Course Title: Principles of Accounting

Course Code: ACC-101

Resource Person Name: Sidra Mehmood
Resource Person Email: [email protected]
Course Category: Compulsory
Department: Management Sciences
Counseling Hours: 9-10:30am (Monday-Friday).

Course Description
Principle of Accounting is a course that introduces students to the fundamental concepts and principles of
accounting, with an emphasis on the use of modern accounting techniques and technology (like the software
Eviews and Quickbooks). The course is designed to provide students with a solid foundation in accounting
theory and practice, and to help them develop the skills and knowledge necessary to succeed in the field of
accounting.

The course covers a range of topics, including the accounting equation, double-entry accounting, financial
statements, and the use of accounting softwares Like Eviews and Quickbook to check the normality of the
accounting data, and to maintain the record of all the business transactions under consideration. Students
will also learn about current issues and trends in accounting, such as the increasing use of automation and
artificial intelligence. The course has been designed likewise that the theoretical and practical side should be
tested side by side. The students will learn how to use these tools to manage financial data, analyze financial
statements, and make informed decisions. The course will also cover ethical considerations in accounting,
including the role of professional ethics codes and the importance of ethical behavior in maintaining public
trust.

By the end of the course, students will have gained a comprehensive understanding of accounting principles
and practices, as well as the ability to apply modern accounting techniques and technology to real-world
situations. They will be well-prepared to pursue a career in accounting or related fields at the start-up level,
or to continue their studies in accounting at a higher level.

Learning Objectives
CLO 1: Providing the students with basic knowledge of accounting concepts and double entry book
keeping.

CLO 2: Making them understand the how book-keeping process starts in a business

CLO 3: Introducing the concept of accounts and their classification along with balancing of
accounts

Course Outline Page 1

 CLO 4: Making them understand that how accounts are summarized

CLO 5: Enabling the students to prepare financial statements

CLO 6: To give students an understanding of accounting rules being followed by companies both
locally and globally.

CLO 7: Introducing them to the real time Softwares, like quickbook and Eviews to analyze the
normality of the data, and to maintain the records of all the transactions, vendors, customers etc.

CLO 8: To equip the students with the knowledge to interpret the financial statements rather than
following the rule of thumb.

Course Outline Page 2

Course Learning Outcomes :
 Understand the basic accounting equation (assets = liabilities + equity) and how it applies to
different types of business transactions.

 Explain the purpose and importance of financial statements (balance sheet, income statement) and
how they are interconnected.

 Analyze and interpret financial statements using ratios and other tools to assess the financial health
of a business.
 Demonstrate an understanding of the accounting cycle, including recording transactions, adjusting
entries, preparing financial statements, and closing entries.
 Understand the different methods of inventory valuation (FIFO, LIFO, average cost) and how they
impact financial statements and taxes.
 Describe the role of internal controls in accounting and identify common types of fraud and how to
prevent them.

 Apply accounting principles to real-world scenarios and make informed business decisions based on
financial data based on the use of Accounting Applications like Eviews and QuickBook.

Teaching Methodology (List methodologies used –example are given below)

Teaching methodology will include

 Lectures
 Class Activities
 Projects
 Oral and Written Quizzes
 Practice/Revision Sessions
 Application of Concepts on Quick-Book and Eviews Software
 Presentation

Course Outline Page 3

Class Policy:-
 Be on Time
You need to be at class at the assigned time. After 10 minutes past the assigned time, you will be marked
absent.

 Mobile Policy
TURN OFF YOUR MOBILE PHONE! It is unprofessional to be texting or otherwise.

 Email Policy
READ YOUR EMAILS! You are responsible if you miss a deadline because you did not read your email.
Participants should regularly check their university emails accounts regularly and respond accordingly.

 Class Attendance Policy

A minimum of 80% attendance is required for a participant to be eligible to sit in the final examination.
Participants with less than 80% of attendance in a course will be given grade ‘F’ (Fail) and will not be
allowed to take end term exams.

 Google Classroom
Participants should regularly visit the course contents on Google Classroom, and fully benefit from its
capabilities.

 Harassment Policy
Sexual or any other harassment is prohibited and is constituted as punishable offence. Sexual or any other
harassment of any participant will not be tolerated. All actions categorized as sexual or any other harassment
when done physically or verbally would also be considered as sexual harassment when done using electronic
media such as computers, mobiles, internet, emails etc.

 Use of Unfair Means/Honesty Policy

Any participant found using unfair means or assisting another participant during a class test/quiz, assignments
or examination would be liable to disciplinary action.

 Plagiarism Policy
Plagiarism will not be tolerated and will result in action by the Discipline Committee.

 Communication of Results
The results of quizzes, midterms and assignments are communicated to the participants during the semester
and answer books are returned to them. It is the responsibility of the course instructor to keep the participants
informed about his/her progress during the semester. The course instructor will inform a participant at least
one week before the final examination related to his or her performance in the course.

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Grading Scheme
Following is the criteria for the distribution of marks to evaluate final grade in a semester.
Quizzes Assignments Mid Term Class Project/ Sessional Final Total
Participation Present Evaluation Exam
ation
15% 10% 20% 05% 15% 65% 35% 100%

Assignment & Project Format Guidelines:

1. Paper Size: A4
2. Left Margin: 1.5 Inches
3. Right Margin: 1 Inch
4. Top Margin: 1 Inch
5. Bottom Margin: 1 Inch
6. Font: Times New Roman
7. Font Size:
a. Main Heading 14
b. Sub Heading 12
c. Text 12
d. Titles 16
8. Font Color: Black
9. Line Spacing: 1.5
10. Diagrams & Charts: Need not be colored
11. Title page must be designed as guided by resource person in class
12. Number of Pages: No Limit
Reference Style: APA (If applicable)

Recommended Text Books:

 Principles of Accounting by M. Arif and Sohail Afzal (Edition-3, Published in 2019).

Reference Books:
 Principle of Accounting by(Christine Jonick) copyright year(2019).
 Accounting All in One by (KennetheW. Boyd et.al) (2nd Edition, Published in 2022).
 Accounting for non-Accountants by (Wayne. A. Label , 3rd Edition).

Resource Person’s signature………………………………….Date……………………..

Dean / HOD’s signature……………………………. Date………………………

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 Course: Principles of Accounting

Topics to be Course
Learning Objective Teaching Assessment
covered in the course Learning Deadlines and Homework
of this topic Method Criteria
Objective
Basic Accounting
To understand the basic Lecture with
1 Concepts and Elements of CLO 1 Quiz 1 Nil
accounting terminologies Examples
Accounting

To learn how a transaction Home Task: Record a set of

Double Entry System and Lecture and Class
2 effects the accounting CLO 1 Quiz 1 transactions on Accounting
Accounting Equation Activities
equation of business. Equation Format.

To comprehend and analyze Nil

st
Journal: 1 Stage of the double effect of a
3 CLO 2 Lecture Nil
Accounting Cycle transaction in terms of Debit
and Credit

Assignment 1: Recording
To learn to make journals
4 Journalizing Transactions CLO 2 Class Activities sets of transactions on
with proper format
Journal format.

Ledger: 2nd Stage of To understand Accounts and Home Task: Make a list of
5 CLO 3 Lecture Nil
Accounting Cycle their classification Accounts using Journal

Assignment 2: Making
Making and balancing the
6 Ledger CLO 3 Class Activities Nil Journal and Ledger
accounts
Accounts

Assignment 2: Making
Making and balancing the
7 Ledger CLO 3 Class Activities Nil Journal and Ledger
accounts
Accounts

Revising all the topics again Class practice Nil

8 Revision Nil
for exam purpose session

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 MID-TERM EXAM

Learn how accounts are Assignment 4: Show all 3

rd
Trial Balance: 3 Stage of compiled and summarized in stages of accounting learnt
9 CLO 4 Class Activity Quiz 2
Accounting Cycle a single sheet called trial so far.
balance

Learn how accounts are Assignment 5: Show all 3

rd
Trial Balance: 3 Stage of compiled and summarized in stages of accounting learnt
10 CLO 4 Class Activity Nil
Accounting Cycle a single sheet called trial so far.
balance

Learn how accounts are Assignment 6: Show all 3

compiled and summarized in stages of accounting learnt
Trial Balance , with a single sheet called trial so far.
11 CLO 4 Class Activity Nil
adjustments balance along with the
adjustments that are not
catered in the trial balance

Assignment 7: Making
Learn to make Income
Income Statement and Income Statement and
12 Statement and Balance Sheet CLO 5 Class Activity Quiz 3
Balance Sheet Balance Sheet using Trial
using Trial Balance
Balance

Learn to make balance sheet Nil

Statement and Balance Sheet
Balance sheet and income Lecture with
13 using Trial Balance and to CLO 6 Nil
statement examples
understand the other heads of
financial statements

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 To learn how to maintain the
Business and to keep the
Introduction to Quickbook Assignment 5:Recording of
14 record of all the transactions CLO8 Class Activities Quiz 4
Software Transactions via using
and activities via using the
Quickbook Software . Quickbook Software.

To have an idea about their Nil

Presentations based on the communication skills and Class
15 Nil
term project knowledge related to the presentations
subject

Revision of all topics for final Class Practice Nil

16 Revision Session Nil
exam preparation Session

Project Guidelines
Purpose of Project:
Application of learnt accounting concepts, by showing the complete “Accounting Cycle” of a business with the use of Accounting
software: Quickbook.

Group Project and Presentation Instructions:

1. In a group of 4-5 members, assume a Start-up Business. Decide its name and type of business and operation i.e. product or
service. Also show your vision, mission and objectives.

2. Group members will assume themselves as different managers of company. Making company profile i.e. Managers and their
duties

3. Devise a set of transactions (10-15) and show Journal to Trial Balance Cycle along with Income statement and Balance sheet.

4. You need to do the project on Quickbook software. Plus you also need to check the normality of your data via Eviews.

Training Sessions:
1. Posting of transactions and construction of Financial Statements using Microsoft Excel.
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