Superior Universitysugrw.weebly.com/uploads/3/3/0/0/3300883/financial... · •To develop understanding how ledger is prepared and transaction are transfer from journal to ledger

Lesson Plan Guideline

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Superior University

Financial Accounting (MBA)Module Handbook


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TABLE OF CONTENTS

Sr. No Contents Page #

1. Course delivery arrangement 32. Course instructors 33. Course introduction 44. Course aims 45. Course coverage 56. Student gain 77. Teaching and learning methodologies 8

7.1. Lectures 87.2. Case studies 87.3. Class activities 87.4. Presentations 8

8. Assessments 88.1. Quizzes 88.2. Exam Papers 98.3. Assignments and projects 9

i. Weekly assignments 9ii. Final-Term project 15

9. Lecture plan 1810. Grading of course 2111. Academic and disciplinary policies 21

11.1. Late submissions 2111.2. Absenteeism 2111.3. Scholastic honesty 2111.4. Plagiarism 2211.5. Cover sheet 22

12. Class rules and regulations 2213. Assessment GPA and percentages 2314. Appendixes 25

i. Sample paper 25


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1. Course Delivery Arrangements

Course Financial Accounting

Credit Hours 3

Lecture Duration 3 Hours Per week

Semester Duration 15 weeks

2. Course Instructors

Module Leader 1. Mr. Saeed Ahmad Sabir

Module Tutors

2. Mr. Malik Javed Anwar

3. Mr. Nawaz Butt

4. Mr. Kamran Ali

5. Mr. Muahmmad Yasir

Contact Information

1- [email protected]






Room and Building Accounting and Economic faculty room

Consultation Hours11:00 am to 12:30 pm

02:00 pm to 03:00 pm

mailto:[email protected]







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3. Course Introduction

This course basically deals with the fundamentals of Financial Accounting. The Students are

expected to learn an understanding of accounting concepts, principles, procedures and

systems for preparation of financial statements, computer-based accounting applications,

accounting treatments of current assets and liabilities, tangible and intangible assets. Students

should be able to prepare financial statements of the company according the requirement of

company’s ordinance 1984.

4. Course Aims

To provide the students with:

• An applied knowledge of accounting principles, concepts and skills of accounting,

and preparing financial statements manually and through computer.

• An understanding about accounting and its basic terminologies, so to make them

ready to learn a complete accounting cycle

• Understanding about double entry system and rules of debit & credit for elements of

Accounting.

• Understanding about journal and how transactions are recorded in journal.

Program: MBA

Semester: 1st Session: 2013-2016

Pre Requisites: Nil

Follow Up: Managerial Accounting

Text Books

1- Financial Accounting by PROF. Dr. CH. ABDUL REHMAN

2- Financial Accounting by Meigs & Meigs 11th edition

3- Business Accounting by Frank Wood


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• To develop understanding how ledger is prepared and transaction are transfer from

journal to ledger.

• Understand the trial balance & how the ledgers balances transfer in trial balances.

• Understanding the Banking transactions and recording of banking transactions.

• To enable about banker’s and customer relationship and its accounting interpretation

through cash book, pass book and bank reconciliation statement.

• An applied knowledge of the financial statements of service, trading and non-profit

making concerns so that better understanding of manufacturing organizations

financial statements can be made that will be taught in managerial accounting.

4- Course Contents:

Topics include:

a) Introduction of Financial Accounting & Basic Terms of Accounting

b) Accounting Concepts and Principles

c) Journal

d) Ledger

e) Trail Balance

f) Financial Statements, Completion of Accounting Cycle

g) Banking Transactions & Bank Reconciliation Statement

h) Work sheet

i) Financial Statements of service organizations.

j) Accounting treatment of non-profit making organizations.

k) Cash flow Statement

l) Introduction of Computerized Accounting.


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RELATIONAL DIAGRAM OF MAIN CAPABILITIES

The context andpurposeOf financial Accounting

Financial informationand the fundamentalbases of Accounting.

The use of double-entry andaccounting systemsRecording the transaction in Journal

Classification in Ledger

Preparing a trial balance

Preparing basic financial statements


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5. Students Gain

ClassificationTeaching and learning

methodologyAssessment

Knowledge and ComprehensionAt the end of this module, successful

students will be able to understand and

comprehend:

• The Book-keeping and terminology

of accounting.

• Analysis of the business

transactions with respect to rules of

debit & credit, journalize the

business transactions

and post them into the ledgers and

preparation of trial balance.

• Preparation of financial statement

of profit making and non-profit

making organizations.

• Prepare bank and cash accounts,

bank reconciliation statements and

petty cash statements.

Students gain knowledge

and understanding

through lectures and self-

directed study. Specific

case studies and class

activities will be used to

enhance their

understanding of the

concepts. Comprehension

will be improved through

various topic related

practical problems.

Students’ knowledge and

understanding will be

assessed through: quizzes,

class assignments of

varying lengths, final term

project and exam paper.

Application and SkillsAt the end of this module, thesuccessful students will be able to:• To design different types of

documents, reports and data flow

diagram. Like “Receipt Vouchers,

payment Vouchers.

• To prepare Books of Accounts like

Journal, Ledger and Trail balance.

Class activities, practical

problems and home

assignments will help

students in strengthening their

communication skills and

applying those skills to achieve

various academic endeavors

Students’ practical skills will be

assessed by: practical questions;

presentations; class assignments

and through final term project.


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• To prepare basic financial

statements: Income statement,

Balance Sheet of trading, service &

Non-profit Making organizations.

• To reconcile the bank statement.

Analysis and Synthesis

At the end of this module, the successfulstudents will be able to:• To assess various problems facing by the

business in preparing books of Accounts.

• To analyze the different financial

statements (Income Statement & Balance

Sheet of trading, service & Non-profit

Making organizations) and data flow of

accounts.

Students will learn

summarizing and synthesizing

skills through participating in

lectures discussions and self-

directed study. Analytical skills

will be learnt through class

assignments and projects.

Students’ analysis and synthesisskills will be assessed by:assignments, projects; critical.

6. Teaching and Learning Methodology6.1 Lectures:Interactive lectures will introduce the concepts, theories and application of the subject.Students will be asked questions and are expected to discuss material from previousweeks. Students would be free to ask any question related to the subject matter duringand after lectures.6.2 Class activities

Different types of activities will be used in the class not only to enhance students’ learning

but also to stimulate their interest towards the practical application of the topic/s. Class

activities include: individual and group discussions, reading and analysis based activities,

extempore presentations, role playing, etc.


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6.3 Presentation:

Formal and informal presentations will be conducted in class to allow students to gain

constructive feedback from their course instructors and peers regarding their assignments

and projects. This is also the way through which students can demonstrate and improve

presentation skills.

7. Assessments

7.1 QuizzesTo ensure the increased learning and memorization of lectures by the students the

scheduled and unscheduled class quizzes will be carried out.

7.2 Exam PapersMid and final term exams will be conducted in order to evaluate the students learning and

their understanding of the concepts. Exam paper will help in assessing the knowledge,

comprehension, analytical and synthesis skills of students (sample papers are attached in

annexure b). The detail of the content coverage in each term paper is discussed below:

Content coverage WeightageMid-Term Paper

Objective SubjectiveIntroduction & Basic terms of

Accounting

02 marks

Journal, Ledger & Trail Balance 02 marks 25 marks

Cash book & Bank reconciliation

Statement

2 marks 20 marks

Banking transactions 2marks 20 marks

Financial Statements 2marks 25 marks

Total 10 marks 90 marksBrief description of Objective and Subjective parts:Objective part of the paper may contain all or any of the components given below:T/F, MCQ’s, Short Questions, Labeling Diagram, Matching columns, Short Scenarios.Subjective part of the paper may contain:Detailed questions, Case study

Final-Term PaperObjective Subjective

Financial Statements with adjustments 02 marks 20 marks


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Work Sheet 02 marks 15 marksFinancial Statements of services organizations 02 marks 20 marksAccounting treatment for non-profit makingorganizations

02 marks 15 marks

Cash flow statements and Statement ofretained earning

02 marks 20 marks

Total 10 marks 90 marksBrief description of Objective and Subjective parts:Objective part of the paper may contain all or any of the components given below:T/F, MCQ’s, Short Questions, Labeling Diagram, Matching columns, Short Scenarios.Subjective part of the paper may contain:Detailed questions

7.3 Assignments and projects

Pre mid Assignment:

Register your company’s Report and discussion on the chart of Accounts on a particularcompany.

Guide lines for Assignment:

• This assignment will be group based & group consists on 2-3 members.• Register your company with your course instructor• The Annual Report of your company should be obtained from the Lahore

Stock Exchange or can be downloaded from the Company Website. .• See the Expenses & Incomes of the company from income statement and

Assets and liabilities from the Balance Sheet of the company.• See Notes to the Accounts of the heads of income statement & Balance sheet.• Explain each item that include in income statement, balance sheet and notes to

the accounts.Guide line for viva:

• Viva consist on six questions;• Three questions from the Heads of Income Statement• Three questions from the Heads of Balance Sheet• Each Question Consist of 10 Marks

Content of Report: Company Profile Heads of Accounts Explanation of Heads of Accounts


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i. Final Term Project

1. Project Title Study of Financial Statements of Business concern and Non-business

concerns.

2. ProjectDescription

Task 1. Students are required to prepare an Accounting cycle with the help of data provided byinstructor in class.Task 2. Students are required to Get an annual Report of company by each group andregistered to their course instructor they have to study the complete annual report specially cashflow statement they have to identify and calculate the each item of cash flow statement with thehelp of other statements and notes to accounts.Task 3. Students are required to prepare a report on the Fund Generation and UtilizationProcess of a non trading concern by Visiting a Non Trading Concern

3. LearningOutcomes (LO)

Students Will be Able to :1. Pass the journal entry with the help of voucher and post them into the ledgersand the balances are transferred into the trial balance.2. Prepare the Income statement and balance sheet with the help of trial balance.3. Calculation of cash flow statement with the help of notes to accounts and otherfinancial statements.4. Explain the Structure of Non Trading Concerns5. Find out the main sources of funds generation6. What are the Main Heads of Expenditures of Non Profit Organizations7. Analyze the income statement, balance sheet , cash flow statement & income andexpenditures & There application in financial statements4. Time Duration 2 Weeks5. Size of team 3 Members in each group consisting of:1. One student will be of having CGPA ranging from 3 to 42. Second student will be of having CGPA ranging from 2 to 3

3. Third student will be of having CGPA ranging from 1 to 26. Description of Tasks Timeline LO EvidenceIn the pre-stage of the project, students will be given a week to form their groups, select business of their choice and get it approved fromthe course instructor.6.1 General Concepts and PrinciplesGet the Annual Report of your selected company form stock Exchange orthrough company’s website, Collect Complete Information of company itsOrganizational Structure including working of its Accounts Department

4 Days LO 1Report andpresentation

6.2 Data Collection (voucher of transactions, Sources of funds generationHeads of Expenditures Deficit Management)

4 DaysLO 2 , LO 3,

LO 4Report, presentation

6.3 Application of Accounting Rules in analyzing the Incomestatement, balance sheet , cash flow statement and Income &expenditure account )

6 DaysLO 5 , LO 6,

LO 7Report, presentation,

7. Evaluation Criteria and Rubrics

Learning outcomes Grading descriptors

LO 1: Explain the financialstatement of the company Grading range (1- 10)Description

1 – Poor (Explanation of the financial statement was very little understand by Group andit was not properly Present as well)

5 – Satisfactory(Explanation of the financial statements was quietly understand by Groupand it was not properly Present as well)


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10 – Excellent (Explanation of the financial statements was nicely understand by Groupand it was not properly Present as well)

LO 2: Find out the profit orloss of the business with thehelp of Income statement,financial position of thebusiness with the help ofbalance sheet.Grading range (1- 10)Description1 – Poor (Understanding of the Income statement and balance sheet was very little)

5 – Satisfactory (Understanding of the Income statement and balance sheet was quitegood)

10– Excellent(Understanding of the Income statement and balance sheet was very good)LO 3: student will be able toidentify the each item of cashflow statement..

Grading range (1- 10)Description

1 – Poor (Understanding of the indentifying the each item of cash flow statement was Notgood.)

5 – Satisfactory (Understanding of the indentifying the each item of cash flow statementwas quite good )

10 – Excellent (Understanding of the indentifying the each item of cash flow statementwas very good )

LO 4: Explain the Structure ofNon Trading Concerns Grading range (1- 10)Description

1 – Poor (Explanation of the structure of Non Profit Organization was very littleunderstand by Group and it was not properly Present as well)

5 – Satisfactory(Explanation of the structure of Non Profit Organization was quietlyunderstand by Group and it was not properly Present as well)

10 – Excellent (Explanation of the structure of Non Profit Organization was nicelyunderstand by Group and it was not properly Present as well)

LO 5: Find out the mainsources of funds generation Grading range (1- 10)Description1 – Poor (Understanding of the Funds generation of nonprofit making organization wasvery little)

5 – Satisfactory (Understanding of the Funds generation of nonprofit makingorganization was quite good)

10– Excellent(Understanding of the Funds generation of nonprofit making organizationwas very good)

LO 6: What are the MainHeads of Expenditures of NonProfit Organizations.


1 – Poor (Understanding of the main head of expenditures of Non Profit MakingOrganizations was not Good.)

5 – Satisfactory (Understanding of the main head of expenditures of Non Profit MakingOrganizations was quite Good.)

10 – Excellent (Understanding of the main head of expenditures of Non Profit MakingOrganizations was very Good.)


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LO 7: Analyze the Financialstatement (income statement &Balance sheet) and Income &expenditure account


1 – Poor (Capability of analysis of Income statement, balance sheet & income &expenditure account was not good.)

5 – Satisfactory (Capability of analysis of Income statement, balance sheet & income &expenditure account was quite good)

10 – Excellent (Capability of analysis of Income statement, balance sheet & income &expenditure account was very good)

Total marks 307. Evaluation criteria of

participation in theproject

No Contribution Acceptable Excellent

(0) (2) (3)

DescriptionNo contribution – (The individual has not provided any help in completing theassignment and has not performed his assigned roles)Acceptable – (The individual has participated in the project and has tried to perform hisassigned role to some extent)Excellent –(The individual has fully participated in the project, has performed his/herassigned task very diligently and has contributed quality work in the project)Note: The failure to contribute in the project will result in the failure to get anymarks in the project as well.

8. Project submission

Guidelines

When to submit: The project is to be submit on (___/___/____) till 04:00 pm. Thecourse instructor may also provide details of policies related to time extension and latesubmissions.

How to submit: The faculty specific assignment cover sheet (available at universitybookshop) is to be completed and attached in front of the final project. The project is tobe submitted in both hard and soft forms i.e. CD consisting of: word document of finalreport, other relevant material that has been used in the report etc. is to be submittedalong with the hard binding copy of the project. In case of extension required, the grouphas to submit an application to the program manager. The decision to grant timeextension will be subject to the nature of the case/application filed. In case of timeextension, the assignment is to be submitted at students office on the given time and datesanctioned in the application along with the photocopy of the application.

In case of late submission, the policy defined in section 11.1 of the course outline will beapplicable.

Where to submit: The project has to be submit at students’ office on the time and dateprovided above

9. SpecialInstructions/otherinformation if any

You May Consult Following Websites for Further Guidelines and Material Requirement.

www.iasb.comwww.accountingcoach.comhttp://www.fasb.org/http://www.luca.comwww.businessweek.comwww.ac.com

www.iasb.com

www.accountingcoach.com

http://www.fasb.org/

http://www.luca.com

www.businessweek.com


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Each member has to appear in the presentation of the project. The failure to do so will

affect the evaluation of the total marks.

a. Before carrying out the project, make sure that you clearly understandeach learning outcome, the evaluation criteria of each learning outcomeand the link of LOs to different tasks. Before submitting your project,carefully check that whether you have covered every aspect of theproject requirement in your project.

b. Use latest references and facts and figures, diagrams, tables etc. Todevelop your report.

www.ac.com


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Session Topics Session ObjectiveIntroduction of Financial Accounting Lecture Break up

Week 1

• Need and importance ofaccounting

• Book-keeping and accounting• Branches of accounting• Important accounting terms• Transaction, purchases, sales,

discount, drawings, bad debts,depreciation, Assets, liabilities,expenses, income, capital etc.

After attending this session, the studentswill be able to have clear understandingabout the accounting, book-keeping&terminology of Accounting.

Ice breaking session 20 min

Module discussion 20 minDefine accounting and importanceof accounting & book-keeping anddifference between accountingand book-keeping.

45 min

Break 15 min

Class Activity: Ice breaking session and discussion on module Define different businessterminologies.

45 min

Assignment no. 1 Revision and Assignmentdiscussion

35 min

Accounting Concepts & Principles of accounting cycle IAS & GAAP

Week 2

• Materiality, going concern,accounting period, accrual andcash basis,

• Prudence and conservatism• International accounting

standards, Generally acceptedaccounting principles

After attending this session, the studentswill be able to understand the accountingprinciples.

Attendance and Review ofprevious session

20 min

Accounting concepts & principles,International Accounting standardand Generally accepted accountingprinciples.

80 min

Break 15 minQuiz of previous lecture 30 min

Class Activity: Case study discussion on deductive and inductive approach Revision and Assignmentdiscussion

35 minAssignment no. 2

Analysis of Business Transaction and Rules of Debit & Credit

Week 3

• Analysis of transactions• Kinds of accounts• Accounting cycles• Rules of debit and credit• Practical problems regarding

analysis of transactions

This session will provide an understandingof the value of the analysing thetransactions and rules of Debit &Credit.


20 min

Analysis of transactions, What isaccount and kinds of accounts?Accounting cycles analysis oftransactions with respect of rulesof debit & credit.

80 min

Break 10 minPractical problems. 55 minAssignment discussion 15 min

Class Activity: Different practical problems

8. Lecture Plan


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Recording of transactions (Journal)Posting in Ledgers &Preparation of Trial Balance

Week 4

• Journal entries• Introduction, journal specimen,• simple journal entry, compound

entry• Narration• What is ledger• Forms of ledger accounts• Posting procedures• Balancing in ledgers

Method of preparing trial balance

After this session, students will learn about:Understanding the journal and record thetransaction in journal post them into ledger &Trail Balance


20 min

Define basic terms of journal,ledger and trail balance

40 min

Practical problems relatedtopic

90 min

Class Activity: Give a copy of the journal of any company to students. Students read that copyand after that prepare journal, ledger & trail balance from the transactions that make in previoussession.

Assignment no. 4 Revision & Assignmentdiscussion

30 min

Banking transactions adjusted trail balance with banking transactions

Week 5

• Bank & types of Bank account• Deposits and withdrawals and

their accounting treatmentTrail balance with bankingtransaction

Understanding the Banking transactions andrecording of banking transactions.

Attendance 05 minQuiz 30 minRevision of previous lectures 10 minDefining bank and varioustypes bank accounts,relationship between bankand customer

50 min

Break 15 minPractical problems 60 min

Class Activity: practical problems related with banking transactionsAssignment No 5 Assignment discussion 20 min

Financial Statements (Income Statement, Balance Sheet) without adjustments

Week 6

• Introduction to financialstatements

• Difference between incomestatement and trading andprofit and loss account

• Classification of assets&Liabilities in balance sheet

• Marshalling

Understanding about Income Statement, BalanceSheet & preparation of Financial Statements.

Attendance 05 minRevision of previous lectures 15 minWhat are financialstatements, its needs andimportance? Types of financialstatements. Balance sheet andformat of balance sheet andincome statement

60 min

Practical problems 100 min


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Cash Book & Bank reconciliation statement (With practical Approach)

Week 7

• Introduction of cash book• Distinction between cash account

and cash book• Single column, double column,

three column• Bank reconciliation statement• Discrepancies arises between

pass book and cash book• Un-presented cheques• Un-credited cheques

Understanding about cash book and preparationof different types of Cash books, reasons ofbalance disagreement of cash book and pass bookand preparation of Bank Reconciliation Statement

Attendance and Revision ofprevious lectures

25 min

Cash book, types of cash bookbank statement, and howreconcile the balances.

40 min

Practical questions 100 min

Assignment no. 6 Assignment discussion 15 minWeek 8 Mid TermFinancial Statements with Adjustment

Week 9

• Accrual basis accounting andimportance of adjustment

• Adjustments regarding expensesand incomes ( Outstandingexpenses , Prepaid expenses ,Accrued income, Advanceincome , Depreciation)

• Effects of adjustments onfinancial statements

• Necessity for provision fordoubtful debt

• Discussion on problems andsolutions

Understanding of different type of adjustments &effect of adjustments on Income Statement &balance sheet

Attendance and revision ofprevious lectures

25 min

Introduction of adjustmentsand effect of theseadjustments in Incomestatement. Journalize theadjusting entries and closingentries

75 min

Break 10 min

Practical problems 70 min

Class Activity:Work sheet

Week 10

• What is work sheet• Method of preparing work

sheet• Adjustments in work sheet• Practical problems and

solutions

Students will be able to prepare the 10 columnwork sheet with adjustments.

Attendance and revision ofprevious lectures

30 min

Work sheet and format ofwork sheet & why it isprepare?

80 min

Break 20 min

Practical problem 40 min

Class Activity: Practical problems Assignment discussion 10 minTake home assignment: Reading sample research proposal


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Financial Statements of service organizations

Week 11

• Introduction of service organizations• Income Statement of service

organizations• Balance Sheet service organizations

Understand the Accounting treatment inservice organization& able to preparefinancial statements.

Attendance and revision ofprevious session

25 min

Quiz 35 minIntroduction of servicesorganizations, incomestatement & balance sheet

30min


Class Activity: Quiz and practical problems Assignment discussion 20 minAccounting treatment of Non-Profit making organizations

Week 12

• Introduction of Non-Profit makingorganizations

• Income & Expenditure account of Non-Profit making organizations

• Balance Sheet Non-Profit makingorganizations.

• Adjustments of non-profit organizations

Understand the Accounting treatment inNon-Trading organization & able toprepare financial statements of Non-Trading.


20 min

Quiz 30 minIntroduction about Non-tradingconcern, major source of incomeand some important terms andadjustment of non-trading concern

50 min

Break 20 minClass Activity: Show the statements of non-profit making organization on multimedia Practical problems 60min

Cash flow statement

Week 13

• Introduction to cash flow statement• Interested parties• Format of statement• Cash flow from operating Activities.• Cash flow from investing Activities.• Cash flow from financing Activities.

Introduction & preparation of Cash flowstatement.Need & importance of cash flowstatement.


20 min

Quiz 30 minIntroduction about cash flowstatement, need and importance ofcash flow statement , format ofcash flow statement

50 min


Cash flow statement & Statement of retained Earning

Week 14

• Practical question of cash flow statement.• Introduction of Statement of retained

Earning.• Method of preparation of Statement of

retained Earning.• Practical question of statement of retained

Earning

Understanding the need of statement ofretained earning & preparation ofStatement of retained Earning

Attendance & revision ofprevious session

30 min

Introduction about retainedearnings statement

30 min

Practical problems 70 minDiscussion on final project 50 min


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Week 15 Computerized Accounting

Understand the difference betweenmanual and computerized accounting.Complete overview of accountingsoftware.Student will be to understand accounttypes.Student will be to understand chart ofaccounts.

Attendance 10 min

Introduction aboutcomputerized accounting, needand importance ofcomputerized accounting

50 min

Difference between manual andcomputerized accounting

30min

Break 20 min

Account types and chart ofaccounts

70 min


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Grading of course

Sr.# Contents WeightagePre-Mid Assessment1 Weekly assignments 7%2 Quizzes 3%3 Mid Term Exam 20%Post-Mid Assessment7 Quizzes 5%8 Weekly assignments 5%9 Final project 20%10 Presentation of final project 0%11 Final Term Exam 40%Overall Percentage 100%

8. Academic & Disciplinary Policies

11.1 Late Submission:According to the University policy, an assignment submitted after the due date, without an

approved extension, will be penalised at the rate of 20% deduction of the possible

maximum marks of the assessment item. This policy is applicable till the next working day

after due date and time of assignment. Assignments submitted after this will be awarded

zero marks.

11.2 Absenteeism:Late coming and shortage in attendance i.e. 3 continual absents from class, ensure that

students will be struck off from the relevant subject. It is not acceptable for you to disturb

the class by entering late. If you are unavoidably late, then please wait outside until the

lecturer indicates you may come in.

11.3 Scholastic Honesty:

Superior University expects each student to do his/her own work. The University has "zero

tolerance" for cheating, plagiarism, unauthorised collaboration on assignments and papers,

using "notes" during exams, submitting someone else's work as one's own, submitting work

previously submitted for another course, or facilitating acts of academic dishonesty by

others. The penalties are severe!


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11.4 Plagiarism

University policy prohibits students plagiarising, collusion, copying and ghost writing any

material under any circumstances. A student plagiarises if he or she presents the thoughts

or works of another as one’s own. This definition may include:

• Using another’s ideas without due acknowledgement;

• Working with others without permission and presenting the resulting work as

though it was completed independently.

• Aiding another student to plagiarise is also a violation of the plagiarism Policy

and may invoke a penalty.

11.5. Cover Sheets for Assessment:

A Faculty Specific Assignment Cover Sheet (available at university bookshop) is to be

completed and attached to each assessment item to be submitted.

9. Class Rules and Regulations• All mobile phones must remain switched off (not kept on silent / vibration mode) for

the entire duration of a class. Any breach of this rule will lead to immediate

confiscation of the phone, which will only be returned after the semester is over.

• No food, drinks, bubble gum or beetle-nut will be allowed inside the classroom.

• In order to maintain the sanctity and decorum on the University Campus, all male

and female students are required to be dressed in a decent and appropriate

manner. Please note carefully that under no circumstances you will be allowed to

attend classes in a casual and shabby getup, for example, dirty and unironed clothes.

The University shall take a particularly stern view of any kind of immodest and

revealing clothes, such as shalwar-qameez with long slits, shirts with low necklines,

skirts and tight or torn jeans. Male students may wear shalwar-qameez with waist-

coat and sandals with straps.

• Cheating, plagiarism, offensive language and disruptive behaviour will be addressed

according to policies for academic misconduct mentioned in the Students’

Handbook.

• A student must have maximum participation in class lecture and activities. He/she

should think critically to make effective arguments during the class.


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• Give respect to your class mates in terms of their opinions and arguments. A student

is encouraged to make opposing argument but maintain class decorum cannot be

ignored.

• A 15-minute break will be given. Any student coming late or returning late after the

break will be considered absent for that day.

• In case of cancellation / makeup of a class you shall be notified through the program

manager or class coordinator.

• If you fail to attend at least 90% of the sessions you will receive an F grade for the

module

10. Assessment GPA and Percentages

(80-100%) This is an outstanding standard indicating comprehensive knowledge and

understanding of the relevant materials; demonstration of an outstanding level of

academic ability; mastery of skills (as identified in the assessment task); and

achievement of all assessment objectives.

(70-79%) This is an excellent standard indicating a very high level of knowledge and

understanding of the relevant materials; demonstration of a very high level of

academic ability; sound development of skills (as identified in the assessment task);

and achievement of all assessment objectives.

(60-69%) This is a very good standard indicating a high level of knowledge and understanding

of the relevant materials; demonstration of a high level of academic ability;

reasonable development of skills (as identified in the assessment task); and

achievement of all assessment objectives.

(50-59%) This is a satisfactory standard indicating an adequate knowledge and understanding

of the relevant materials; demonstration of an adequate level of academic ability;

satisfactory development of skills (as identified in the assessment task); and

achievement of most assessment objectives.

Fail (less than 50%)

This is an unsatisfactory standard indicating an inadequate knowledge and

understanding of the relevant materials; insufficient evidence of academic


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ability; failure to develop skills (as identified in the assessment task); and

failure to achieve assessment objectives.


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Name: ____________

Roll No: ___________

Time Allowed: 10 min.

SECTION I

Q.1: chose the correct option from the following options. (10*1=10)

1- According to which concept, revenue should be recognized at the time when goods

are sold or services are rendered.

a) Realization concept b) Dual Aspect concept

c) Matching concept d)None of theses

2- The amount invested by owner to start the business or expand the existing business.

a) Capital b) Drawings

c)Both a & b d) None of these

3- Unsold goods are ready for sale is called?

a) Sales b)Stock

c)Purchases d) None of these

4- An entry in which more than one account is debited or more than one account is

credited is called?

a) Simple entry b) An entry

c)Both a & b d) None of these

5- The king of all the books is called?

FINANCIAL ACCOUNTINGMID TERM EXAM

SAMPLE PAPER(OBJECTIVE PART)

Total Marks: 10Department: MS Obtained Marks: ----------------Course Instructor:_______Course Instructor: Saeed Ahmad

Obtained

Instructions:1. All questions are to be attempted on the paper and returned to the

invigilator within 10 minutes after you have received the question paper.

2. Any cuttings or overwriting in answering the questions will not be

accepted and no marks will be given even if the answer is correct.


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a) Ledger b) Trial balance

b) Journal d) None of these

6- Copy rights is called_____________

a) Tangible asset b) Intangible asset

c) Current asset d) None of these

7- Accrued income is an_____________

a) Asset b) Expense

c) Liability d) None of these

8- Unearned income is an_____________

a) Asset b) Expense


9- Stationary is an example of _____________

a) Consumable asset b) Expense

c) Asset d) None of these

10- Wages is an example of _____________

b) Direct expense b) Indirect expense



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Name ______________

Roll No_____________

Time : 1 hours 30 min.

Total marks: 90

Attempt All questions.Question No. 1: Pass the journal entries of the following transactions and post them inthe various ledgers and also show the trial balance. (25Marks)

1- Mr. Usman started business with cash Rs. 500,000.

2- He purchase goods for cash Rs. 100,000

3- He purchase building for cash Rs. 200,000

4- Sold good to cash for Rs. 50,000

5- Paid salaries Rs. 5,000

Question No. 2: From the following particulars write up a Three Column Cash Book ofMr. Naeem. (20Marks)

2005 RsMay 1: Cash in hand 40,000

May 1: Cash at Bank 30,000

May 3: Goods sold for cash 9,000

May 5: Goods bought for cash 18,000

May 8: Received a cheque from M. Farooq for Rs. 19,300 in full settlement of his dues Rs.

19,600 and deposited into the bank.

May 11: Paid to Zulfiqar Cash Rs. 10,000 and a cheque for Rs. 9,400 in full settlement of his

dues Rs. 20,000.

May 15: Cash received from M. KaleemRs. 9,800 in full settlement of his dues Rs. 10,000.

FINANCIAL ACCOUNTINGMID TERM EXAM

SAMPLE PAPER(SUBJECTIVE PART)

Department: MSCourse Instructor: Total Marks:90

Instructions:1. The subjective part is to be submitted within 1hours30 min, extra time

will not be given.

2. Neat handwriting, use of margins and marker for headlines will increase

the outlook/presentation of your paper


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May 17: Paid cash to Adnan Rs. 3,900 in full clearance of his dues Rs. 4,000.

Question No. 3: The following Trial Balance is taken out from the books of Rashid&Sons as on 31st December, 2010. (30 Marks)

Rs. Rs.PARTICULARS Dr. Cr.Plant & Machinery 100000Opening Stock 60000Purchases 160000Building 170000Freight inward 3400Carriage outward 5000Wages 32000Accounts Receivable 100000Salaries 24000Furniture 36000Commission 12000Discount on sales 1900Advertisement 5000Bad debts 1800Drawings 10000Bills Receivable 50000Insurance 4400Bank Balances 20000Sales 480000Interest received 2000Sundry Creditors 40000Bank loan 100000Discount on Purchases 2000Capital 171500

795500 795500

Requirement:

Prepare Income Statement of the business for the year ended 31.12.2010 and a BalanceSheet as at that date: Closing stock is valued at Rs. 90000.


30

Name: ___________

Roll No: _________

Time Allowed: 10 min.

SECTION IQuestion # 1: chose the correct option from the following options. (10*1=10)

1- How many financial statements are prepared according to (IAS).

(a) 1 (b) 2

(c) 3 (d) None of these

2- Which International Accounting Standard used for the preparation of Cash

flow Statement.

(a)IAS 1 (b) IAS 3

(c) IAS 5 (d) IAS 7

3- How many activities involve in Cash Flow Statement.

(a) 1 (b) 2

(c)3 (d) None of these

4- When a transaction is completely omitted to be recorded it is called:

(a) Error of commission (b) Error of omission

(c) Error of principle (d) Error of posting

5- Salaries Rs. 5,100 wrongly posted to salaries account as Rs. 1,500 is an example of:(a) Error of principle (b) Error of posting

(c) Error of commission (d) Compensating error

FINANCIAL ACCOUNTINGFINAL TERM EXAM

SAMPLE PAPER(OBJECTIVE PART)

Total Marks: 10Department: MS Obtained Marks: ----------------Course Instructor:_______Course Instructor: Saeed Ahmad

Obtained

Instructions:1. All questions are to be attempted on the paper and returned to the

invigilator within 10 minutes after you have received the question paper.

2. Any cuttings or overwriting in answering the questions will not be

accepted and no marks will be given even if the answer is correct.


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6- Any difference in trial balance is transferred to:

(a) Profit and loss account (b)Sales account(c) Suspense account (d)Trading account

7- Profit and loss account shows the:(a) Total capital employed (b)Profit and loss through

sale of assets(c) Profit earned by business (d) None of these

8- Revenue earned from other than routine activities is called:(a) General Revenue (b)Direct Revenue

(c) Indirect Revenue (d)None of these

9- Wages is an example of.

(a) Direct Expense (b) Indirect Expense

(c) Both a & b (d) None of these

10- Commission received in advance is an example of:

(a) Prepaid expenses (b) Unearned Income

(c) Both a & b (d) None of these


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Name ______________

Roll No_____________

Time Allowed: 2 hrs. 30 min.

Total marks: 90

Attempt All questions.Question No 1: [40]

CAMPUS THEATER

UNADJUSTED TRAIL BALANCE

August 31, 2005

Particulars Debit $ Credit $

Cash 20,000

Prepaid film rental 31,200

Land 120,000

Building 168,000

Accumulated depreciation: building 14,000

Furniture & Fixture 36,000

Accumulated depreciation: Furniture & Fixture 12,000

Accounts payable 4,400

Notes payable 180,000

Unearned Admissions revenue 1000

Income tax payable 4,740

Capital stock 40,000

Retained earnings 46,610

Dividends 15,000

Admissions revenue 305,200

Concessions revenue 14,350

Salaries expense 68,500

Film rental expense 94,500

Utilities expense 9,500

FINANCIAL ACCOUNTINGFINAL TERM EXAM

Sample Paper(SUBJECTIVE PART)

Course Instructor: Marks: 90

Instructions:1. The subjective part is to be submitted within 2 hours & 40

mints, extra time will not be given.

2. Neat handwriting, use of margins and marker for headlines will

increase the outlook/presentation of your paper


33

Depreciation expense: Furniture & Fixture 4,200

Depreciation expense: Building 4,900

Interest expense 10,500

Income tax expenses 40,000

Total 622,300 622,300

Other Data:

1. Film rental expense for the month is $ 15,200. However, the film rental expense forthe several months has been paid in advance.

2. The building is being depreciated over a period of 20 years (240 months).

3. The furniture and fixture are being depreciated over a period of 5 years (60 months).

4. On the first of each month, the theater pays that interest that is accrued in the priormonth on its notes payable. At 31st August accrued interest payable on this noteamounted to $ 1,500.

5. The theater allows the local people to bring children attending summer camp to themovies on any weekday afternoon for a fixed fee of $500 per month. On 28th June thepeople made a$1,500 advance payment covering the month of July, August &September.

6. The theater receives a percentage of the revenue earned by Tastie Corporation, theconcessionaire operating the snack bar. For snack bar sales in August. Tastie owesCampus Theater $2,250, payable on September 10. No entry has yet been made torecord this revenue. (Credit concessions Revenue).

7. Salaries earned by the employees, but not recorded or paid as of August 31st amountto $1,700. No entry has yet been made to record this liability & Expense.

8. Income tax expense for the month of August is estimated at $4,200.yhis amount willbe paid in September 15th.

Required:

Prepare income statement, Balance Sheet and adjusting entries dated August 31st,2005.


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Question No 2: [25]

A book keeper failed to balance his Trial balance. The credit side was exceeding the debitside by Rs 1000. The difference was entered in a suspense account. Later the followingerrors were discovered. Pass the journal entries to rectify them and prepare the suspenseaccount.a) The total of the credit side of the Mohsin account was overcast by Rs 1000

b) Sales book was under cast by Rs 1000

c) Goods worth Rs 1000 were purchased from Nasir but were entered in the sales book.However the account of the Nasir was correctly credited.

d) The total of purchases returns book Rs 2000 was not posted to the ledger.

e) A credit balance of Rs 7550 of the Rent received account was shown as Rs 5700.

f) Goods worth Rs 6200 sold to Dawood, were correctly entered in the sales book, butposted to Dawood account as Rs 2600.

g) Goods amounting to Rs 750 were sold to Mahmood and Co for cash. It was correctly

recorded in the cash book but was wrongly posted to Mahmood & co account also.

Question No 3: [25]

From the following details you are to draft a cash flow statement for D Duncan for the

year ended 31st December 2005:

D Duncan

Profit and loss account for the year ending 31st December 2005

Particulars Rs. Rs.

Gross profit 44,700

Add: Discounts received 410

Profit on sale of van 620 1,030

45,730

Less: Expenses

Motor Expenses 1,940

Wages 17,200

General expense 830

Bad debts 520

Increase in doubtful debt provision 200

Depreciation : Van 1,800 22,490

23,240


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Balance Sheet as at 31st December

2004 2005

Rs. Rs. Rs. Rs.

FIXED ASSET:

Vans at cost 15,400 8,200

Less: Depreciation to date (5,300) (3,100)

10,100 5,100

CURRENT ASSETS

Stock 18,600 24,000

Debtors/ less provision 8,200 6,900

Bank 410 720

27,210 31,620

Less: Current Liabilities

Creditors (5,900) (7,200)

21,310 24,420

31,410 29,520

LESS: LONG TERM LIABILITY

Loan from J Fry (10,000) (7,500)

21,140 22,020

CAPITAL

Opening balance b/d 17,210 21,410

Add: Net profit 21,200 23,240

38,410 44,650

Less: Drawings (17,000) (22,630)

21,410 22,020

Debtors 2004 Rs. 8,800-provision Rs. 600

Debtors 2004 Rs. 7,700-provision Rs. 800

Note: A van was sold for Rs. 3,820 during 2005. No new vans were purchased during the year

Documents

Superior Universitysugrw.weebly.com/uploads/3/3/0/0/3300883/financial... · •To develop understanding how ledger is prepared and transaction are transfer from journal to ledger