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Principles of Accounting

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Principles of Accounting

This course addresses accounting concepts and principles applicable to business enterprise. Principle of Accounting is an introductory accounting course which will help to understand basic accounting process.

  1. It is the student’s responsibility to gather information about the assignments and covered topics during the lectures missed. Regular class attendance is mandatory. Points will be taken off for missing classes. Without 70% of attendance, sitting for final exam is NOT allowed. According to IUB system students must enter the classroom within the first 20 minutes to get the attendance submitted.
  2. The date and syllabus of quiz, midterm and final exam is already given here, however, announcements will be given ahead of time. There is NO provision for make-up quizzes.
  3. The reading materials for each class will be given prior to that class so that student may have a cursory look into the materials.
  4. Class participation is vital for better understanding of sociological issues. Students are invited to raise questions.
  5. Students should take tutorials with the instructor during the office hours. Prior appointment is required.
  6. Students must maintain the IUB code of conduct and ethical guidelines offered by the School of Business.
  7. Students must refrain from any type of cheating and/or plagiarism in a course. Any student acting otherwise will receive an “F” grade in the course. School of Business, IUB, maintains a zero tolerance policy regarding violation of academic integrity.
  1. Students are not allowed to keep bags, handouts, books, mobile phones, smart watches or any other smart electronic devices with them during any exam. Students are advised to keep everything in the front of the class room before the exam starts. Please note that, just carrying any smart electronic devises (even if the devise is turned off or put it in silent mode) during the exam will be considered as “cheating”. Moreover, during the exam, anything written on hand palms (or anywhere else) and carrying paper materials (whatever is written) will be considered as “cheating”. Any sorts of “cheating” will result in an “F” grade with no exception. During the exam, students are only allowed to carry pen, pencil, eraser, sharpener, ruler, highlighter and calculator in a clear plastic bag.
Type of Evaluation Nos. Weight
Class Attendance and Participation 100% 5
Quiz (Best two will be counted) 5 15
Project and Presentation 01 10
Midterm Exam 01 30
Final Exam 01 40
Total   100%

The following chart will be followed for grading. This has customized form the guideline provided by the school of Business.

A A- B+ B B- C+ C C- D+ D F
90-100 85-89 80-84 75-79 70-74 65-69 60-64 55-59 50-54 45-49 0-44

* Numbers are inclusive

The course will be based mostly on the following books [some other books and journals may be referred time to time]:

  • Weygandt, Kieso & Kimmel. 1999. Accounting Principles, 11th New York: Prentice – Hall, Inc.

 

Link to virtual learning system: http://103.254.86.4/sb/ (School of Business – Faculty name- Login as a guest- password is 1234).

Sessions Topic Learning Outcomes Readings
Session -1 Introduction Introduction to Principles of Accounting

Explanation of Course Outline

Course Outline
Session -2 Accounting in Action Definition “Accounting.”

Three Basic Activities for Accounting

Types of Users

 

Weygandt, Kieso Chapter1

Pages 1-46

 

Session -3 Accounting in Action Discussion about Accounting Standards

Basic Accounting Equation

Using the Accounting Equation for solving relevant exercises and problems [ Page 15-19]

Weygandt, Kieso Chapter 1

Pages 1-46

Session -4 Accounting in Action Understand the four Financial Statements and how they are prepared

 

Relevant Problem Solving from Text

Weygandt, Kieso Chapter 1

Pages 1-46

 

Session -5 The Recording Process Explain Recording Process

 

Relevant Problem Solving from Text

Weygandt, Kieso Chapter 2

Pages 48-92

 

 

Session -6

 

The Recording Process

 

 

Ledger

Posting

Trial Balance

Relevant Problem Solving from Text

Weygandt, Kieso Chapter 2

Pages 48-92

 

 

 

Session-7

 

Adjusting the Accounts

 

 

 

Quiz 1

Different types of Adjusting the Accounts

Summary of Journalizing and posting

Preparing the Adjusted Trial Balance

 

Relevant Problem Solving from Text

 

Chapter : 1 &2

Weygandt, Kieso Chapter 3

Pages 94-143

 

 

Session -8 Completing the Accounting Cycle Preparing the Financial Statement from work-sheet

Illustration 4-3A [ Page 148 ]

Relevant Problem Solving from Text

 

Weygandt, Kieso Chapter 4

 

Pages 144-196

 

 

Session -9 Completing the Accounting Cycle

 

Quiz 2

Preparing Closing Entries

Posting Closing Entries

Illustration 4-6 [ Page 154]

Relevant Problem Solving from Text

 

Chapter : 3&4

Weygandt, Kieso Chapter 4

 

Pages 144-196

Session -10 Completing the Accounting Cycle

 

Preparing a Post Closing Trial Balance

The Classified Balance Sheet

Relevant Problem Solving from Text (Continue)

Weygandt, Kieso Chapter 4

Pages 144-196

 

Session -11 Accounting For Merchandising Operations

 

 

 

 

 

Difference between Service and Merchandising Companies

Recording Purchase of Merchandise :

·         Freight Costs

·         Purchase Returns and Allowances

·         Purchase Discounts

·         Summary of  Purchasing  Transactions

 

Weygandt, Kieso Chapter 5

 

 

Pages 198-246

Session -12 Accounting For Merchandising Operations

 

Quiz 3

Recording Sales of Merchandise

Forms of Financial Statements

 

Relevant Problem Solving from Text (Continue)

Chapter : 5

Weygandt, Kieso Chapter 5

 

Pages 198-246

 

 

Session -13 Accounting For Merchandising Operations

 

Classified  Balance Sheet

Relevant Problem Solving from Text (Continue)

 

Review Class for Mid-Term Exam

Weygandt, Kieso Chapter 5

Pages 198-246

 

 

Session -14 Midterm Exam  Chapters 1,2,3,4,5 Weygandt, Kieso Chapter 1,2,3,4,5
Session -15 Inventory Valuation Inventory Costing:

·         Perpetual

·         Periodic System

Cash Flow Assumptions

Relevant Problem Solving from Text

 

Weygandt, Kieso Chapter 06

 

Pages 254-298

 

Session -16 Inventory Valuation Estimating Inventories:

·         Gross-Profit Method

·         Retail Inventory Method

 

Relevant Problem Solving from Text (Continue)

 

 

Weygandt, Kieso

 

Chapter 06

 

Pages 254-298

 

Session -17 Cash and Bank Reconciliation Reconciliation Procedure

Bank Reconciliation Statement

Illustration 8-12 [ Page 370 ]

Weygandt, Kieso Chapter 08

 

Pages 344-394

 

Session -18  

Cash and Bank Reconciliation

 

 

 

 

 

 

Relevant Problem Solving from Text

Weygandt, Kieso Chapter  08

 

Pages 344-394

 

Session -19

Accounting for Receivables

 

 

Types of Receivables

Recognizing Account Receivables

Valuing Account Receivable

 

Relevant Problem Solving from Text (Continue)

 

 

 

 

Weygandt, Kieso Chapter  09

 

Pages396-435

 

 

Session -20 Accounting for Receivables

 

Quiz 4

 Relevant Problem Solving from Text (Continue)

 

Chapter :  6 & 8                                                                              

Weygandt, Kieso Chapter 09

 

Pages 396-435

 

 

Session -21 Property, Plant and Equipment Determining the Cost of Plant Assets

Concept of Depreciation

Factors in Computing Depreciation

 

Weygandt, Kieso Chapter 10

 

Pages 436-483

Session -22 Property, Plant and Equipment

 

 

 

Quiz 5

Depreciations Methods :

·         Straight Line

·         Units of Activity

·         Declining Balance

Relevant Problem Solving from Text

 

Chapter : 9

 

Weygandt, Kieso Chapter 10

 

Pages 436-483

 

Session -23 Property, Plant and Equipment

 

Sale of Assets :

·         Gain On Disposal

·         Loss On Disposal

Illustration 10-19 & 10-20 [ Page 452-453 ]

 

Weygandt, Kieso Chapter 10

 

Pages 436-483

 

Session -24 Property, Plant and Equipment

 

Compute Periodic Depreciation of Natural Resources

Illustration 10-21 Formula [ Page 453 ]

 

Relevant Problem Solving from Text

 

 

Weygandt, Kieso Chapter 10

Pages 436-483

 

Session -25  

Review Class

 

Review class based on the Final Syllabus

Weygandt, Kieso

Chapter : Final Syllabus

Session -26 Final Exam Chapter 6,8,9 and 10 Weygandt, Kieso Chapter 6,8,9 and 10

Students who are willing to audit the course are welcome during the first two classes and are advised to contact the instructor after that.

Plagiarism- that is the presentation of another person’s thoughts or words as though they were the students’ own – must be strictly avoided. Cheating and plagiarism on exam and assignment are unacceptable.

Please see the green book for further information about academic regulation and policies, including withdrawal and grading, apples and penalties for pilgrims and academic misconduct.

Students with disabilities are required to inform the School of Business/ Department of Economics of any specific requirement for classes or examination as soon as possible.