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  • General

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    • Why should YOU Learn this (FINANCIAL & MANAGERIAL ACCOUNTING) Course ?


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          • Introduction

            Course Objectives:

            This course is an introduction to the basic concepts and standards underlying financial accounting systems. Several important concepts will be studied in detail, including: Measuring and Recording Business Transactions, Business Income and Adjusting Entries, Completion of the Accounting Cycle, Accounting for service and Merchandising companies, Inventories, Cash, Receivables, and Accounting assumptions, principles & constraints.

            Course Outcomes:

            In this course, students will learn fundamental accounting processes. At the end of the course student will be able to:

            • Explain the role and principles of financial accounting and reporting;
            • Record, handle, and summarize accounting data;
            • Prepare adjustments of accounts;
            • Prepare accounting treatment of inventories;
            • Prepare financial statements for service and merchandising companies;
            • Complete the accounting cycle.

            Course Contents:

            • Accounting basics and activities of accounting
            • Users of accounting
            • Principles and assumptions
            • Effects of Accounting Equation
            • Journal, Ledger, Trial Balance
            • Adjustments the accounts
            • Adjusted Trial Balance
            • Worksheet
            • Financial Statements for service companies
            • Closing the books
            • Accounting for Inventory
            • Perpetual and Periodic Inventory systems
            • Financial statements for merchandising business

            • TEXT BOOK & REFERENCE BOOK

                            Principles of Accounting: Belverd E. Needles Jr, Henry R. Anderson, James C. Caldwell: 9780395357026: Amazon.com: Books              Intermediate Accounting by Donald E. Kieso

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                      • PRESENTATION - POINT


                      • Chapter 1: Accounting in Action

                        Learning objectives of chapter:

                        1. After studying this chapter, you should be able to:Explain what accounting is
                        2. .Identify the users and uses of accounting.
                        3. Understand why ethics is a fundamental business concept.
                        4. Explain generally accepted accounting principles
                        5. .Explain the monetary unit assumption and the economic entity assumption.
                        6. State the accounting equation, and define its components.Analyze the effects of business transactions on the accounting equation.
                        7. Understand the four financial statements and how they are prepared

                        Chapter Contents:

                        1. Definition of Accounting;
                        2. Users of Accounting, 
                        3. Brief History of accounting, 
                        4. Book Keeping and accounting, 
                        5. The accounting profession, Ethics, fundamental business
                        6. concepts, Generally Accepted Accounting
                        7. Principles(GAAP), Basic accounting equation, 
                        8. Transaction analysis, Double Entry Book Keeping, Summary of financial statements

                        Chapter Outcomes

                        1. will understand the basic accounting equation
                        2. Users of accounting information
                        3. Authority bodies of accounting 
                        4. Different terminology of accounting related books
                        5. basic idea of financial report

                      • Chapter-2 Recording Process


                        Learning Objectives 

                        • Describe how accounts, debits, and credits are used to record business transactions.
                        • Indicate how a journal is used in the recording process.
                        • Explain how a ledger and posting help in the recording process.
                        • Prepare a trial balance

                        Lesson Contents:

                        1. The Account DEBIT AND CREDIT PROCEDURES Double-entry system
                        2. Summary of Debit/Credit Rules
                        3. Normal Account Balances
                        4. Steps in the Recording Process
                        5.  Explain how a ledger and posting help in the recording process.

                        Learning Outcomes:

                        1. Students able to know the basic rules of debit and credit from each accounts
                        2. Students can journalize the transactions
                        3. Students can posting the accounts relation with debit- credit rules
                        4. Students can create trial balance for verifying the accounts
                        5. Finally they can opt to create different financial statement

                      • Chapter-3 : Adjusting Entries

                        Lesson Objectives:

                        1.      Explain the purpose and necessity of adjusting entries.

                        2.      List examples of several typical accounts that require adjusting entries.

                        3.      Define an “accrued expense.”

                        4.      Provide examples of adjusting entries for various accrued expenses.

                        5.      Describe the reason that accrued expenses often require adjusting entries but not in every situation.

                        Lesson  Contents

                        Timing Issues: Selecting an Accounting time period, Fiscal and Calendar Year, Accrual and Cash basis of accounting, Recognition of Revenues and Expenses, Adjusting entries for Prepayments, Adjusting entries for Accruals, Preparing the adjusted trial balance. At the time identifying which types of assumption and principles match with them.

                        Lesson Outcome

                        1.Able to explain the accrual basis and cash basis of accounting.

                        2. Able to explain why adjusting entries are needed.

                        3. Able to identify the major types of adjusting entries.

                         


                      • Chapter-4 : Completing Accounting Cycle

                        Lesson Objectives:

                        1.      Prepare a worksheet.

                        2.      Explain the process of closing the books.

                        3.       Describe the content and purpose of a post-closing trial balance.

                        4.       State the required steps in the accounting cycle.

                        5.       Explain the approaches to preparing correcting entries

                        6.       Identify the sections of a classified balance sheet.

                        Lesson Content:

                        Steps in preparing a Work sheet, Preparing adjusting entries from a work sheet, Preparing financial statements from a work sheet; Closing the Books- Preparing closing entries; posting closing entries; Preparing  a post-closing trial balance, Summary of the Accounting Cycle, Preparation of Classified Balance Sheet.

                        Lesson Outcome:

                        1. Able to prepare worksheet
                        2. Able to prepare closing the books
                        3. Able to prepare post closing financial statements
                        4. Able to prepare post closing trial balance

                      • Chapter - 5: Merchandising Operation

                        Lesson Objectives:

                        1.Measuring Net Income:

                        2. Sales revenue; sales return and allowance; sales discount; Cost of goods sold; FOB shipping point, FOB destination,

                        3. Recording transactions under perpetual and periodic inventory system.

                        4. Preparation of income statement of merchandising organization– Multiple Step Income Statement, Single Step Income Statement


                        Course Content:

                        1.Measuring Net Income:

                        2. Sales revenue; sales return and allowance; sales discount; Cost of goods sold; FOB shipping point, FOB destination,

                        3. Recording transactions under perpetual and periodic inventory system.

                        4. Preparation of income statement of merchandising organization– Multiple Step Income Statement, Single Step Income Statement.


                        Course Outcome:

                        Able to describe Merchandising operations and inventory systems.

                        Able to describe Merchandising operations and inventory systems.

                        Able to describe Merchandising operations and inventory systems.



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