Accounting & Finance

Accounting & its role;

Course Outlines, Evaluation &
Quizzes Plan

Course Outlines
ACCOUNTING

FINANCE

1. Accounting and its role

1. An Overview of Business Finance

2. Basic Accounting Concepts

2. Understanding financial statements and

cash flows

3. The recording process

3. Analyzing the financial statements

4. The year and adjustments and financial

statements

4. Time Value of Money

5. Accounting for trading organization

5. Project Appraisal Techniques

6. Accounting Systems

6. Introduction to Islamic Finance

7. Company final Accounts

FINAL TERM EXAMINATION

MID TERM EXAM

Evaluation Criteria
Criteria
Weight age (%age)
1. Mid Term Examination
30
2. Final Term Examination
40
3. Semester Assignment
10
4. Quizzes (10 in number)
15
5. Class Attendance & Participation
05
Total
100

Quizzes Plan
WEEK
NO.
2
4
6
7
8

QUIZ
NO.
01
02
03
04
05

WEEK
NO.
10
12
14
15
16

QUIZ
NO.
06
07
08
09
10

Assignments Plan
Assignment
No.
01
02

Issuance
Week
4th
12th

Submission
Week
7th
15th

Accounting & Finance

Lecture 01
Accounting & its role;
Development of accounting,
Accounting Theory and Conceptual
framework, Accounting Defined

Development of Accounting
History indicates that all developed societies
require certain accounting records. Recordkeeping in an accounting sense is thought to have
begun about 4000 BC.
Ancient governments also kept records of
receipts and disbursements and used procedures
to check on the honesty and reliability of
employees.
A study of the evolution of accounting suggests
that accounting processes have developed
primarily in response to business needs.

Development of Accounting
In 1494, a Franciscan monk, Luca Pacioli,
described the double-entry Method of Venice
system in his text called Summa de Arithmetica,
Geometric, Proportion et Proportionate
(Everything about arithmetic, geometry, and
proportion).
Many consider Pacioli's Summato be a reworked
version of a manuscript that circulated among
teachers and pupils of the Venetian school of
commerce and arithmetic.

Accounting Defined
Accounting is called the language of business.
The accounting system of a profit-seeking
business is an information system designed to
provide relevant financial information on the
resources of a business and the effects of their
use.
Accounting also serves as the language providing
financial information about not-for-profit
organizations such as governments, churches,
charities, fraternities, and hospitals.

Accounting Defined
The American Accounting Associationone of
the accounting organizationsdefines
accounting as;
"the process of identifying, measuring, and
communicating economic information to permit
informed judgments and decisions by the users of
the information.

Accounting Defined
INFORMATION is primarily financialstated in
money terms.
As a MEASUREMENT AND COMMUNICATION
PROCESS for business, accounting supplies
information that permits informed judgments and
decisions by USERS of the data.
Reliable information is necessary because
decision makers can use it to evaluate the
financial consequences of various alternatives.

Accounting Vs Bookkeeping
Bookkeeping is a mechanical process that
records the routine economic activities of a
business.
Accountants analyze and interpret financial
information, prepare financial statements,
conduct audits, design accounting systems,
prepare special business and financial studies,
prepare forecasts and budgets, and provide
tax services.

Accounting Process
Accountants observe many events (or activities) and identify
and measure in financial terms (dollars) those events
considered evidence of economic activity. (Often, these three
functions are collectively referred to as analyze.) The
purchase and sale of goods and services are economic events.
Next, the economic events are recorded, classified into
meaningful groups, and summarized.
Accountants report on economic events (or business activity)
by preparing financial statements and special reports.
Accountants interpret these statements and reports for
various groups.