7/29/2019 ACC203

1/7

Administrative Information

Course Name: Financial Accounting & IT

Course Code: ACC203

Credit Hours: 3 Credit hours

Course Prerequisites: ACC101

1. Course Description:

The course will enrich the participants understanding of fundamental concepts andstandards of financial accounting and how the use of IT can make financial

accounting and reporting more effective and less cumbersome.

2. Course Objectives:

Course covers topics in Financial Accounting that will enhance the studentsunderstanding of how the variety of monetary transactions is recorded in astandardized way.

3. Learning Outcomes:

Following are specific learning outcomes of the course:

LO1.

- Learn and understand the basic concepts, conventions & standards ofFinancial Accounting.

- Get ample introduction to Single Entry System & Double Entry System.- Analyze how the variety of transactions can be recorded in accrual basis of

accounting.- Appreciate how accrual basis of accounting is more effective than single entry

system of accounting.LO2.

-Analyze the different financial transactions and be able to record them inaccrual basis of accounting.

- Post the transactions in ledger, prepare a trial balance and prepare financialstatements.

- Understand and apply the accounting cycle in recording transactions of amerchandising and manufacturing concerns.

LO3.

7/29/2019 ACC203

2/7

Apply the concepts learnt in practice and be able to perform well in variety ofassessment tools i.e. quizzes, assignments, project report and midterm & final exam.

LO4.

A student after taking this course should:

- Be skilled in recording variety of financial transactions.- Be capable in analyzing particular transactions in variety of business

operations.- Be proficient in identifying and rectifying wrong entries.- Be accomplished in preparing financial statements.- Be skillful in rigorous process of recording transactions completing each step

of the accounting cycle.

4. Textbook:

Financial Accounting, by Meigs & Meigs. 11th Edition.

5. Reference Book(s):

Financial Accounting: An Introduction to Concepts, Methods & Uses by Clyde P.Stickney.

6. Topics/Chapters:

Introduction to Accounting

- Functions & Sub fields of Accounting- Accounting Cycle- Accounting Concepts & Conventions- Accounting Standards- Use of IT in Financial Accounting

Accounting principles and transaction analysis

- Types of Accounts- Accounting Equation- Rules of Debit & Credit

Recording transactions

- Analyzing transactions- Recording in General Journal- Posting in General Ledger- Benefits of computerized accounting

7/29/2019 ACC203

3/7

Preparation of the Trial Balance.

- Balancing the accounts- Preparing Trial Balance-

Limitations of Trial Balance.- Examples using Excel & Access

Adjusting & Closing entries

- Journalizing adjustment entries- Preparing Adjusted Trial Balance- Passing the closing or transfer entries

Preparation of financial statements- Balance Sheet- Income Statement

- Statement of Owners Equity- Examples using Excel & Peachtree

Correcting Entries- Nature of erroneous entries- Methods of detection- Analyzing correcting entries- Rectifying the erroneous entries

Accounting for merchandising activities

Accounting for manufacturing concerns.

Bank Reconciliation Statement

- Reasons for reconciling statements.- Procedure or steps for reconciliation.- Examples; also by using Peachtree

Accounting for Fixed Assets & Depreciation

- The basic concepts of depreciation- The methods of depreciation

- Straight line depreciation method- Declining depreciation method- Double declining depreciation method- Sum of the years depreciation method- Production hours depreciation method- Production units depreciation method- Accounting for depreciation

7/29/2019 ACC203

4/7

Accounting for Inventories.

- The basics of inventory- Inventory accounting systems-

Inventory valuation methods- LIFO, FIFO, WAM etc.- Accounting for inventory- Impact of inventory on financial statements.

7. Teaching and Learning Methodology:

- A focused and skill building course content would be provided.- Ample worked examples would be provided with applications.- Assignments would reinforce the concepts and ensure skill building.- Useful Articles complementary to course objective would be provided.

8. Materials and Supplies:

Students should bring their personal scientific calculators and/or financialcalculators.

9. Grading Policy/Student Assessment:

Assessment Instruments Percentage LO CoveredTest/Quiz 10 % LO 1,4Assignment 1 15 % LO 2

Midterm Exam 20 % LO 1,2,4Class Participation 05 % LO 4

Final Exam 50 % LO 1,2,3,4,

10. Attendance Policy:

Prompt arrival and regular attendance are extremely important. Refer to studenthandbook for policies on late entry, maximum absences allowed, leave applicationetc.

11. Expected Class Conduct:

Students can submit the assignments to the CR and the CR will be responsible tosubmit the assignments to the Instructor. Late arrivals must be avoided. Studentscan make an e-group at which files, assignments, marks can be uploaded, queriesposted and answered and general correspondence related to the course could bemade possible.

7/29/2019 ACC203

5/7

12. Weekly Course Outline:

Lecture# Topic Assessment Percentage

1 Introduction to Accounting

- Functions & Sub fields ofAccounting

- Accounting Cycle- Accounting Concepts &

Conventions- Accounting Standards- Use of IT in Financial Accounting

2 Accounting principles and transactionanalysis.

- Types of Accounts- Accounting Equation- Rules of Debit & Credit

3 Recording transactions

- Analyzing transactions- Recording in General Journal- Posting in General Ledger- Benefits of computerized

accounting

Quiz

4 Preparation of the Trial Balance.

- Balancing the accounts- Preparing Trial Balance- Limitations of Trial Balance.- Examples using Excel & Access

5 Adjusting & Closing entries

-Journalizing adjustment entries

- Preparing Adjusted Trial Balance- Passing the closing or transfer

entries

6 Preparation of financial statements- Balance Sheet- Income Statement- Statement of Owners Equity- Examples using Excel & Peachtree

7/29/2019 ACC203

6/7

7 Applying concepts to two Case Studies8 Midterm9 Correcting Entries

- Nature of erroneous entries

- Methods of detection

- Analyzing correcting entries- Rectifying the erroneous entries

10 Accounting for merchandising activities

11 Accounting for manufacturing concerns.

12 Bank Reconciliation Statement

- Reasons for reconciling statements.- Procedure or steps for

reconciliation.- Examples & Problems

Quiz

13 Accounting for Fixed Assets &Depreciation.

- The basic concepts of depreciation- The methods of depreciation- Straight line depreciation method- Declining depreciation method- Double declining depreciation

method- Sum of the years depreciation

method- Production hours depreciation

method- Production units depreciation

method- Accounting for depreciation

14 Accounting for Inventories.

- The basics of inventory- Inventory accounting systems-

Inventory valuation methods- LIFO, FIFO, WAM etc.- Accounting for inventory- Impact of inventory on financial

statements.

15 Computerized accounting (using PeachTree)Recap & Course Contents

7/29/2019 ACC203

7/7

* Additional assignments, tests and quiz can be conducted.** Appropriate allocation of marks can be introduced here depending on thenumber of assessments.

Recommendation:Minimize the number of assessments since this eats into the teaching time.

13. Students with Physical or Educational Challenges:

Students with educational and/or physical challenges are entitled to extra attentionand time from the instructor. Therefore students are advised to notify the courseinstructor at the beginning of the course. Special arrangement may also be made onprior request based on specific challenges.

14. Academic Integrity

This course seeks to empower students for independent learning, resourcefulness,clear thinking, and perception. All submitted work and activities should be genuinereflections of individual achievement from which the student should derive personalsatisfaction and a sense of accomplishment. Plagiarism and cheating subvert thesegoals and will be treated according to the policy stated in the Student Handbook.The instructor reserves the right to utilize electronic means to help preventplagiarism.