Al-Abbas University of Business Management

Department of Business Administration

Introduction to Accounting (ACC 2011)
COURSE OBJECTIVE
The primary aim of Financial Accounting is to provide students with an introduction to the process and
function of financial reporting. Whilst a large proportion of the course is aimed at understanding
accounting as a process, taking a preparers’ perspective, we will also seek to develop an understanding
of the importance of the role of accounting in today’s society.

COURSE DESCRIPTION

This course introduces the basic concepts of Accounting and will get an introduction to the standards of
accounting. Major topics Accounting cycle for a service based firm, periodic inventory system, methods
of depreciation and bank reconciliation statement.

SKILLS/CAPABILITIES
After studying this course the student will be able to understand:
1. The language of accounting and financial reporting
2. Basic terminologies of Accounting
3. Role of accounting standards (IAS/IFRS)
4. Application of basic accounting concepts in the real world
PRE-REQUISITE COURSES
None
REQUIRED COURSE MATERIALS AND READINGS
Text Books: Meigs and Meigs, Accounting for Business Decision, 12th/Latest Edition
Reference Books:
 Warren, Reeve and Fess, Accounting 21e
 Frank wood, Business Accounting – I/ Latest Edition
 Professor Muhammad Ammanullah Khan: Financial Accounting, Latest Edition
EVALUATION
You will be evaluated based on the following components according to the following weights:
Components and Weights
Activity
Midterm Exam 30%

Class participations (assignments, presentations, quizzes, projects and field work 30%

Final Exam 40%

Total 100%
POTENTIAL MODIFICATIONS TO THE COURSE

The instructor and university reserve the right to modify elements of the course during the
term. The university may change the dates and deadlines for any or all courses in extreme
circumstances. If either type of modification becomes necessary, reasonable notice and
communication with the students will be given with explanation and the opportunity to
comment on changes.

COURSE OUTLINE AND BREAK UP

Week Topic
Accounting Principles & Practices
1st Week Introduction to Accounting Concepts, Accounting Terminology, Accounting Equation &
Rules of Debit & Credit
Accounting Systems for Recording Business Transactions
2nd Week Purpose of an Account , Chart of Accounts, Characteristics of an Account, Journal &
Accounts
3rd Week Trial Balance, Discovery & correction of Errors
The Matching Concept & Adjusting Process
4th Week
The Matching Concept, Nature of Adjusting Process, Recording Adjusting Entries
5th Week Recording Adjusting Entries, Adjusted Trial Balance
Completion of Accounting Cycle
6th Week Nature of the Closing Process, Journalizing & Posting closing entries, Post-Closing Trial
Balance, Opening & Reversing Entries
7th Week Introduction to Financial Statements, Income Statement, Statement of OE, Balance Sheet
8th Week Preparation of Worksheet
9th Week MID TERM EXAMINATION
Cash
10th Week
Bank Reconciliation Statement, Class practice
Receivables & Temporary Investments
11th Week
Uncollectible Receivables, Allowance Method of Accounting for Uncollectible
12th Week Direct Write-off Method of Accounting for Uncollectible, Aging of Receivables
Inventory Valuation
Periodic inventory System, FIFO, LIFO & Weighted Average, LCM Method, Gross profit
13th Week
method
14th – 15 Plant Assets & Intangible Assets
Week Nature of Depreciation, Accounting for Depreciation