RIPHAH INTERNATIONAL COLLEGE
Associate Degree Program
Course Title
Course Number
Credit Hours
Course Pre-requisite
Course Duration
: Financial Accounting-I
:
:3
: Intermediate Algebra
: 16 Weeks
Course Description:
This introductory course on Financial Accounting emphasizes on how general purpose
financial statements communicate information to the stakeholders about the business
corporation’s performance and position.
Course Objectives:
This course will help students to:
 Understand Fundamental Accounting Concepts
 Use the Accounting Equation in Basic Financial Analysis
 Interpret Basic Financial Data
Learning Outcomes:
After studying this course, students should be able to:
 Understand the basic Business Transactions and their recording system
 Understand different phases of Accounting Cycle, Adjustment and Preparation of
Financial Statements
 Use financial statements in decision making process
Educational Methodology to be used:
1. Interactive Lecture
2. Group Discussion
3. Classroom exercises
Assignments / Projects Criterion:
a.
b.
c.
d.
e.
Submission on time
Free of spelling and grammatical errors
Appropriate length
Appropriate presentation (font type and size, margin, stapled)
Identical or partially identical assignments / projects will get a Zero in the
assignment. The repetition of such kind may lead to an “F” grade in the course
f. Plagiarism of any sort will not be tolerated
General Classroom Norms:
Class attendance is mandatory. You may miss up to 25% (8 out of 32 sessions) class sessions
but save it for emergency only. In case you exceed this level, you will be withdrawn from the
course. As a courtesy to the instructor and other students, be prepared to arrive at class and be
in your seat on time. In addition, please note that each class lasts for 90 minutes (1.5 Hours).
Also keep in mind some general rules in the class as given below:
 Cell phones should be powered off.
 Eatables are not allowed in the class.
 The teacher will not tolerate any disruptive behavior in the class.
 The University Dress Code has to be observed, no warnings will be given, and
violators will be asked politely to leave the class and consequently will be marked
absent.
Participation:
Students are required to attend all classes and read all the assigned material in advance of
class (although not necessarily with perfect comprehension). Advanced preparation and class
participation are crucial for proper conceptual understanding. During discussion sessions, the
instructor generally keeps track of the insightful and useful comments students make.
(Irrelevant and Unproductive contribution is not rewarded)
Technology / Equipment / Models / Physical Support:
1.
2.
3.
4.
Multimedia
White Board
Websites
Computer lab
Grade Distribution:
Evaluation Type
Quizzes
Assignments
Mid Term
Final Term
Presentation
Class Participation
Total Points
Percentage (%)
10
10
30
40
5
5
100
Activities
Minimum 4
Minimum 4
Minimum 1
Course Contents:
Week
01
Contents
Accounting in Business
 Importance of accounting
 Fundamentals of accounting
 Transaction analysis and the accounting
equation
 Financial statements
02-03
Analyzing and Recording Transactions
 The Account and Its Analysis
 Debits,
Credits,
and
Double-Entry
Accounting
 Analyzing Transactions
 List the Steps of the Transaction Recording
Process
 Journalizing Transactions and Posting to
the Ledger
 Preparing the Trial Balance from the TAccounts
Assingment-1
Adjusting Accounts and Preparing Financial
Statements
 Adjusting accounts
 Preparing financial statements
 Other Accounting Principles
 Adjusting the Accounts
 Adjusted Trial Balance and Two
Categories of Adjusting Entries
 The Financial Statements
 Ethical Issues in Accrual Accounting
Quiz-1
04-05
06
07-08
Activities
Completing the Accounting Cycle
 Work sheet as a tool
 Completing the Accounting cycle
 Closing process
 Post-Closing Trial Balance
 Classifying Assets and Liabilities
 Accounting Cycle
Accounting for Merchandising Operations
 Merchandising Activities
 Accounting for merchandise purchases
 Accounting for merchandise sales
 Financial statement formats
 Sale of Inventory
 Adjusting and Closing the Accounts of a
Quiz-2


Merchandiser
Preparing a Merchandiser’s Financial
Statements
Three Ratios for Decision Making
MID TERM
10
11
12
13-14
15
16
Inventories and Cost of Sales
 Inventory basics
 Inventory costing under a perpetual system
 Perpetual Inventory System
 Valuing inventory at lcm and the effects of
inventory errors
 Periodic Inventory System
Assignment-2
Merchandise Inventory
 Accounting Principles and Inventories
 Inventory Costing Methods
 Inventory Accounting in a Perpetual
System
 Comparing FIFO, LIFO, and Average Cost
 Lower-of-Cost-or-Market Rule
 Effects of Inventory Errors
Internal Control and Cash
 Internal Control
 Control of cash
 The Components of Internal Control
 Internal Controls for E-Commerce
 The Bank Account as a Control Device
 The Bank Reconciliation
 Internal Control over Cash Payments
Accounting for Receivables
 Receivables: An Introduction
 Allowance Method
 The Direct Write-Off Method
 Credit-Card and Debit-Card Sales
 Notes receivables
 Using Accounting Information for Decision
Making
Plant Assets, Natural Recourses and Intangibles
 Cost determination
 Additional expenditures
 Measuring the Cost of a Plant Asset
 Depreciation
 Disposing of a Plant Asset
 Accounting for Intangible Assets
Current Liabilities and Payroll Accounting
 Characteristics of liabilities
Quiz-3
Assignment -3
Quiz-4
Presentation



17
Known liabilities
Estimated liabilities
Contingent liabilities
Reporting the Statement of Cash Flows
 Basics of cash flow reporting
 Cash flows from operating
 Cash flows from investing
 Financial Statement Analysis
FINAL TERM
Assignment -4