RIPHAH INTERNATIONAL COLLEGE
Associate Degree Program
Course Title : Financial Accounting-I
Course Number :
Credit Hours :3
Course Pre-requisite : Intermediate Algebra
Course Duration : 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. Submission on time
b. Free of spelling and grammatical errors
c. Appropriate length
d. Appropriate presentation (font type and size, margin, stapled)
e. 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 In case you exceed this level, you will be withdrawn from the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. Multimedia
2. White Board
3. Websites
4. Computer lab
Grade Distribution:
Evaluation Type Percentage (%) Activities
Quizzes 10 Minimum 4
Assignments 10 Minimum 4
Mid Term 30
Final Term 40
Presentation 5 Minimum 1
Class Participation 5
Total Points 100
Course Contents:
Week Contents Activities
Accounting in Business
Importance of accounting
01 Fundamentals of accounting
Transaction analysis and the accounting
equation
Financial statements
Analyzing and Recording Transactions
The Account and Its Analysis
Debits, Credits, and Double-Entry
Accounting
Analyzing Transactions
02-03 List the Steps of the Transaction Recording Assingment-1
Process
Journalizing Transactions and Posting to
the Ledger
Preparing the Trial Balance from the T-
Accounts
Adjusting Accounts and Preparing Financial
Statements
Adjusting accounts
Preparing financial statements
04-05 Other Accounting Principles
Adjusting the Accounts Quiz-1
Adjusted Trial Balance and Two
Categories of Adjusting Entries
The Financial Statements
Ethical Issues in Accrual Accounting
Completing the Accounting Cycle
Work sheet as a tool
Completing the Accounting cycle
06 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 Quiz-2
07-08 Financial statement formats
Sale of Inventory
Adjusting and Closing the Accounts of a
Merchandiser
Preparing a Merchandiser’s Financial
Statements
Three Ratios for Decision Making
MID TERM
Inventories and Cost of Sales
Inventory basics
Inventory costing under a perpetual system
10 Perpetual Inventory System Assignment-2
Valuing inventory at lcm and the effects of
inventory errors
Periodic Inventory System
Merchandise Inventory
Accounting Principles and Inventories
Inventory Costing Methods
11 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
12 The Components of Internal Control Quiz-3
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
13-14 The Direct Write-Off Method Assignment -3
Credit-Card and Debit-Card Sales
Notes receivables
Using Accounting Information for Decision
Making
Plant Assets, Natural Recourses and Intangibles
Cost determination
Additional expenditures
15 Measuring the Cost of a Plant Asset
Depreciation Quiz-4
Disposing of a Plant Asset
Accounting for Intangible Assets
16 Current Liabilities and Payroll Accounting Presentation
Characteristics of liabilities
Known liabilities
Estimated liabilities
Contingent liabilities
Reporting the Statement of Cash Flows
Basics of cash flow reporting
17 Cash flows from operating Assignment -4
Cash flows from investing
Financial Statement Analysis
FINAL TERM
