MGT101 : Financial Accounting

Course Overview

Course Synopsis

In this subject student will be able to understand the basic accounting terms & concepts and flow of transaction i.e. occurrence of an event --voucher –General Journal – General Ledger—Trial Balance--Adjusted Trial Balance—Profit & Loss Account – Balance Sheet. Moreover, student will study different types of business and how to maintain the financial statements for these three forms of business. Different methods of depreciation, Revaluation of fixed assets, Bank Reconciliation Statement, Control Accounts Rectification of Error and Financial ratios will also learn by students at successful completion of this subject.

Course Learning Outcomes

At the end of this course, student should be able to:

  • Describe the contents and purpose of the Financial Statements;
  • Compare the basic characteristics of accrual basis and cash basis accounting;
  • Explain full accounting cycle and prepare all required journals, entries and adjustments;
  • Maintain Fixed Assets after charging depreciation;
  • Reconcile different Banks accounts;
  • Discuss current practice of accounting procedures which includes coverage of the latest principles set forth by the Financial Accounting Standard Board (FASB).

Course Calendar

Basic Concepts of Accounting1Handouts1 - 3
Record Keeping and Some Basic Concepts2Handouts4 - 6
Systems of Accounting and Some Basic Terminologies3Handouts7 - 8
Single and Double Entry Record Keeping4Handouts9 - 12
Classification of Account5Handouts13 - 15
Flow of Transactions6Handouts16 - 20
Basic Books of Accounts7Handouts21 - 24
Introduction to Financial Statements8Handouts25 - 28
Introduction to Financial Statements (Continued)9Handouts29 - 37
Exercises: Recording of Transactions10Handouts38 - 46
Exercises: Recording of Transactions (Continued)11Handouts47 - 73
Accounting Equation12Handouts74 - 81
Vouchers and Posting to Ledgers Accounts13Handouts82 - 86
Vouchers and Posting to Ledgers Accounts14Handouts87 - 92
Recording of Stock15Handouts93 - 103
Cost of goods Sold Statement & Valuation of Stock16Handouts104 - 110
Fixed Assets and Depreciation17Handouts111 - 114
Methods of Charging Depreciation18Handouts115 - 120
Methods of Charging Depreciation (Continued)19Handouts121 - 124
Depreciation on Purchase and Disposal of Fixed Assets20Handouts125 - 130
Revaluation of Fixed Assets21Handouts131 - 134
Bank Reconciliation Statement22Handouts135 - 139
Mid Term Exam
Changes in this schedule can be made during the semester as per requirements
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