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PRINCIPLES OF FINANCIAL ACCOUNTING ACCT 100 Instructor : Asad A. Alam/Ayesha Bhatti Office No.

: 288 Ext No : 8096 Email : aalam@lums.edu.pk, ayesha.bhatti@lums.edu.pk Office hours: Semester : Fall 2011-12 : Section 1, 2, and 3 (Core ACF) Introduction: Welcome to the world of accounting! This course will review the accounting process leading to the preparation and presentation of financial statements in accordance with Generally Accepted Accounting Principles. An introduction to the fundamentals of financial statement interpretation will also be presented. The main emphasis of this course will be placed on the basic framework of accounting so as to provide the student with an understanding of the fundamental accounting principles and concepts. A heavy reliance will be placed on problem solving and practical analyses to achieve the aforementioned level of understanding. The tools and skills you learn in this course will help you throughout your professional career and your life Course Objective: In this course, my aim is to help you learn the key concepts of Accounting, preparation of financial statements and to enable you to analyze financial statements. Expectations From You: Prepare for each lecture by reading the prescribed material beforehand For practical sessions, please attempt to complete the questions before the session Assignments must be handed in on time If you are experiencing difficulties with the coursespeak with the instructor/ teaching assistants. There is a large amount of material to be covered in the course, so keep up to date with your work. It will be very difficult to catch up later. What You Can Expect From Us: We are here to help you learn and progress. We will help you gain

an understanding of the key concepts and facilitate your learning Your assignments, quizzes and mid term exam will be marked and discussed with you The instructor, Asad A. Alam/Ayesha Bhatti, and his teaching assistants will be available to help you at specified times. Teaching assistants will generally be your first point of contact. You are required to make an appointment before hand. We will be happy to arrange special tutorial sessions by request, if you are having difficulty in grasping concepts or understanding certain aspects of the course. We look forward to sharing our experience with you to enhance your learning and understanding of the course.

Recommended Readings: Text Book: Principal Of Financial Accounting Larson Wild and Chiappetta 17th Edition. Teaching Methodology: Lecture method shall be the primary mode of teaching, Practice sessions, may be used to make concepts clear, as and when deemed necessary evaluation methodology shall include quizzes, assignments, mid-term and final examinations Grading: The following weight-age will be used for grading purposes. Assignments Quizzes (announced and unannounced) Class Attendance & participation Mid-term Final Exam 15% 25% 10% 20% 30%

Please note that no quiz will be dropped. Under extenuating circumstances, for a missed quiz, the mean of the class in the missed quiz or the mean of the students other quizzes, whichever is lower will be posted for only one missed quiz.

Students with less than 50% marks overall, will receive an F grade. However, this will not affect grades of other students. The remaining students will be awarded grades they would be otherwise entitled to. If you miss more than seven (7) classes, you will automatically get an F grade in the course. I expect you to be punctual and be in your seat before the class starts. Late walk-in will be counted as a nonattendance and will lower your attendance grade. Week Session Topic 1 1 2 3 2 4 5 3 6 7 4 8 9 5 10 11 6 12 13 7 14 Accounting for Receivables Accounting for Receivables Plant Assets, Natural Resources and Intangibles Chapter 9 Chapter 9 Chapter 10 Inventories and Cost of Sales Cash and Internal Controls Chapter 6 Chapter 8 Adjusting Accounts and Preparing Financial Statements Adjusting Accounts and Preparing Financial Statements Completing the Accounting Cycle Accounting for Merchandising Operations Accounting for Merchandising Operations Inventories and Cost of Sales Chapter 3 Chapter 3 Chapter 4 Chapter 5 Chapter 5 Chapter 6 Introduction to Accounting, Purpose of Accounting, Financial Statements. Analyzing and Recording Transactions Analyzing and Recording Transactions Chapter in the book Chapter 1 Chapter 2 Chapter 2

15 8 16 17 9 18 19 10 20 21 11 22 23 12 24 25 13 26 27 14 28

Plant Assets, Natural Resources and Intangibles Mid-Term Current Liabilities Long-Term Liabilities Long-Term Liabilities Accounting for Corporations Accounting for Corporations Statement of Cash Flows Statement of Cash Flows Statement of Cash Flows Analysis of Financial Statements Analysis of Financial Statements Analysis of Financial Statements Review

Chapter 10

Chapter 11 Chapter 14 Chapter 14 Chapter 13 Chapter 13 Chapter 16 Chapter 16 Chapter 16 Chapter 17 Chapter 17 Chapter 17