This course provides students with a comprehensive introduction to financial accounting. Topics include the preparation and analysis of financial statements, accounting principles, and the regulatory framework of accounting. The course aims to help students understand the use of accounting information for management decision making. Assessment will be based on exams, quizzes, projects, and class participation. The instructor is Raheel Sarwar Butt and the textbook is Accounting: The Basis of Business Decisions.

1. Financial Accounting Course Description
LAHORE SCHOOLOF ECONOMICS
Lahore, Pakistan
Study Program EMBA – Section A
Semester WINTER-I -2014
Course Title Financial Accounting
Course Instructor Raheel Sarwar Butt.
Course Summary
This course is designed to provide students with a comprehensive introduction to
accounting. Topics include: the nature and function of accounting; double entry
accounting; preparation and analysis of financial reports; the regulatory and conceptual
frameworks of accounting; criticisms of conventional accounting practice and proposals
for reform; financial management and the use of accounting information for management
decision making; ethics and accounting practice.
Learning Objectives
 The participants must fully comprehend the need and importance of primary financial
statements i.e. income statement and balance sheet.
 Use of cash flow statement in future decision-making.
 Understanding the accounting principles involved in issuance share capital and
dividends.
 Analyzing the annual report of a corporation by using different analytical tools.
1. Staff
The most appropriate contact is your teacher.
Instructor/ Lecturer
Name: Raheel Sarwar Butt
Phone: 0304 0413003
Email: r.sarwarbutt@yahoo.com
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2. Financial Accounting Course Description
Assessment
End Term Exam 35%
Mid Term Examination 20%
Quizzes 10%
Project Report 25%
Class Participation 10%
Total 100%
The end term examination shall be a comprehensive test and will constitute the syllabi
covered during pre mid term and post mid term session.
Assessment details and criteria:
Quizzes/ Home Assignment
• After each lecture there will be a quiz / Assignment.
Mid Term Test
Details for the test are as follows:
• The test will be held in week six of the semester during normal class time.
• Subject matter covered in weeks 1 to 5 (refer to attached schedule) will be
eligible for inclusion on the test.
• The test will be of 90 minutes’ duration and comprise short answer questions. No
reference material may be accessed during the test. As well as contributing to overall
assessment in the course, it is the purpose of the class test to provide students with
some interim feedback on their progress in the course.
• The criteria to be applied in grading test papers will be the accuracy of submitted
answers and demonstrated understanding of the subject matter covered in the
course.
Assignment
Refer to group document, will be available by week 5 of the semester, detailing purpose,
requirements and assessment criteria. The assignment will be due in week 10 of the
semester. Maximum of three students would be allowed to form a group.
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3. Financial Accounting Course Description
End of semester examination
Details for the examination are as follows:
• The examination will be of two & half hours’ duration.
• No reference material may be taken into the examination venue.
• All material covered during the semester will be considered examinable. This will
encompass material covered in classes, set questions, exercises and problems, and
the required reading.
• The purpose of this assessment task will be to assess, in a comprehensive
manner, the extent to which students have achieved the objectives specified for the
course.
• The criteria to be applied in grading examination papers will be the accuracy of
submitted answers and demonstrated understanding of the subject matter covered in
the course.
Grading Criteria
Students are required to thoroughly study the topic to be discussed in the next session
apart from completing and handing over their assignments in the following session. The
assignment work completed and class participation/presentation will be considered at
the time of grading as per policy. For this purpose, students are expected to achieve
high standards in their expressions. The grading will be as follows:
Marks Allocation Letter Grade GPA
85% and Above A 4.00
>=80%<85% A- 3.75
>=75%<80% B+ 3.50
>=70%<75% B 3.00
>=65%<70% B- 2.75
>=60%<65% C+ 2.50
>=55%<60% C 2.00
>=50%<55% C- 1.75
>=40%<50% D 1.00
Below 40% F (Fail) 0.00
Attendance Policy
Students are required to attend all the class meetings. Excessive absences (more than 2
classes) will affect student’s grade. Students missing more than 3 consecutive classes
may not be allowed to sit for term examination or may be recommended to take the
course at another time.
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4. Financial Accounting Course Description
Plagiarism
Plagiarism is presenting someone else work as your own and is a serious offence with
serious consequences. As set out in the University Regulation, students who are caught
plagiarizing will, for a first offence, be given a zero mark for that task.
A second offence will result in a failing grade for the course(s) involved and any
subsequent offence will be referred to the Student Discipline Committee.
Students must:
• fully reference the source(s) of all material, even if you have re-expressed the
ideas, facts or descriptions;
• acknowledge all direct quotations; and
• not submit work that has been researched and written by another person
Turnitin – Turnitin is a software application that allows students to check their
assignments for referencing and citation omission or incorrect paraphrasing.
Knowledge
• Comprehend the processes of statutory financial reporting by incorporated
entities and the role of generally accepted accounting practices
• Be aware of the theoretical underpinnings of the current regime of financial
reporting by incorporated entities and the role of generally accepted accounting
practices
• Understand the strengths and limitations of corporate financial reports as a
source of information
Skills
• Explain the implications of accounting change for financial statement analysis
• Undertake and comprehend mandated corporate accounting procedures
• Analyze and explain the rationale behind particular accounting procedures
Values
• Develop a critical awareness of contentious issues relating to corporate financial
reporting
• Appreciate the importance of judgment and ethical integrity in corporate financial
reporting
Prescribed Text Book
⇒ Accounting; The basis of business decisions
Meigs, William, Haka, Bettner; Latest Edition, Mc-Graw Hill Inc. USA
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5. Financial Accounting Course Description
Reference Books:
1. Warren, Carl, Reeve J. & Duchac, J. (2009) Accounting, 23rd
Edition. Thomson
South-Western Company
2. Fess Philip E; and Carls Warren. (1990) Accounting Principles, 16th
Edition,
South-Western Company
3. Williams, Haka, Bettner, Meigs, (2003) Financial Accounting, 11th
Edition,
McGraw Hill Publishing Co.
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6. Financial Accounting Course Description
6
Week Topics Quiz/Assignme
nt
1 Introduction of the Course Quiz/Assignme
nt
1 Nature of Business, Role of Accounting in Business, Business Ethics,
Importance of Accounting, Users of Accounting
Quiz/Assignme
nt
1 Generally Accepted Accounting Principles, Business Transactions and the
Accounting Equation
Quiz/Assignme
nt
1 Preparation of Financial Statements Quiz/Assignme
nt
2 Usefulness of an Account, Chart of Accounts, Characteristics of an Account
Analyzing and Summarizing Transactions in Accounts, Normal Balances of
Accounts
Quiz/Assignme
nt
2 Illustration of Analyzing and Summarizing Transactions Quiz/Assignme
nt
3 Trial Balance. Discovery and Correction of Errors Quiz/Assignme
nt
3 The Matching Concept: Cash Basis & Accrual Basis of Accounting. Nature of
the Adjusting Process
Quiz/Assignme
nt
4 Recording Adjusting Entries, Summary of Adjustment Process, Adjusted Trial
Balance
Quiz/Assignme
nt
4 Accounting Cycle, Worksheet, Financial Statements Quiz/Assignme
nt
5 Adjusting and Closing Entries, Post-Closing Trial Balance, Fiscal Year,
Reversing Entries
Quiz/Assignme
nt
5 Nature of Merchandising Businesses Quiz/Assignme
nt
6 Year End Tasks. Multiple Step Income Statement, Balance Sheet, Retained
Earning Statement
Quiz/Assignme
nt
6 Accounting for the sale and purchase of merchandise, Accounting for
transportation costs, sales taxes and trade discounts. Illustration of dual
nature of merchandising transactions
Quiz/Assignme
nt
7 Closing and Reversing Entries for a merchandiser. Reversing Entries for
Accrued Liabilities
Quiz/Assignme
nt
7 Mid term Exam Quiz/Assignme
nt
8 Principles of Accounting System. Accounting System, Installation & Revision Quiz/Assignme
nt
8 Subsidiary Ledgers & Special Ledger Quiz/Assignme
nt
8 Controlling Accounts. Accounting for deferrals Quiz/Assignme
nt
9 Cash and Importance of internal control over cash. Cash Change Fund and
Cash Short and Over
Quiz/Assignme
nt
9 Internal control of cash payments Basic feature of Voucher System Quiz/Assignme
nt
10 Nature of bank account. Bank reconciliation. Petty cash fund Quiz/Assignme
nt
10 Classifications of receivable Internal Control of Receivables .Nature and
accounting for uncollectible receivables
Quiz/Assignme
nt
11 Estimating Uncollectible Quiz/Assignme
nt
11 Nature and characteristics of promissory notes. Accounting for notes
receivables
Quiz/Assignme
nt

7. Financial Accounting Course Description
6
Week Topics Quiz/Assignme
nt
1 Introduction of the Course Quiz/Assignme
nt
1 Nature of Business, Role of Accounting in Business, Business Ethics,
Importance of Accounting, Users of Accounting
Quiz/Assignme
nt
1 Generally Accepted Accounting Principles, Business Transactions and the
Accounting Equation
Quiz/Assignme
nt
1 Preparation of Financial Statements Quiz/Assignme
nt
2 Usefulness of an Account, Chart of Accounts, Characteristics of an Account
Analyzing and Summarizing Transactions in Accounts, Normal Balances of
Accounts
Quiz/Assignme
nt
2 Illustration of Analyzing and Summarizing Transactions Quiz/Assignme
nt
3 Trial Balance. Discovery and Correction of Errors Quiz/Assignme
nt
3 The Matching Concept: Cash Basis & Accrual Basis of Accounting. Nature of
the Adjusting Process
Quiz/Assignme
nt
4 Recording Adjusting Entries, Summary of Adjustment Process, Adjusted Trial
Balance
Quiz/Assignme
nt
4 Accounting Cycle, Worksheet, Financial Statements Quiz/Assignme
nt
5 Adjusting and Closing Entries, Post-Closing Trial Balance, Fiscal Year,
Reversing Entries
Quiz/Assignme
nt
5 Nature of Merchandising Businesses Quiz/Assignme
nt
6 Year End Tasks. Multiple Step Income Statement, Balance Sheet, Retained
Earning Statement
Quiz/Assignme
nt
6 Accounting for the sale and purchase of merchandise, Accounting for
transportation costs, sales taxes and trade discounts. Illustration of dual
nature of merchandising transactions
Quiz/Assignme
nt
7 Closing and Reversing Entries for a merchandiser. Reversing Entries for
Accrued Liabilities
Quiz/Assignme
nt
7 Mid term Exam Quiz/Assignme
nt
8 Principles of Accounting System. Accounting System, Installation & Revision Quiz/Assignme
nt
8 Subsidiary Ledgers & Special Ledger Quiz/Assignme
nt
8 Controlling Accounts. Accounting for deferrals Quiz/Assignme
nt
9 Cash and Importance of internal control over cash. Cash Change Fund and
Cash Short and Over
Quiz/Assignme
nt
9 Internal control of cash payments Basic feature of Voucher System Quiz/Assignme
nt
10 Nature of bank account. Bank reconciliation. Petty cash fund Quiz/Assignme
nt
10 Classifications of receivable Internal Control of Receivables .Nature and
accounting for uncollectible receivables
Quiz/Assignme
nt
11 Estimating Uncollectible Quiz/Assignme
nt
11 Nature and characteristics of promissory notes. Accounting for notes
receivables
Quiz/Assignme
nt