Principles of Financial Accounting-Management And Business Administration-Course Outline, Lecture notes of Business Administration

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Course Code & Title ACT501-Financial Accounting Credit – 3 Program - MBA (Foundation Course) Pre-requisites: None.

INTRODUCTION: Welcome to the world of Accounting – according to some sources it is the oldest profession in the world. Regardless of that, it is definitely a profession/discipline that makes the world go around

COURSE OBJECTIVE: In this course, our aim is to help you learn the key concepts of Accounting, preparation of financial statements and to enable you to analyze financial statements to glean the meaning from them. The tools and skills you learn in this course will help you throughout your professional career and your life.

Course outline:

Introduction of the subject, book keeping and accounting, simple T-accounts, debit & credit. Ledger, chart of accounts, journal, journal entries and their posting. Trial balance, adjusting entries (introductory). Adjusted trial balance. Work sheet. Closing entries. Financial statements (introductory). Adjusting entries (comprehensive). Adjusting entries (comprehensive), reversing entries. Merchandise inventory, work sheet, financial statements (comprehensive). Cash and bank reconciliation. Receivables. Inventories. Assets.

Following is a summary of our expectations from you:

OUR EXPECTATIONS FROM YOU:

 Prepare for each lecture by reading the prescribed material-before hand  For practical sessions, please attempt to complete the questions before the session  Assignments must be handed in on time  If you are experiencing difficulties with the course—speak with the instructor / Teacher’s Assistants.  There is a large amount of material to be covered in the course, so keep up to date with your work. It will be very difficult to catch up later.

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Text Book: Fundamental Accounting Principles - Larson, Wild, Chiappetta – 16 th^ Edition.

Other Reference:  Accounting by Warren. Reeve. Fess- 19 th^ Edition.  Accounting, the Basis for Business Decision by Meigs Meigs.

TEACHING METHODOLOGY: The method of teaching will include lectures, quizzes, practice sessions, assignments, mid- term and final examinations.

GRADING: The following weight-age will be used for grading purposes.

 ASSIGNMENTS 10%

 PUBLIC COMPANIES FINANCIAL STATEMENTS ASSIGNMENT (GROUP) 5%

 QUIZZES (OUT OF 7 PICK BEST6, 2.5% EACH) 15%

 MID TERM EXAM 20%

 FINAL EXAM 50%

 Total 100%

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