– To equip students with basic concepts of accounting. To explain how Accounting process and accounting cycle results in formation of Financial Statements.
– To introduce different inventory valuation methods to students.
– To establish learning of Financial assets i.e cash and short-term investments To calculate depreciation using different methods.
COURSE LEARNING OUTCOMES (CLO)
CLO: 1. To explain how Accounting process and accounting cycle results in formation of Financial Statements.
CLO: 2. To introduce different inventory valuation methods to students
CLO: 3. To establish learning of Financial assets i.e cash and short-term investments
CLO: 4. CLO:4. To calculate depreciation using different methods
– Definition and types of Business,. Components of Business: Industry and commerce • Importance of SWOT analysis for Business • Forms of Business ownership with advantages, disadvantages and formation of Company KSE Website
– Difference between Public and Private limited Company Importance and Introduction to Financial Statements • Income Statement • Statement of Cash Flows •Balance sheet Components of Financial statements.
– Accounting Equation Concepts with practical examples .
– Practice questions for Chapter 1,2, and 3.
– Formation of Journal , Ledger, Trial Balance Practice questions
– Adjusting entries ( Converting assets into Liabilities) Practice questions
– Converting Liabilities into income Quiz 2
– Accrued income , Accrued expenses
– Closing of Revenue and expense accounts in income summary Cash, Cash Equivalents Original bank statement will be shown
– Bank reconciliation statement Practice question
– Inventory valuation under FIFO, LIFO Quiz 3
– Average cost Method Calculating CGS and Profit under these methods Assignment 3
– Types of Fixed Assets, Nature of Revenue and Capital Expenditures, Calculation of Depreciation under Straight line and Diminishing balance method
– Preparation of Depreciation Schedule of Fixed Assets Practice question
– Dollar & Percentage Changes Trend Percentages
– Component Percentages Ratios