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Punjab Group of Colleges

Introduction to Financial Accounting


ACCT-2023

Program Credit Hours Duration Prerequisites Resource Person

BBA & MBA 3 16 Weeks / 32 sessions N/A

Course Introduction This course emphasizes on the presentation of financial information and communicating required information to the stakeholders about the position and the performance of the enterprise. The course highlights how an account manager processes and presents the financial information. It also examines different components of financial statements such as cash, receivables, inventory, capital assets, depreciation, and share holders equity. Course Objective This course will help students to: Understand fundamental accounting concepts Use the accounting equation in basic financial analysis Prepare basic entries for business transactions and present the data in an accurate and meaningful manner Interpret basic financial data Learning Outcomes By the end of the course, students should be able to: Read, analyze and interpret the financial statements and other related information. Make effective business decisions. Suggest course of action to improve financial position of any organization.

Violation of Academic Honesty Policy: If the instructor receives any two projects / assignments that are identical or partially identical (including spreadsheets), both cases will receive a zero. If the student violates the Academic Honesty policy for a second time, he/she will receive an F grade for the course. How to Keep Your Professor Happy: Class attendance is mandatory. You may miss up to 6 class sessions. On the seventh absence, you will be withdrawn from the course.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. Also keep in mind some general rules 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 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 periods in which we discuss cases. During discussion sessions, the instructor generally keeps track of the insightful and useful comments students make. (any unproductive contribution is not rewarded.

Assessment and Evaluation Exam Type Quizzes Assignments Mid Term Final Term Class Participation Total points Percentage (%)

10 15 30 40 5 100

Recommended Text Principle of Accounting by Warren Reeve Fess 9th Edition published by cengage learning Supplement Introduction to Accounting by Horngren & Thomas 8th Edition Published by Pearson Accounting the basis for business decisions by Meigs & Meigs Calendar of Activities

Weeks

Contents
Introduction to accounting and business Nature of business and accounting Accounting principles Business transaction and the accounting equation Financial statements Analyzing transactions Using accounts to record transaction Double entry accounting system Posting Journal entries to accounts The adjusting process Nature of the adjusting process Recording adjusting entries Adjusted trial balance Completing the accounting cycle Flow of accounting information Financial statements Closing entries Accounting cycle Accounting for merchandising business Nature of merchandising businesses Financial statements for merchandising businesses

Activities

Quiz-1

Assignment-1

Merchandising transactions The adjusting and closing process Inventories Control of inventory Inventory cost flow assumptions Perpetual inventory system Periodic inventory system Inventory costing methods Reporting merchandise inventory Sarbanes-Oxley, Internal control and cash Internal control Cash control Bank accounts Bank reconciliation Special purpose cash funds Receivables Classification of receivables Allowance method Notes receivables Reporting receivables on balance sheet MID TERM Fixed assets and intangible assets Nature of fixed assets Accounting for depreciation Disposal of fixed assets Fixed assets and intangible assets Intangible assets Financial reporting for fixed and intangible assets Current liabilities and payroll Current liabilities Payroll and payroll taxes Accounting systems for payroll and its taxes Contingent liabilities Corporations: organization, stock transactions and dividends Stockholders equity Accounting for dividends Treasury stock transactions Reporting stockholders equity Stock splits Statement of cash flows Reporting cash flows Statement of cash flows-Indirect method Statement of cash flows Statement of cash flows-Direct method

Assignment-2

Quiz-2

9th week

10

11

Assignment-3

12

Quiz-3

13

14

Assignment-4

15

Quiz-4

16

Financial statement analysis Basic analytical methods Solvency analysis Profitability analysis Corporate annual reports FINAL TERM

17th week