ACCT 1002 – Introduction to Financial Accounting

COURSE TOPICS AND SCHEDULE

By start of Documents Course work NOTES
Week of
Week 1: Chapter 1: Introduction to • Chapter 1 Lecture
Sept 4 - 10
Financial Statements
By the end of this topic, you should be
able to:
1. Know the forms of business
organisations
2. Know the users and uses of
accounting information
3. Explain the 3 types of business
activities
4. Describe the 4 financial
statements and know what they
show
Week 2: Chapter 2: A Further Look at
Sept 11 – 17 Financial Statements • Chapter 2 Lecture
By the end of this Unit, you should be • Tutorial questions from chapter 1
able to: of text for tutorials
1. Identify the sections of a • Tutorial questions E1-3, E1-8,
classified balance sheet P1-1A, P1-3A
2. Discuss financial reporting
concepts
3. Understand what ratio analysis is
and its usefulness
Week 3: Chapter 3: The Accounting • Chapter 3 Lecture
Sept 18 – Sept 24 Information System

By the end of this Unit, you should be • Tutorial questions from chapter 2
able to: of text for tutorials
1. Understand the effects of • Tutorial questions E2-­‐12, P2-­‐1A,
transactions on the balance sheet P2-­‐4A, E2-­‐2, E2-­‐13, P2-­‐2A, P2-­‐
equation 5A
2. Understand and explain the use
of debits and credits in recording
transactions
3. Prepare a journal entry
4. Understand how to use the
general ledger
5. Understand and prepare a trial
balance
Week 4: Chapter 4: Accrual Accounting • Chapter 4 Lecture.
Sept 25 – Oct 1
Concepts and • Tutorial questions from chapter 3
Closing Entries of text for tutorials
By the end of this Unit, you should be Tutorial questions P3-­‐3A, P3-­‐6A,
able to: P3-­‐2A, P3-­‐5A
1. Understand the accrual basis of
By start of Documents Course work NOTES
Week of
accounting
2. Prepare adjusting entries
3. Prepare an adjusted trial balance
4. Prepare the balance sheet,
income statement, and statement
of retained earnings.
Week 5: Chapter 5: Accounting for • Chapter 5 Lecture.
Oct 2 – Oct 8
Merchandising • Tutorial questions from chapter 4
Operations of text for tutorials
By the end of this Unit, you should be • Tutorial questions P4-4A
able to:
1. Understand the difference
between a merchandising
organisation and a service
organisation
2. Prepare and compute the Cost of
Good Sold section of a multiple
step-income statement.
3. Record transactions under a
perpetual vs a periodic inventory
system.
Week 6: • Midsemester examination on
Oct 16 – Oct 22 MIDSEMESTER EXAMINATION chapters 1 through 4.
(Tentative)
Week 7: Chapter 6: Accounting for • Chapter 6 Lecture.
Oct 9 – Oct 15 Inventories • Tutorial questions from chapter 5
By the end of this Unit, you should be of text for tutorials
able to: • Tutorial questions P5-­‐2A, P5-­‐6A
1. Cost inventory under each of the
4 different costing methods.
2. Understand the effect of the
various costing methods on the
financial statements of the entity.

Week 8: Chapter 7: Fraud, Internal Control

Oct 23 – Oct 29
and Cash
• Chapter 7 Lecture.
By the end of this Unit, you should be • Tutorial questions from chapter 6
able to: of text for tutorials
1. Understand fraud and the • Tutorial questions P6-­‐1A, P6-­‐3A,
principles of internal controls P6-­‐5A
2. Prepare a bank reconciliation • Quiz chapter
Suggest appropriate controls for the cash
of the entity
Week 9: Chapter 8: Reporting and Analyzing • Chapter 8 Lecture.
Oct 30 – Nov 5 Accounts
By start of Documents Course work NOTES
Week of
Receivable • Tutorial questions from chapter 7
By the end of this Unit, you should be of text for tutorials
able to: Tutorial questions P7-­‐2A, P7-­‐3A,
1. Explain and perform the P7-­‐4A
recognition, valuation, and
disposition of accounts
receivable
2. Present accounts receivable in
accordance with acceptable
financial reporting standards.
Week 10: Chapter 9: Plant Assets, Natural • Chapter 9 Lecture.
Nov 6 – Nov 12
Resources and Intangible Assets • Tutorial questions from chapter 8
By the end of this Unit, you should be of text for tutorials
able to: • Tutorial questions P8-­‐2A, P8-­‐6A,
1. Apply various depreciation P8-­‐5A
methods to plant assets
2. Account for the acquisition and
disposal of plant assets
3. Account for expenditure related
to plant assets
Week 11: Course Summary, Evaluation and • Tutorial questions from chapter 9
Nov 13 - Nov 19 Feedback of text for tutorials
• Tutorial questions P9-­‐4A, P9-­‐7A
Completion of queries on course work
submitted
Week 12: Review of course; Sample exam Past paper questions: To be
Nov 20 – Nov 26 questions, Wrap Up. End of Teaching announced.