Multimedia University

Faculty of Management

BAC1614
FUNDAMENTALS
OF
ACCOUNTING I
(4 credit hours)
PRE-REQUISITE: nil

FINANCIAL

ACCOUNTING/

FINANCIAL

Trimester 2, 2014/2015
OBJECTIVES
1.
2.

To provide basic financial accounting principles, concepts and standards in

accordance to International Financial Reporting Standards (IFRS).
To deliver knowledge on how to integrate basic accounting into accounting
processes up to preparing financial statements (Income statement and Balance
Sheet)

ASSESSMENT
The assessments for this course will be made up as follows:
a. Assignment (individual and group)
c. Mid-trimester examination (Chapter 1-4)
d. Final examination (All Chapters)
Total

20 %
15 %
65 %
100 %

LECTURERS / TUTORS
Dr Mariati Norhashim
Room: FOMBR2023
Tel: 8312-5770
Email: mariati.norhashim@mmu.edu.my

a.

Dr Nik Muhammad Zaki

Assignment

Students are required to form 4-5 member group (from your lecture section ONLY) and
need to submit the list of group members together with the student IDs and the group
name in week 5.
There are 2 assignments.
Assignment 1(individual) (10 %): Each week, five students will present a discussion of a
set of tutorial question related to the chapter under discussion. Please sign up for the
question on Week 5 with your tutor.
Assignment 2 (group) (10%): At the end of Week 12, students will need to submit a set of
mini business plan comprising of
a) Executive Summary
The Executive Summary must communicate to the prospective investor the size and
scope of the market opportunity, the ventures business and profitability model. The
Executive Summary must be compelling, easy-to-read, and no longer than 3 pages.
b) A list of transactions for a year with related amounts as follows
a. Amount invested by owners
b. Amount borrowed from the bank
c. Sales made (cash and credit)
d. Purchases of merchandise, supplies, equipment etc
e. Other expenditures (paid and payable)
f. Repayments of borrowings
g. Payment of dividends (if any)
h. Other transactions applicable
c) Prepare journal entries of the transactions above
d) Prepare the ledger accounts
e) Prepare the financial statements Income statement, Statement of Retained
Earnings, Balance Sheet. Include all relevant notes the the accounts (e.g.
depreciation, provision of bad debts, inventory valuation, etc)
f) Prepare the cash budget.
g) Prepare a set of internal control policies to be put in place within the business
h) Prepare a set of credit policies (customers) to be put in place within the business.

All assignments must be typed on one side of paper with 1.5 line spacing for paragraph
text (Use MS Words or Excel where appropriate). Financial statements should be in
proper format with left alignment for numbers.
Submission deadline is 5 pm, 19 January 2015. Marks will be deducted for late
submission.
Marks will only be given to those whose names and signatures are on the assignment
cover. It is your responsibility to ensure that your name and student ID no. is on it.
Lecturers will NOT accept any appeals. Those whose names do not appear on any
assignments will be automatically assumed to have not submitted the assignment.
NO INDIVIDUAL ASSIGNMENTS WILL BE ACCEPTED

c.

Mid-semester Examination (15%)

Tentatively in Week 10. (Replacement of Christmas class)

There will be four structured questions encompassing topics covered in Lecture 1 to
Lecture 8. All questions must be answered.
d.

Final Examination

There will be
FOUR STRUCTURED QUESTIONS
The exam paper is comprehensive containing applications as well as theory, and students
MUST answer ALL questions.
ALL students are advised to have the required textbook as tutorial questions will be taken
from the back of each chapter of the text. Purchase of the text will be arranged thru the
supplier at appointed times. You are required to submit your order through your class
representative (who will be appointed on the first lecture).
TEXTBOOK
Kimmel,D.P, Weygandt, J.J, and Kieso, E.D. (2013).Financial Accounting. International
Student Version (7th Edition). John Wiley & Sons, Inc. ISBN: 978-1-118-37972-1
The book can be obtained from Mr Amos. His email is amos@acbook.com.my
REFERENCES
Wild, J. J. (2000). Financial Accounting - Information for Decisions. Mcgraw-Hill.
Horngren, T.C., Sundem, L. G. & Elliot, A. J. (2002), Introduction to Financial
Accounting. (8th ed.). Prentice Hall.

TEACHING AND LEARNING ACTIVITIES

Lectures:

One (two-hour) lecture per week

The topics covered in lectures, together with the exercises to discuss in classes, are set
out in the Lecture and Tutorial Schedule below.
Tutorials:

One (one-hour) tutorial per week

A number of questions, exercises, and problems have been set on a weekly basis and are
listed in the columns under Tutorial Assignments. These questions are to be found at
the end of the text chapter. Students are required to prepare those exercises and problems
before attending the tutorial classes. Reminder: The tutor will ask you to present by
rotation the answers in class and submit written answers to any tutorial questions
during the tutorial. You are expected to take note of the correct answers to the questions
discussed in the tutorials as the answers will not be uploaded.

LECTURE & TUTORIAL SCHEDULE

Week
no.

Lecture topics

Lecture
/Readings
Chap.

Tutorial
Questions

1
Introduction to Accounting and Practice

2
Accounting Principles

Chapter 1
Q1,Q3
E1.1, 1.3, 1.15
P1.3A
Chapter 2:

Process of Recording Accounting Process

4
4
Accrual Accounting Concepts

5
5
Accounting for Merchandising Operations

6
6
Inventory Valuation

E2.1, 2.5
P2.1A,2.3A

Chapter 3
Q6, Q10, Q15,
E3.1, E3.2, E3.3,
E3.9,
P3.4A,
P3.3A,
P3.6A

Chapter 4
Q1, 2, 6, 7, 3
E4-3, E4-6, E413, E4-16,
P4-3A, P4-4A,
P4-8A
Chapter 5
Q1,5,7,13, 21,
BE5-3, BE5-4,
BE5-9,
E5-2, E5-6, E5-7,
E5-9,
P5-2A, P5-7A

Chapter 6
Q2,7,17
BE6-1, BE6-2,
BE6-4,
E6-1, E6-2, E6-3
P6-3A, P6-5A,
P6-9A

8
& Handout

Chapter 7
Q3,6,8,9,10,11;
BE7-3, BE7-4,
BE7-6
E7-4, E7-6, E7-7,
E7-10
P7-3A
Chapter 8
Q1,2,8 &11
BE8-1, BE8-2,
BE8-9
E8-3
P8-1A, P8-4A,
P86A

Internal Control and Cash Management

8
Accounting for Receivables
Short Term Investment (lecture only, no tutorials)

9
9
Property, Plant and Equipment

10
Midterm Exam

No tutorials

11
10
Current and Long Term Liabilities

12
13
Financial statement Analysis

13
REVISION

14

Chapter 9
Q8,9,10,11
BE9-2, BE9-5,
BE9-7
E9-1, E9-8, E913, E9-14, E9-19
P9-4A
Chapter 10
Q1, 3, 8, 22, 30
BE10-1,
BE10,10, BE1011
E10-4,
E10-9,
E10-15, E10-18
P10-2A
Chapter 13
Q1,2,7,15,18;
BE13-8, BE13-9,
BE13-10, BE1311;
P13-2A

SELF STUDY