Bachelors in Business Administration

[Financial Accounting]
Subject Outline

Course code: [TBD]

Financial Accounting Page 1

SUBJECT OUTLINE
Subject Details……………………………………………………… [3]
Pre requisites and presumed knowledge ……………………………… [3]
Synopsis ……………………………………………… [3]
Subject rationale …………………………………………………… [3]
Study load …………………………………………………………… [3]
Learning outcomes ……………………………………………………… [4]
Graduate qualities ……………………………………………………………… [4]
Content ………………………………………………… [5]
Resources …………………………………………………………… [6]
Prescribed textbook ……………………………………………………… [6]
Optional resources ……………………………………………………… [6]
Assessment ……………………………………………………… [7]
Assignment ………………………………………………………… [8]
Exam …………………………………………………………………… [8]
Academic integrity: avoiding plagiarism, collusion and other issues …… [9]
Background information …………………… [10]
Learning materials ……………………………………… [10]
Contact information …………………………………………………… [10]
Planning your subject study ………………………… [10]
Student feedback on subject …………………………- [11]

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Subject details
Subject Code: TBD
Subject Credit Points: 3
Course Level: Basic

Pre requisites and presumed knowledge

This is a basic BBA course which will provide the foundation for advanced courses of BBA program.
Hence, the basic knowledge of a business is necessary to pursue this course.

Synopsis
This course is an overview of some of the basic concepts and standards which are fundamental
to understand financial accounting systems. There will be more emphasize in the construction
of financial statements; income statement, statement of stockholders’ equity, balance sheet
and the statement of cash flows. Besides, some important concepts will also be discussed such
as revenue recognition, matching principle etc. The course is planned in such a manner that
students with no previous background of financial accounting can study it.

Subject rationale
Initially, the course focuses on how economic events are transformed into accounting language
through bookkeeping. Then, it attempts to increase the ability of students to prepare and
interpret the financial statements that summarizes firm’s economic transactions. The course
employs decision making perspective of understanding relationship between accounting data
and the underlying economic events.

Study load
Aligned with the volume of learning requirements of the Higher Education Commission 3 credit
point subject normally involves 45 hours of study. Study-related activities may include class
lectures, home assignments, quizzes, hourlies, online videos, independent study, reflection,
application in the workplace. Individual student workload may vary.

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 Learning outcomes
This table lists the learning outcomes (LOs) for the subject.

LO Categories Student should be able: IU Graduate Qualities

Knowledge LOs  LO1: Understanding the various principles and standards  Critical Thinking
of financial accounting system.  Technical Skills
Comprehension LOs  LO2: Consolidating command over understanding and  Managerial
preparing financial statements. Skills

Application LOs  LO3: Demonstrating the financial statements of  Professional

corporations based on the prescribed international Excellence
standards.
 LO4: Utilization of the financial statements to make
sagacious business decisions.
Analysis LOs  LO5: Examining, analyzing and interpreting the financial  Technical Skills
information of a corporation business.
Synthesis LOs  LO6: Demonstrating meticulously the effects of financial  Managerial
transactions on the different segments of accounting Skills
equation.  Technical skills
Evaluation LOs  LO7: Monitoring the performance of firms based on the  Ethical Decision
best International financial accounting principles. Making

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Content
1. Introduction to Accounting
 Definition of Accounting
 Accounting Equation
 Transaction Analysis
 Accounting Systems
2. Fundamentals of Accounting
 Brief Explanation of Basic Heads of Accounts
 Overview of the Accounting Cycle
3. Essentials of Accounting Cycle
 General Journal, Ledger and Trial Balance
 Adjusting Entries under the ambit of International Accounting Principles
 Adjusted Trial Balance
 Preparation of Income Statement of Service Oriented Organization
 Preparation of Balance Sheet
 Preparation of Income Statement of Merchandising Firms
 Preparation of Balance Sheet
4. Property, plant and Equipment
 Capital vs Revenue Expenditure
 Depreciation Methods
- Straight Line
- Diminishing Balance Method
- MACRS method
5. Corporations
 Formation of a Public & Pvt Limited Co,
 Issuance of different types of shares
 Share Capital and Share Premium
 Redemption of shares
 Issue of shares
6. Financial Statement of Corporation
 Statement of Retained Earnings
 Statement of changes in equity
7. Preparation and Interpretation of Cash Flows
 Using Indirect Method
 Computation of gain or loss on disposal
 Computation of depreciation and disposal by use of ledgers
8. Liabilities Common to Business
 Different types of current liabilities
 Current portion of Long Term Debt
 Interest payable along with amortization schedule.
 Long term liabilities

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Resources

Recommended Book:
1. Financial & Managerial Accounting, The basis for Business Decisions, 17 th edition,
(2017), Meigs and Meigs, Williams Hakka, Bettner Carcello.

2. Principles of Accounting 12th Edition (2015)—Belverd E. Needles , Marian

Powers, Susan V. Crosson.

3. Fundamental Accounting Principles - 22nd Edition (2014)—John J Wild , Ken Shaw

, Barbara Chiappetta .

Reference Books (Optional Sources)

1. Horngren's Accounting (10th Edition) 10th Edition (2013)—Tracie L. Miller-

Nobles , Brenda L. Mattison , Ella Mae Matsumura.

2. Financial & Managerial Accounting 17th Edition (2015)—Jan Williams, Susan

Haka, Mark Bettner  , Joseph Carcello. 

3. Huber, Law and Khallaf (2017), Active Learning Innovations In Introductory

Financial Accounting, in  Timothy J. Rupert  ,  Beth B. Kern  (ed.)  Advances in
Accounting Education: Teaching and Curriculum Innovations (Advances in
Accounting Education, Volume 21)  Emerald Publishing Limited, pp.125 – 167

4. Case Studies—scenario based analysis engraved at the end of each chapter.

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Assessment

Assessment Brief description Weighting Due date Related learning

item outcomes

Quizzes Multiple choice 10% As per the LO2-LO3

questions with discretion of the LO4-LO5
immediate course LO6
feedback on VLE instructor—at
(n-1) least three
quizzes need to
be taken (n-1)
Assignments Questions from 15% As per the LO2-LO3
each chapter’s discretion of the LO4-LO5
exercise. course LO6-LO7
instructor—at
least three
Assignments
need to be
taken.
Report Group project 10% Week 13 LO1-LO7
report required
to be submitted
in the last class.
It will be based
on the leanings
from corporate
financial
statements.
Hourly Tests 2 tests of one 25% Week 7, Week LO1-LO7
hour each (n-1) 11
Final Exam 2.5 hour written 40% Please refer to LO1-LO7
exam your timetable

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Assignment
Practice Assignment

Purpose
This assignment is designed to assess the student's ability to apply the knowledge gained in
class for some more comprehensive questions. It will address all the objectives of the course
and incorporate critical thinking, decision making ability, lifelong learning and above all
entrepreneurship skills amongst the students. The capacity to reflect on a complex situation is
an important element of professional life, because it enhances the potential of students to
internalize their internal strengths and weaknesses to comprehend the intricacies of the
financial accounting prevailing in the real world. Conclusively, these assignments will allow help
students develop splendid critical skills and recognize its inevitable value in the financial world.

Description of the assignment

The assignment requires you to solve comprehensive scenario based questions whose concepts
have already been imparted in the classes. Each assignment will cover 3 to 4 practice questions.

A few initial assignments will require the students to complete the accounting cycle by
preparing general journal, general ledger and trial balance. While in later cases, you will be
required to solve scenarios from the cases of corporation’s financial statement.

Assignment submission

All the assignment in the course will be submitted in written form in subsequent classes or as
instructed by course instructor (before deadlines). The students are candidly intimated to get
counselling from their respective course instructors if they find any difficulty or ambiguity while
doing the assignments before passing of the deadline. It is pertinent to mention here if students
do not submit their assignments on time, not only their submission will be discarded but also
their marks will be deducted.

Exams:

Hourly exams: Three hourly written exams (60 mins each) weighing total 30% of course grade.
These exams will cover content of first 8 lectures (4 lectures each). Date and time of these
hourly exams will be announced in the class 1 week before exam by the instructor.

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Final exam: A written exam of two and a half hour weighing 40% of course grade will be
conducted. This exam will be conducted at the end of the course completion in formal setting
and the schedule of exam will be notified by examination department. All students, unless
otherwise stated, must sit in their respective exams halls till completion of the time.

Academic integrity: avoiding plagiarism, collusion and other issues

It is important to adhere to high standards of academic integrity. Academic integrity refers to

ethical, honest and responsible conduct in writing and reporting. Breaches of academic integrity
include:

• Plagiarism – submitting another person’s words or ideas as your own without appropriate
acknowledgement and referencing.

• Collusion – submitting work as if it is one’s own when in reality it has been completed with
others, including assisting or being assisted by another; receiving or giving assignment details to
another; or publishing one’s work.

• Contract writing (Ghost Writing) – submitting work that has been contracted out to others to
complete on one’s behalf. This is a form of collusion.

• Fabrication – submitting work with results or data that do not exist and that have been made
up.
• Double submission – submitting substantially the same piece of work for more than one
subject unless agreed upon with the facilitators of the different subjects

Please note that IU checks assignments for plagiarism (using advanced text-matching software)
and for other academic misconduct. IU penalizes work and/or people found to have been in
breach of academic integrity.

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Background information
Learning materials

All of your materials and activities are provided online and are designed to lead you through the
learning process for this subject.

Contact information
Dr. Syed Ali Raza
Email: dr.aliraza@iqra.edu.pk
UAN: 111-264-264

Planning your subject study

Iqra has a four month semester model of study. In every study month there are some key dates
which are outlined in the assessment table above. You need to plan out regular study times –
and stick to them. Plan out your study times and periods with the key dates. You can do this by
first allocating time for living and working activities (ensure you plan enough sleep, rest and
relaxation) – and then allocating your time for study periods. In addition you should:

• Plan how you will study for the exam.

• Identify your time ‘wasters’ and have strategies in place to manage them. For instance, if you
procrastinate, make sure you stick to study times, get started, and ‘divide’ the work into
manageable pieces.

• Be disciplined. Stick to your plan and be realistic about what you can achieve.

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The study planner below is provided as an example and it should be used as guidance only.

Subject week* Suggested progress

4 weeks prior to subject start date Review Subject Outline for details on your
textbook. If possible, obtain your textbook
four weeks prior to the subject start date.

Month 1 subject starts Familiarize yourself with assessment tasks.

Plan your assignment.
Plan your learning over the next four weeks.
For example, for a 10 topic subject, study
topics 1–3 in the first month.
Month 2 Study topics 4–6.
Work on your assignment.
Month 3 Study topics 7–10.
Finalize your assignment and submit by the
due date.
Month 4 Revise all topics, practice exam techniques

*Some semesters may be shorter in duration; the sample study planner above is based on a 4 month semester.

Student feedback on subject

 As part of our commitment at IU to improve the quality of our courses and teaching, we
regularly seek feedback on your learning experiences. Student feedback informs
evaluation of subject and teaching strengths and areas that may need refinement or
change. Your Iqra end of Subject Survey is a formal and confidential method for you to
provide feedback about your subjects and the staff members teaching within them. You
will get an option to give feedback on IULMS. We value your feedback and ask that you
to provide considered feedback for each of your subjects. The teacher’s decisions about
marks and grade will be final.

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