MGT101 : Financial Accounting

Course Overview

Course Synopsis

In this subject student will be able to understand the basic concepts and terminologies used in accounting, Accounting equation, Double entry book keeping, Accounting cycle: Journal, Ledger, Trial Balance and preparation of Financial Statements. Bank Reconciliation Statement, Accrual Accounting, Provision for Bad and Doubtful Debts, Accounting for Fixed Assets and Depreciation, Control Accounts, Rectification of Errors, Final Account with Adjustments, Manufacturing Account, Accounting for Inventories, Accounting for Partnership Firms, Preparation of Company Financial Statements and Statement of Cash Flows at the 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
Graded Discussion Board
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
Grand Quiz
Bank Reconciliation Statement (cont.)23Handouts140 - 144
Debtors, Creditors and Accruals and Provision for Bad Debts24Handouts145 - 151
Control Accounts25Handouts151 - 164
Control Accounts26Handouts151 - 164
Control Accounts27Handouts165 - 168
Rectification of Errors28Handouts169 - 173
Presentation of Financial Statements (Profit & Loss)29Handouts174 - 177
Presentation of Financial Statements (Balance Sheet)30Handouts178 - 180
Types of Business Entities31Handouts181 - 184
Financial Statements of Sole Proprietorship32Handouts185 - 193
Financial Statements of Manufacturing Concern33Handouts194 - 199
Financial Statements of Partnership34Handouts200 - 209
Mark Up on Capital and Drawings35Handouts210 - 213
Introduction to Companies36Handouts214 - 216
Components of Financial Statements37Handouts217 - 219
Financial Statements of Limited companies38Handouts220 - 224
Financial Statements of Limited companies (cont.)39Handouts225 - 229
Financial Statements of Limited companies (cont.)40Handouts230 - 234
Cash Flow Statement41Handouts235 - 238
Cash Flow Statement (cont.)42Handouts239 - 243
Financial Statements of Limited / Quoted companies43Handouts244 - 250
Financial Statements of Limited / Quoted companies (cont.)44Handouts251 - 257
Financial Ratios45Handouts258 -273
Final Term Examination
Changes in this schedule can be made during the semester as per requirements
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