GC WOMEN UNIVERSITY SIALKOT
DEPARTMENT OF BUSINESS ADMINISTRATION
Course Outline
FINANCIAL ACCOUNTING
Basic Information
Course Name
Financial Accounting-I
Course Code
Mgt-
Program
BBA
Semester
Fall 2021
Credit Hours
3
Resource Person
Ms. Tajalli Fatima
Contact information
tajalli.fatima@gcwus.edu.pk
Phone: 0331-6705158
Office Hours:
9:am to 11:00 pm (Mon, Tues, Wed, Fri)
Course Description:
The primary aim of Financial Accounting is to provide students with an introduction to the process and function
of financial reporting. Whilst a large proportion of the course is aimed at understanding accounting as a process,
taking a preparer’s‟ perspective, we will also seek to develop an understanding of the importance of the role of
accounting today. This course is aimed at people with no or limited prior accounting knowledge and provides an
understanding of how financial statements are prepared for various types of organizations.
Evaluation
All the activities held during the session will be evaluated. Final grades for the course will be awarded on the basis
of the following breakdown:
Assignments:
Project:
Quizzes:
Mid Term Examination:
Final Examination:
5%
5%
5%
30%
50%
Total:
100%
Learning Objectives:
 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 tools for analyses of financial statements.
Prepared by: Tajalli Fatima
Course Outline:
Accounting and its role, Development of accounting, Accounting Theory and Conceptual framework, Accounting
Defined, Why study Accounting, Financial statements, Major fields of Accounting, Accounting as a Career, Basic
Accounting Concepts, The recording process, Preparation of Financial Statements, The adjusting and closing
entries, Accounting for trading organization, Accounting Systems, Cash and temporary investment, Accounting
for debtors and stock, Accounting for property, plant and equipment
Text Book:
1. Meigs and Meigs, Accounting for Business Decision, 9th Edition/Latest Edition
Supplementary Material:
2. Professor Muhammad Ammanullah Khan: Financial Accounting, Latest Edition
3. Frank Wood?s: Business Accounting 1, Eleventh Edition
4. Williams, Haka, Bettner: Financial & Managerial Accounting, Latest Edition, Prentice Hall
Classroom Behavior:
During class, all cell phones and pagers must be turned off or set to “vibrate.” If you are on-call for
emergencies, please let me know at the beginning of the class.
Participant Responsibilities:
The Participant is responsible for all information presented in class (unless told otherwise) and all information in
the reading assignments, whether covered by the instructor. In case of absence it is the participant’s responsibility
to get class notes, handouts, and/or directions from a classmate. Regular student attendance and participation is
very important. The material covered in the classroom will be cumulative in nature, and missing classes will tend
to put a student "out of sync" in ways that won't be entirely evident until an assignment or examination comes
due. If you must miss a class, please let the instructor know - a make-up class can sometimes be arranged, or
classroom handouts picked up.
Honesty Policy:
A Participant found in cheating on any exam/ assignment/ project will receive no credit (i.e. no grade) for that
exam/ assignment/ project. Plagiarism is a serious academic offence. Students who plagiarize material for
assignments will receive a mark of zero (F) on the assignment and may fail the course. Plagiarism may result in
dismissal from a program of study or the college. Plagiarism involves presenting the words of someone else as
you own. Plagiarism can be the deliberate use of a whole piece of another person’s writing, but more frequently
it occurs when students fail to acknowledge and to document sources from which they have taken material.
Prepared by: Tajalli Fatima
Topic Breakdown
Week
1
2-3
Topics
Underlying principles the building blocks
Chapter
01
 Introduction of accounting
 Uses and purpose of accounting
 Types of accounting
 User of financial Information
 Types of Business entity
 The framework of accounting
 Accounting concepts, standards and processes
 An introduction to financial statements
 Construction and use of financial statements
 Accountability and financial reporting
Information Processing
02


4
5-7
Accounts, Debit Credit Rules
Recording into the journals, Classification, form of
classification
 Preparation of trial balance
 What does balance sheet tell us?
 Structure of balance sheet
 Capital reserve or shareholders’ equity, liabilities, assets
 Balance sheet formats
 An introduction to Accounting Cycle
 Computerized processing systems.
Measuring Business Income
03
 "Measurement triggering" transactions and events.
 The periodicity assumption and its accounting implications.
 Basic elements of revenue recognition.
 Basic elements of expense recognition.
 The adjusting process and related entries.
 Accrual- versus cash-basis accounting.
 What does the profit and loss account tell us?
 Structure of P & L account
 P& L account formats
The Accounting Cycle
04

8
9-10
The accounting cycle, adjusted entries, adjusted trial balance,
adjusted balance sheet, closing entries, Worksheet and closing
process.
 Preparation of Financial statements
 The nature of “optional” revering entries.
 Classified balance sheets.
 The importance of business liquidity and the concept of an
operating cycle.
Mid term
Accounting for companies
Prepared by: Tajalli Fatima







11-12
13
14-15
05
Company final Accounts
 Published Annual Report
 The contents of the Published Accounts
 Dividends
 Reserve
 Dividend payment process
 Profit and Loss Appropriation Account
 Statement of Stockholders Equity: Paid-in Capital.
Preparation and Interpretation of Cash Flow
09
Long-term Assets: Plant, Property and equipment
10






16
The Company
Types of Company
Formation of a Public Limited Co,
Classes of Shares
Ordinary Shares
Preference Shares
Issuance of Shares
Market Value of Shares
Share Capital and Share Premium
Measurement of costs assigned to property, plant and
equipment
Principles relating to service life and depreciation
The basic concepts and terminology of depreciation
The methods of depreciation
Recording of disposal of assets
Depreciation and its impact on cash flow and income tax
Term Quiz-II
Recap and revision of course
Additional Notes by Instructor (Optional):
Classroom conduct is kept in strict review by the instructor. Absenteeism without reason is discouraged and
constructive participation and teamwork/ group study in the course is highly encouraged.
Prepared by: Tajalli Fatima