DEPARTMENT OF MANAGEMENT SCIENCES
IQRA UNIVERSITY ISLAMABAD
COURSE DESCRIPTION FORM
INSTITUTION: Iqra University, Islamabad Campus (A campus of Iqra University, Karachi)
Course Code
ACT 211
Course Title
Principles of Accounting
Credit Hours
3
Prerequisites by Course(s) and
Topics
-
Instructor Name
ANEELA KHAN
Email
aneela.khan@iqraisb.edu.pk
Course Description
The course “Principles of Accounting” will educate students about the basic
concepts of accounting including the accounting cycle. The course reviews
the fundamental concepts and techniques of recording transactions in
journals, summarizing the transactions, using adjusting and closing
procedures, and preparing financial statements and reports. The students will
also be familiarized with accounting of merchandising company
Course Objectives
Accounting plays a vital role as an information system for monitoring,
problem solving and decision-making. However, the first step is to generate
and present information in a manner that is useful. In recognition of this, the
principles of financial accounting course focuses on the record-keeping and
financial statement preparation process. On completion of the course,
students should:
 Develop a thorough understanding of accounting records and how to
record transactions in them.
 Be able to prepare a set of financial statements for various forms of
businesses and non-profit entities.
 Develop an ability to apply accounting concepts, principles and
practices.
 Be familiar with the basic concept of depreciation.
Assessment Instruments with
Weights (homework, quizzes,
midterms, final, programming
assignments, lab work, etc.)





Assignments/ case studies
Quizzes
Project & presentation
Midterm
Final Semester Exams
10%
10
10
30
40
Course Coordinator
Nadeem Arshaf / Muhammad Farooq
URL (if any)
All the courses details can be found on Iqra LMS. http://lms.iuic.net.pk
Current Catalog Description
Textbook (or Laboratory Manual for
Laboratory Courses)
1
ESSENTIAL TEXT:
Accounting the Basis for Business Decisions- Thirteenth or Seventeenth
Edition by Williams, Haka and Bettner.
Reference Books:
 Dictionary of Accounting Terminology, South-Western Pub. Co.
Current Edition.
 Fundamental Accounting Principles, Pyle and Larson. Richard D.
Irwin. Current Edition.
 Accounting, by Warren, Reeve, Fess, Thomson-South Western,
Current Edition.
Reference Material
Course Goals
Annual reports, KSE, Business Recorder

Topics Covered in the Course, with
Number of Lectures on Each Topic
(assume 15-week instruction and 3 hour
lectures)
1
2
3
4
5
8
9
Midterm exam
10
Adjusting Entries
11
Adjusted Trial balance
12
Worksheet and Financial Statements
13
Closing entries, post closing trial balance
14
Closing entries, post closing trial balance cont…
15
Accounting for merchandising business
16
Perpetual Inventory System vs. Periodic Inventory System,
Inventory Valuation
7
Class Time Spent on (in credit hours)
Important
Nil
Theory
Oral and Written Communications
Course Instructor: ANEELA KHAN
2
Journal entries continue…
All Brief exercises, exercises, Problems from book
Ledger, posting of financial transactions
Trial Balance, correcting error
All Brief exercises, exercises, Problems from book
Financial Statements
All Brief exercises, exercises, Problems from book
Practice…
6
Laboratory Projects/Experiments
Done in the Course
Introduction to Business and Financial Accounting, Purpose,
Structure of Accounting, Functions of Accounting, Types of
Accounting
Accounting Cycle, Systems of Accounting, Forms of Business
organizations, Concern Parties
Important terminologies of accounting, Accounting Equation
concept, Transaction Analyses
Double-entry Accounting, Debit Credit Framework, Journal
Problem
Analysis
Solution
Design
Social and Ethical Issues