This course addresses accounting concepts and principles applicable to business enterprise. Principle of Accounting is an introductory accounting course which will help to understand basic accounting process.
- It is the student’s responsibility to gather information about the assignments and covered topics during the lectures missed. Regular class attendance is mandatory. Points will be taken off for missing classes. Without 70% of attendance, sitting for final exam is NOT allowed. According to IUB system students must enter the classroom within the first 20 minutes to get the attendance submitted.
- The date and syllabus of quiz, midterm and final exam is already given here, however, announcements will be given ahead of time. There is NO provision for make-up quizzes.
- The reading materials for each class will be given prior to that class so that student may have a cursory look into the materials.
- Class participation is vital for better understanding of sociological issues. Students are invited to raise questions.
- Students should take tutorials with the instructor during the office hours. Prior appointment is required.
- Students must maintain the IUB code of conduct and ethical guidelines offered by the School of Business.
- Students must refrain from any type of cheating and/or plagiarism in a course. Any student acting otherwise will receive an “F” grade in the course. School of Business, IUB, maintains a zero tolerance policy regarding violation of academic integrity.
- Students are not allowed to keep bags, handouts, books, mobile phones, smart watches or any other smart electronic devices with them during any exam. Students are advised to keep everything in the front of the class room before the exam starts. Please note that, just carrying any smart electronic devises (even if the devise is turned off or put it in silent mode) during the exam will be considered as “cheating”. Moreover, during the exam, anything written on hand palms (or anywhere else) and carrying paper materials (whatever is written) will be considered as “cheating”. Any sorts of “cheating” will result in an “F” grade with no exception. During the exam, students are only allowed to carry pen, pencil, eraser, sharpener, ruler, highlighter and calculator in a clear plastic bag.
Type of Evaluation | Nos. | Weight |
Class Attendance and Participation | 100% | 5 |
Quiz (Best two will be counted) | 5 | 15 |
Project and Presentation | 01 | 10 |
Midterm Exam | 01 | 30 |
Final Exam | 01 | 40 |
Total | 100% |
The following chart will be followed for grading. This has customized form the guideline provided by the school of Business.
A | A- | B+ | B | B- | C+ | C | C- | D+ | D | F |
90-100 | 85-89 | 80-84 | 75-79 | 70-74 | 65-69 | 60-64 | 55-59 | 50-54 | 45-49 | 0-44 |
* Numbers are inclusive
The course will be based mostly on the following books [some other books and journals may be referred time to time]:
- Weygandt, Kieso & Kimmel. 1999. Accounting Principles, 11th New York: Prentice – Hall, Inc.
Link to virtual learning system: http://103.254.86.4/sb/ (School of Business – Faculty name- Login as a guest- password is 1234).
Sessions | Topic | Learning Outcomes | Readings |
Session -1 | Introduction | Introduction to Principles of Accounting
Explanation of Course Outline |
Course Outline |
Session -2 | Accounting in Action | Definition “Accounting.”
Three Basic Activities for Accounting Types of Users
|
Weygandt, Kieso Chapter1
Pages 1-46
|
Session -3 | Accounting in Action | Discussion about Accounting Standards
Basic Accounting Equation Using the Accounting Equation for solving relevant exercises and problems [ Page 15-19] |
Weygandt, Kieso Chapter 1
Pages 1-46 |
Session -4 | Accounting in Action | Understand the four Financial Statements and how they are prepared
Relevant Problem Solving from Text |
Weygandt, Kieso Chapter 1
Pages 1-46
|
Session -5 | The Recording Process | Explain Recording Process
Relevant Problem Solving from Text |
Weygandt, Kieso Chapter 2
Pages 48-92
|
Session -6 |
The Recording Process
|
Ledger
Posting Trial Balance Relevant Problem Solving from Text |
Weygandt, Kieso Chapter 2
Pages 48-92
|
Session-7 |
Adjusting the Accounts
Quiz 1 |
Different types of Adjusting the Accounts
Summary of Journalizing and posting Preparing the Adjusted Trial Balance
Relevant Problem Solving from Text
Chapter : 1 &2 |
Weygandt, Kieso Chapter 3
Pages 94-143
|
Session -8 | Completing the Accounting Cycle | Preparing the Financial Statement from work-sheet
Illustration 4-3A [ Page 148 ] Relevant Problem Solving from Text
|
Weygandt, Kieso Chapter 4
Pages 144-196
|
Session -9 | Completing the Accounting Cycle
Quiz 2 |
Preparing Closing Entries
Posting Closing Entries Illustration 4-6 [ Page 154] Relevant Problem Solving from Text
Chapter : 3&4 |
Weygandt, Kieso Chapter 4
Pages 144-196 |
Session -10 | Completing the Accounting Cycle
|
Preparing a Post Closing Trial Balance
The Classified Balance Sheet Relevant Problem Solving from Text (Continue) |
Weygandt, Kieso Chapter 4
Pages 144-196
|
Session -11 | Accounting For Merchandising Operations
|
Difference between Service and Merchandising Companies
Recording Purchase of Merchandise : · Freight Costs · Purchase Returns and Allowances · Purchase Discounts · Summary of Purchasing Transactions
|
Weygandt, Kieso Chapter 5
Pages 198-246 |
Session -12 | Accounting For Merchandising Operations
Quiz 3 |
Recording Sales of Merchandise
Forms of Financial Statements
Relevant Problem Solving from Text (Continue) Chapter : 5 |
Weygandt, Kieso Chapter 5
Pages 198-246
|
Session -13 | Accounting For Merchandising Operations
|
Classified Balance Sheet
Relevant Problem Solving from Text (Continue)
Review Class for Mid-Term Exam |
Weygandt, Kieso Chapter 5
Pages 198-246
|
Session -14 | Midterm Exam | Chapters 1,2,3,4,5 | Weygandt, Kieso Chapter 1,2,3,4,5 |
Session -15 | Inventory Valuation | Inventory Costing:
· Perpetual · Periodic System Cash Flow Assumptions Relevant Problem Solving from Text
|
Weygandt, Kieso Chapter 06
Pages 254-298
|
Session -16 | Inventory Valuation | Estimating Inventories:
· Gross-Profit Method · Retail Inventory Method
Relevant Problem Solving from Text (Continue)
|
Weygandt, Kieso
Chapter 06
Pages 254-298
|
Session -17 | Cash and Bank Reconciliation | Reconciliation Procedure
Bank Reconciliation Statement Illustration 8-12 [ Page 370 ] |
Weygandt, Kieso Chapter 08
Pages 344-394
|
Session -18 |
Cash and Bank Reconciliation
|
Relevant Problem Solving from Text |
Weygandt, Kieso Chapter 08
Pages 344-394 |
Session -19 |
Accounting for Receivables
|
Types of Receivables
Recognizing Account Receivables Valuing Account Receivable
Relevant Problem Solving from Text (Continue)
|
Weygandt, Kieso Chapter 09
Pages396-435
|
Session -20 | Accounting for Receivables
Quiz 4 |
Relevant Problem Solving from Text (Continue)
Chapter : 6 & 8 |
Weygandt, Kieso Chapter 09
Pages 396-435
|
Session -21 | Property, Plant and Equipment | Determining the Cost of Plant Assets
Concept of Depreciation Factors in Computing Depreciation
|
Weygandt, Kieso Chapter 10
Pages 436-483 |
Session -22 | Property, Plant and Equipment
Quiz 5 |
Depreciations Methods :
· Straight Line · Units of Activity · Declining Balance Relevant Problem Solving from Text
Chapter : 9
|
Weygandt, Kieso Chapter 10
Pages 436-483
|
Session -23 | Property, Plant and Equipment
|
Sale of Assets :
· Gain On Disposal · Loss On Disposal Illustration 10-19 & 10-20 [ Page 452-453 ]
|
Weygandt, Kieso Chapter 10
Pages 436-483
|
Session -24 | Property, Plant and Equipment
|
Compute Periodic Depreciation of Natural Resources
Illustration 10-21 Formula [ Page 453 ]
Relevant Problem Solving from Text
|
Weygandt, Kieso Chapter 10
Pages 436-483
|
Session -25 |
Review Class |
Review class based on the Final Syllabus |
Weygandt, Kieso
Chapter : Final Syllabus |
Session -26 | Final Exam | Chapter 6,8,9 and 10 | Weygandt, Kieso Chapter 6,8,9 and 10 |
Students who are willing to audit the course are welcome during the first two classes and are advised to contact the instructor after that.
Plagiarism- that is the presentation of another person’s thoughts or words as though they were the students’ own – must be strictly avoided. Cheating and plagiarism on exam and assignment are unacceptable.
Please see the green book for further information about academic regulation and policies, including withdrawal and grading, apples and penalties for pilgrims and academic misconduct.
Students with disabilities are required to inform the School of Business/ Department of Economics of any specific requirement for classes or examination as soon as possible.