GC UNIVERSITY,
FAISALABAD
FACULTY OF ECONOMICS & MANAGEMENT SCIENCES
LYALLPUR BUSINESS SCHOOL (LBS)
Course Specifications
Financial Accounting -1
Com-301
Fall (2024-25)
[Link]
COURSE SPECIFICATIONS
Basic Information
Course Title: Financial Accounting-1
Course Code: com-301
Course credits/week: Theory: 03 Lab: Nil Total: 03
Pre-requisite(s): Principles of Accounting
Program(s) on which the course is given: BBA-1st-Semester
Is the course major or minor element of the Major: Minor:
program:
Department offering the program: Lyallpur Business School (LBS)
Department offering the course: LBS
Academic year/level:
Revision #:
Last revised on (date): 04/09/2024
Overall Aims of the Course
Course Description:
The primary aim of Financial Accounting-1 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 preparers‟ perspective, we will also seek to develop an
understanding of the importance of the role of accounting in today’s society.
Course Objectives are:
The student should be able to understand:
1. The language of accounting and financial reporting;
2. Complete Accounting Cycle
3. Preparation and the role of Journal, Ledger and subsidiary books
4. Preparation of Financial Statements (Income statement, Balance sheet, Cash flow Statement).
Program Learning Outcomes (PLOs):
On completion of program, the student will be able to:
1) Through knowledge and understanding, students will be able to:
(2) List the basis of accounting elements categorizations.
(3) Recognize the accounting rules.
(4) Identify the new trends and techniques used in financial accounting.
(5) Understanding the contribution and role of financial accounting process
in preparation of basic financial statements.
Course Learning Outcomes (CLOs):
On completion of this course, the student will be able to:
CLO 1: Understand discuss and Critically assess the nature and scope of Accounting. (PLO
1)
CLO 2: Describe and critically discuss key terminology, and concepts. (PLO1& 02)
CLO 3: Demonstrate a critical understanding of the existing rules. (PLO1& 03)
CLO 4: Understand and critically discuss the complexities of course and its relevance to
business practice. (PLO1& 04)
CLO 5: Demonstrate their ability to understand preparation process of basic financial
statements. (PLO4 & 05)
Class Format & Weekly Work Plan:
1st Week
Chapter – 1: Introduction (Accounting Concepts, Professional Judgement, and Eithical
Conduct). Page (01-18), Accounting: an intuitive approach by Sohail Afzal & [Link] Ch.(3 rd
Edition)
2rd-3rd Week
Chapter – 2: Transaction and Accounting Equation, Analysis of Business Transactions and
Double Entry System. Page (19-34), Accounting: an intuitive approach by Sohail Afzal &
[Link] Ch.(3rd Edition)
4th - 6th Week
Chapter – 4: Journal: The Original Book of Entry. Page (59-82), Accounting: an intuitive
approach by Sohail Afzal & [Link] Ch.(3rd Edition)
7th -8th Week
Chapter – 5: Ledger: The main book of Accounts / Trial Balance. Page (83-106), Accounting:
an intuitive approach by Sohail Afzal & [Link] Ch.(3rd Edition)
Seminar 1
9th Week Mid Semester Examination
10th -11th Week
Chapter – 9: Journal Proper and Summary of Book keeping to the Trial Balance. Page (253-
274), Accounting: an intuitive approach by Sohail Afzal & [Link] Ch.(3rd Edition)
12th -13th Week
Chapter – 10: Final Accounts: The Completion of Accounting Cycle. Page (275-316),
Accounting: an intuitive approach by Sohail Afzal & [Link] Ch.(3rd Edition)
Seminar 2
14th -15th Week
Chapter – 11: Adjustments and their Effect on Final Accounts. Page (317-386), Accounting:
an intuitive approach by Sohail Afzal & [Link] Ch.(3rd Edition)
16th Week
Chapter – 15: Rectifying the Errors. Page (463-496), Accounting: an intuitive approach by
Sohail Afzal & [Link] Ch.(3rd Edition)
17th Week Final term examination
Weekly Course Objectives:
Detailed Topics and their Allocation to total weeks of Semester separately.
Weekly Course Objectives:
Week
Topics Intended Learning Objectives
1
Accounting and its role Development of accounting
Accounting Theory and Conceptual framework Accounting
Introduction Defined Why study Accounting Accounting as a Career
(Accounting
Concepts,
Professional *Need and importance and Objectives of Accounting, Accounting
Judgement, and A Business Language, Book keeping, Book keeping versus
Eithical Accounting, Accounting versus Accounting, Accounting Versus
Conduct). Accountancy, Branches/Major Fields of Accounting, Important
Accounting terms and Concepts.
Transaction Explanation of Account, Classification of Accounts, Rules of
and Accounting Debiting and Crediting. Explanation of Rules. What is
Equation, Event/Transition, its features, and classification. Rules for deciding
2-3
Analysis of whether a Transaction is cash or credit, The Accounting Equation,
Business Effect of Business Transactions upon the Accounting Equation.
Transactions Theoretical Questions/Practical Problems
and Double
Entry System
Journal: The 1st phase of accounting cycle, Definition, Characteristics,
5-6 Original Book Narration, Advantages of Journal, Simple Entry and Compound
of Entry Entry.
Description of Ledger, Features, Forms of Ledgers Accounts,
Ledger: The
Normal Balances, Posting procedure, Self-Balancing form of
main book of
7-8 Ledger Account, Trial Balance, Method of preparing Trial
Accounts /
Balance, Accounting Cycle to the Trial Balance.(Practical
Trial Balance
Problems).
9 Mid- term examination
Journal Proper Journal Proper: Definition, Opening Entries, Closing Entries,
and Summary Adjustment Entries, Rectifying Entries, Transfer Entries, Rare
10-11 of Book Transactions, Summary of Book Keeping to the Trial Balance.
keeping to the
Trial Balance
Introduction to Final Accounts, Revenues and Expenditure.
Matching Revenue and Expense. Trading Account. Why it is
Final Accounts:
prepared? Why closing stock is shown in the Trading Account?
The
Valuation of Closing Stock. Closing Entries: Trading A/C and
12-13 Completion of
Double Entry System. Profit and Loss Account: Stage 2. Balance
Accounting
Sheet: Last Stage in Final Accounts. Classification of Assets and
Cycle.
Liabilities. Grouping and Marshalling of Assets & Liabilities in
Balance Sheet.
The two Systems of Ascertaining Profit or Loss. Adjustments and
their Need. Main Types of Adjustments. Bad Debts/Uncollectible
Adjustments Account. Necessity for Provision for Doubtful Debts/Allowances
14-15
and their Effect for Doubtful Accounts. Writing of Uncollectible Accounts.
on Final Recovery of Bad Debts/Recovery of Uncollectible Accounts.
Accounts. Provision for Discount on Debtors, Provision for Discount on
Creditors. Some typical Problems in Final Accounts.
Errors Causing Disagreement of Trial Balance. Errors not causing
Disagreement of Trial Balance. What to do when the Trial Balance
does not agree. Agreement of Trial Balance by Opening Suspense
Rectifying the
16 Account. How the Errors are Rectified? Correction of one sided
Errors
errors if Detected before Preparation of the Trial Balance.
Correction of two sided errors after Preparation of the Trial
Balance
Final term examination
Required Learning Resources
Text Book(s): Accounting: an intuitive approach by Sohail Afzal &
(Title, Author, Edition, Publisher) [Link] Ch.(14th Edition)
Reference Book(s): Accounting for Business Decision, Meigs and Meigs,
(Title, Author, Edition, Publisher) 12th Edition McGraw-Hill Ryerson
Facilities Required for Teaching and Learning
-White Board
-Multimedia
Assignments Schedule& Quiz
No. Week Assigned Week Due QUIZ TESTS
Three surprise quiz tests will be conducted
1 4 7
during the semester, best of two will be
counted for final grade. There will be no
2 12 15 makeup of these tests.
Examination / Weighting of Assessments& Quizzes
Quizzes + Assignments + Class Participation + Projects 20 %
Mid-semester examination 30 %
End-semester examination 50 %
Grading Criteria
Letter Grade Percentage Marks
A 80 -100 EXCELLENT
B 65-79.99 GOOD
C 50-64.99
SATISFACTORY
D 40-49.99 PASS
Student Responsibilities:
You are expected to arrive to class on time, professionally dressed, and prepared for
the day. You should be fully prepared to discuss and debate the course material assigned
for that date. You are expected to participate at all levels and offer objective praise and
criticism of your classmates’ analyses and conclusions. This course is not for the meek or
timid. You must contribute to the greater understanding of marketing and marketing
management. This course is a combination of doing (homework), thinking, and
discussing.
Class Participation and Individual Conduct
You should make every effort to attend each class meeting. In addition, it is important
that you prepare for each class by reading the relevant book chapters before the class
session in which it will be discussed. You will also be expected to participate in class
discussion and complete in‐class exercises that will be based on these reading
assignments. Your participation grade will be based on contribution and attendances (be
punctual, attend classes, come prepared by doing the readings, show initiative in the
discussion). Note that students who only “show up” should not expect even an average
score. You must be present in class in order to receive credit for in‐class exercises,
quizzes, participation, etc.
Eating, sleeping, reading, texting, listening to or working on unrelated materials, sidebar
conversations, or “multi‐tasking” using a computer or other electronic device is not
permitted. Laptops (and similar devices) may be used in class for course related activities
such as taking notes. Students may bring drinks such as water.
General Expectations & Classroom Etiquettes.
In terms of performance in this class, I have very high expectations and anticipate
outstanding work from each of you. I hope for a very positive experience for us all. Keep
in mind that if you do not deliver outstanding work then you will be graded to reflect this.
I ask that you contact me directly and immediately if you ever have any questions or
concerns regarding the class, any particular assignments, or your grade(s). I am always
willing to help.
I do ask that all students be respectful and courteous to other class members as well as the
professor. This includes turning off cell phones and other electronic devices before class
begins and arriving to class on time, as walking in late is disruptive to other classmates
and the professor. Those who walk in late will likely not receive attendance credit for that
day.
Useful Tools / Advice:
This course is time and labor intensive. Be certain to schedule enough time in weekly
planning to accommodate.
I have good access to the Web and an e-mail account.
To do my best work.
Etc.:
It is certified that all work i submit for a grade in this class is original and prepared for
this class only.
I am always willing to see my students and will go out of my way to schedule meeting.
Finally, as will quickly become apparent, e-mail is by far the easiest and most reliable
method to reach teacher.
The examinations of mid-term and end-term question papers will be designed by following bloom
taxonomy as per table given below.
Contact Details:
Dr. Hamad Raza Assistant Professor,
Lyallpur Business School,
Faculty of Economics & Management Sciences,
GC University, Faisalabad, Pakistan.
Office Hours Tuesday 9:00 AM to 11:00 PM
E-Mail: hamadraza@[Link]
Course Specifications Developed By: Reviewed By :
Dr. Hamad Raza Dr. Safdar Hussain Tahir
