GC UNIVERSITY, FAISALABAD

FACULTY OF ECONOMICS & MANAGEMENT SCIENCES

LYALLPUR BUSINESS SCHOOL

Course Specifications

Financial Accounting-II
COM - 302

SPRING 2024
http://www. gcuf. edu. pk/
 COURSE SPECIFICATIONS
Basic Information

Course Title: Financial Accounting-II

Course Code: COM-302
Course credits/week: Theory: 03 Lab: Nil Total: 03

Pre-requisite(s):

Co-requisite(s):
Program(s) on which the course is given: BBA 2nd Semester
Is the course major or minor element of the program: Major: Minor:
Department offering the program: Lyallpur Business School
Department offering the course: Finance Cluster
Academic year/level: 1
Revision #: 1

Last revised on (date): 20.01.2024

Overall Aims of the Course

Course Description:
Welcome to the course, Financial Accounting. This course is designed to provide a
framework to help you understand the major issues involved in management decision-
making and control. The focus is on the issues impacting on the information needs of
managers and the financial decision-making techniques available to modern day managers.

Through this course you will be introduced to the techniques of accounting and finance
that are used in contemporary organizations. The objective is not to make you into
accountants, but to enable you to understand accounting information and to converse
effectively with the accountants and financial specialists that you meet.

This course is aimed at people with no or limited prior accounting knowledge and provides
an understanding of how financial statements are prepared for various types of
organizations. This course is designed to introduce students to the concepts, and
applications of financial accounting.

Enjoy the module.

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 Course Objectives:
Accounting plays a vital role as an information system for monitoring, problem solving
and decision-making. However, the first step is to generate and present information in a
manner that is useful. In recognition of this, the principles of financial accounting course
focuses on the record-keeping and financial statement preparation process. On completion
of the course, students should:
 Develop a thorough understanding of accounting records and how to record
transactions in them.
 Be able to prepare a set of financial statements for various forms of businesses and
non-profit entities.
 Develop an ability to apply accounting concepts, principles and practices.
 Be familiar with the basic tools for analyses of financial statements.
Learning Outcomes:
On successful completion of the course students will be able to:
 Understand and explain the structure of financial statements;
 Analyze their content from a performance viewpoint and critically evaluate these in
terms of their limitations.

Class Format & Weekly Work Plan:

Financial Accounting and Information Systems is a mixed mode (theoretical and practical)
course; thus, the majority of our classes will be focused on concepts and numerical
discussion.

Our weekly class Instructions and discussions will follow this format:

Week Number 1: Introduction to Accounting and Finance

(Slides/Notes Page 1-5)
Week Number 2: Accounting Concepts, Professional Judgment and Ethical
Conduct
(Slides/Notes Page 1-10)
Week Number 3 & 4: Accounting: Information for Decision Making
(Page 4-30) (Financial Accounting and Managerial Accounting:
The Basis for Business Decisions by Williams, Haka, Bettner &
Carcello (Meigs and Meigs), McGraw-Hill, Inc., 16th Edition)
Week Number 5 & 6: Basic Financial Statements
(Page 38-64) (Financial Accounting and Managerial
Accounting: The Basis for Business Decisions by Williams,

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 Haka, Bettner & Carcello (Meigs and Meigs), McGraw-Hill,
Inc., 16th Edition)

Seminar 1
Week Number 7 & 8: Merchandising Activities
(Page 246-269) (Financial Accounting and Managerial
Accounting: The Basis for Business Decisions by Williams,
Haka, Bettner & Carcello (Meigs and Meigs), McGraw-Hill,
Inc., 16th Edition)
Mid Semester Examination
Week Number 9, 10 & 11: Inventories and Cost of Goods Sold
(Page 340-363) (Financial Accounting and Managerial Accounting:
The Basis for Business Decisions by Williams, Haka, Bettner &
Carcello (Meigs and Meigs), McGraw-Hill, Inc., 16th Edition)
Week Number 12 & 13: Plant & Intangible Assets
(Page 386-413) (Financial Accounting and Managerial
Accounting: The Basis for Business Decisions by Williams,
Haka, Bettner & Carcello (Meigs and Meigs), McGraw-Hill,
Inc., 16th Edition)
Week Number 14 & 15: Fixed Assets
(Page 288-316) (Financial Accounting and Managerial
Accounting: The Basis for Business Decisions by Williams,
Haka, Bettner & Carcello (Meigs and Meigs), McGraw-Hill,
Inc., 16th Edition)
Seminar 2
Week Number 16: Liabilities
(Page 430-465) (Financial Accounting and Managerial
Accounting: The Basis for Business Decisions by Williams,
Haka, Bettner & Carcello (Meigs and Meigs), McGraw-Hill,
Inc., 16th Edition)
Final Semester Examination

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 Teaching Methodology
The method of teaching will include lectures, assignments, quizzes, mid-term, and final
examinations.
Learning Strategy
This course is taught by means of 3-hour lectures per week. It is important for you to
understand that you are responsible for your studies, and it is for you to read around the
subject.
Assessment / Evaluation
Assessments are designed to assess your knowledge and strengthen learning objectives at
critical points in the course. Additionally, the development of communication and
teamwork skills is emphasized through the alternative forms of assessment.

Exams
There will be a Mid-Term exam after 8th week and a final exam at the end of semester.
Exams will consist of problems to be solved, short essay-type discussion questions and
multiple choice or other short answer-type questions. The final examination is
comprehensive covering the entire course content. The final exam will be of 2 hours and
will be taken at the University assigned time.
No make-ups will be taken for quizzes or assignments after the specified date. If you will
be away from Institute on the day of a scheduled quiz or assignment, it is your
responsibility to schedule a time to take the quiz or submit assignment before the
deadline. Your absence will not be excused, and you will be assigned a grade of zero.

Attendance

Students are expected to attend all classes. Your learning and your grade depend upon
your regular attendance. Students are expected to attend the section, for which they are
enrolled, except on occasional basis as approved in advance by the lecturer. If you know
in advance about a valid reason for missing class, the teacher should be notified. Please

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 note the official policy of the university regarding attendance. Students who will
have attendance shortage will not be allowed to sit in the exams. Students should
make every effort to be in class on time. There may be cases when a student comes to
class late, but such circumstances should not be chronic, and should be discussed with
the Teacher. If student is late; he / she should use courtesy and take seat quietly.

Class Rules
Your enrolment in this course indicates your agreement to follow the class rules. This
means:
 Be on time and don’t leave early.
 Keep your mobile phones switched off during lecture hours.
 Be quiet when someone else is “Formally” speaking.
 Leave the classroom as clean – or cleaner – than you found it.

Misc. Instructions
Timely submission of Assignments is mandatory and if not turned within due date, the
student will be graded negatively. Homework may be submitted via E-Mail in case
individual is out of town / Country.

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 Weekly Course Objectives
Week Chapter Topic
1st
 What are Accounting and Finance
 Objectives and Functions of Accounting
 Branches of Accounting
Introduction to  Basic Accounting Concepts
Accounting and  Accounting Convention
Finance  Accounting Process
 Users of Accounting Information
 Key characteristics of Accounting Information
 Accounting as an Information System
2nd  Need for Recognized Accounting Standard
 GAAP
 Accounting Entity Concept
Accounting  Going-Concern Assumption
Concepts,  Objectivity Principle
Professional  Cost Principle
Judgment and  Realization Principle
Ethical Conduct  Matching Principle
 Consistency Principle
 Disclosure Principle
 Materiality Concept
3rd & 4th  Purpose of Accounting
 Types of Accounting Information used in Business
Community
 Difference between Financial Accounting and
Chapter 1: Management Accounting
Accounting:  Accounting information
Information for
 Accounting Systems
Decision Making
 Financial Accounting Information
 Management Accounting Information
 Integrity of Accounting Information
 Careers in Accounting
 Ethics, Fraud, & Corporate Governance
5th & 6th  Introduction to Financial Statements
 A Starting Point: Statement of Financial Position
 Balance Sheet: Assets, Liabilities & Owner’s
Equity
Chapter 2:  Income Statements
Basic Financial  Statement of Cash Flows
Statements  Relationship among Financial Statements
 Financial Analysis and Decision Making
 Forms of Business Organizations
 Use of Financial Statements by External Parties
 Exercise and Problems
7th & 8th Chapter 6:  Merchandising Companies
Merchandising  Income Statement of Merchandising Companies
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  Accounting Information Needed by Merchandising
Companies
 Two Approaches used in Accounting for
Merchandising Inventories
Activities  Perpetual Inventory Systems
 Periodic Inventory Systems
 Transaction relating to Purchases
 Transaction relating to Sales
 Exercise & Problem
MID TERM EXAMS
9th, 10th  Inventory Defined
& 11th  Flow of Inventory Costs
 Cost Flow Assumptions
 Average-Cost Method
 FIFO
 LIFO
 Evaluation of Methods
 Principle of Consistency
Chapter 8:  Just-in-Time (JIT) Inventory Systems
Inventories and  LCM
Cost of Goods  Periodic Inventory Systems
Sold  Importance of Accurate Valuation of Inventory
 Techniques for Estimating Cost of Goods Sold and
Ending Inventory
 Gross Profit Method
 Retail Method
 Inventory Management
 Evaluating Liquidity of Inventory
 Affect of Accounting Methods on Financial
Statement Subtotals and Analytical Ratios
 Exercise & Problem
12th & Chapter 9:  Acquisitions of Plant Assets
13th Plant and  Depreciation
Intangible Assets  Other Depreciation Charging Methods
 Disposal of Plant & Equipment
 Intangible Assets
 Exercise & Problem
 Cash
 Short-Term Investments
Chapter 7:
14th &  Accounting For Marketable Securities
Fixed Assets
15th  Account Receivables
 Notes Receivable & Interest Revenue
 Exercise and Problems
 Current Liabilities
 Long-term Liabilities
Chapter 10:
16th  Estimated Liabilities, Loss Contingencies and
Liabilities
Commitments
 Special Types of Liabilities, Exercise & Problem
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 PRESENTATION
FINAL TERM EXAMINATION

Required Learning Resources

 Williams J.R., Haka, S.F., Bettner, M.S., Carcello, J.V.
Text Book(s):
(Meigs R. and Meigs W.) “Financial & Managerial
Accounting: The Basis for Business Decisions” 16th
Edition or Latest, McGraw-Hill, Inc.
 John J. Wild, Financial Accounting Fundamentals,
Recommended
McGraw-Hill, Inc., 6th Edition
Book
 Frankwood, Business Accounting Volume 2, Pearson
Reference
Publisher, 14th Edition
Book(s):
 Kieso, Weygandt, Warfield, Wlecek and McConomy,
Intermediate Accounting Volume 1, Wiley Publisher, 12th
Edition
Facilities Required for Teaching and Learning
White Board / Multimedia (In case of Physical Classes)
Zoom Online Meetings (In case of Online classes)
Grading Criteria
Letter Grade Percentage Marks
A 80 -100 EXCELLENT
B 65-79.99 GOOD
C 50-64.99 SATISFACTORY
D 40-49.99 PASS

No. Week Week Due Descriptions

Assigned
Assignment 6 8 Every student will be required to submit 2
1 assignments and 2 quizzes.
Assignment 13 15
2
Examination / Weighting of Assessments & Quizzes
Quizzes + Assignments + Class Participation + Projects 20%
Mid-semester examination 30%
End-semester examination 50%

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 Instructor Responsibilities:
In keeping with the format of this class, I see myself as your immediate supervisor. In that sense, I
plan to mentor each of you so that you learn how to make the best decisions possible, to understand
and apply key managerial concepts, and to prepare you to become productive employees upon
graduation. I will do my best to help each of you grow into the best manager you choose to become.
Thus, besides class time, where I will often put you on the spot, I expect there will be many times we
will communicate outside of class, and I will do my best to help you in a timely fashion.
Student Responsibilities:
You are expected to arrive to class on time, professionally dressed, and prepared for the day. You
should be fully prepared to discuss and debate the course material assigned for that date. You are
expected to participate at all levels and offer objective praise and criticism of your classmates’
analyses and conclusions. This course is not for the meek or timid. You must contribute to a greater
understanding of Operations Management. This course is a combination of doing (homework),
thinking, and discussing.

Useful Tools / Advice:

This course is time and labor-intensive. Be certain to schedule enough time in your weekly planning
to accommodate.
You need to have good access to the Web and an e-mail account.
Please always do your best work.mester examination

The examinations of mid-term and end-term question papers will be designed by

following bloom taxonomy as per table given below.

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Contact Details:
Dr. Hamad Raza Assistant Professor
Ground Floor
Lyallpur Business School (LBS),
Faculty of Economics & Management Sciences,
GC University, Faisalabad, Pakistan.
Office Hours Monday to Friday 08:00 AM to 04:00 PM
Phone(office): 041-9203020 E-Mail: hamadraza@gcuf.edu.pk
Course Specifications Developed By: Reviewed By (Cluster Head):
Dr. Hamad Raza Dr. Safdar Husain Tahir
Dr. Faisal Anees
Ms. Ghazala Benish

Date: 20-01-2024 Date: 23-01-2024

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