 40

3. Semester Assignment 10

4. Quizzes (10 in number) 15

5. Class Attendance & Participation 05

Total 100

Quizzes Plan

WEEK NO.

QUIZ NO.

WEEK NO.

QUIZ NO.

2 01 10 06

4 02 12 074 02 12 07

6 03 14 08

7 04 15 09

8 05 16 10

Assignments Plan

Assignment No.

Issuance Week

Submission Week

01 4th 7th01 4th 7th

02 12th 15th

Accounting & Finance

Lecture 01Lecture 01Accounting & its role;

Development of accounting, Accounting Theory and Conceptual

framework, Accounting Defined

Development of Accounting

History indicates that all developed societies require certain accounting records. Record-keeping in an accounting sense is thought to have begun about 4000 BC.

Ancient governments also kept records of Ancient governments also kept records of receipts and disbursements and used procedures to check on the honesty and reliability of employees.

A study of the evolution of accounting suggests that accounting processes have developed primarily in response to business needs.

Development of Accounting

In 1494, a Franciscan monk, Luca Pacioli, described the double-entry Method of Venice system in his text called Summa de Arithmetica, Geometric, Proportion et Proportionate (Everything about arithmetic, geometry, and (Everything about arithmetic, geometry, and proportion).

Many consider Pacioli's Summato be a reworked version of a manuscript that circulated among teachers and pupils of the Venetian school of commerce and arithmetic.

Accounting Defined

Accounting is called the language of business.

The accounting system of a profit-seeking business is an information system designed to provide relevant financial information on the resources of a business and the effects of their resources of a business and the effects of their use.

Accounting also serves as the language providing financial information about not-for-profit organizations such as governments, churches, charities, fraternities, and hospitals.

Accounting Defined

The American Accounting Associationone of the accounting organizationsdefines accounting as;

"the process of identifying, measuring, and "the process of identifying, measuring, and communicating economic information to permit informed judgments and decisions by the users of the information.

Accounting Defined

INFORMATION is primarily financialstated in money terms.

As a MEASUREMENT AND COMMUNICATION PROCESS for business, accounting supplies PROCESS for business, accounting supplies information that permits informed judgments and decisions by USERS of the data.

Reliable information is necessary because decision makers can use it to evaluate the financial consequences of various alternatives.

Accounting Vs Bookkeeping

Bookkeeping is a mechanical process that records the routine economic activities of a business.

Accountants analyze and interpret financial Accountants analyze and interpret financial information, prepare financial statements, conduct audits, design accounting systems, prepare special business and financial studies, prepare forecasts and budgets, and providetax services.

Accounting Process

Accountants observe many events (or activities) and identify and measure in financial terms (dollars) those events considered evidence of economic activity. (Often, these three functions are collectively referred to as analyze.) The purchase and sale of goods and services are economic events.purchase and sale of goods and services are economic events.

Next, the economic events are recorded, classified into meaningful groups, and summarized.

Accountants report on economic events (or business activity) by preparing financial statements and special reports.

Accountants interpret these statements and reports for various groups.