Course Description:
This course introduces accounting and its role in the society, its concepts and fundamentals. It explains also how to record the economic events, and covers the accounting cycle and preparing financial statements for service and merchandising firms. This course provides a basic foundation in financial accounting, including the accounting treatments of current, plant assets, natural resources, and intangible assets.
It introduces the basic concepts and methods adopted by the profession according to the international financial reporting standards (IFRS). The course illustrates the processes and related issues of identifying, recording business transactions and covers the accounting cycle and preparing financial statements for service and merchandising enterprises.
Course Learning Objectives:
Upon completion of this course, students are expected to:
1. Understand the nature of accounting concepts and principles of accounting, including the nine basic steps of the accounting cycle.
2. Analyze, record, and report transactions for servicing and merchandising enterprises.
3. Analyze and make end-period adjustments.
4. Apply different methods used in inventory evaluation.
5. Prepare financial statements for service and merchandising enterprises.
6. Learn and understand the nature of the IFRS
King Abdulaziz University
Faculty of Economics & administration Accounting Department
Second Semester (2017-2018) Accounting 117
Instructor: Abdulrahman Almalki
Office Number: Third floor, Faculty of E&A Phone Number: 0590727202
E – mail: [email protected] Office hours: by appointment Course title: Principles of Accounting
English Code no.: Acct 117 Credit Hours: 3 Credits Pre requisite Course: None
Intended Learning Outcomes:
Successful completion of this course should lead to the following learning outcomes:
1. Explain the nature of accounting and its role in interacting with its environment.
2. Record financial transactions in the general journal, posting entries to the general ledger, preparing the trial balance
3. Use journal entries to adjust the accounts to reflect accrual accounting methods.
4. Use accounting records to prepare the financial statements for both service and merchandising enterprises.
5. Apply basic understanding of the accounting treatments of current, plant assets, natural resources, and intangible assets.
6. Apply basic understanding of the IFRS in interacting with business environment.
Assessment Methods:
1. Exams:{ Mid- term Exam. (20 points); Second- Exam. (30 points); Final – Exam.
(40 points)}
2. Tutoring classes (home works & quizzes) (10 points)
Main Reference
Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso., (2016) "Financial Accounting:
IFRS, 3rd Edition", John Wiley & Sons, Inc. Visit Student Companion Site @:
http://bcs.wiley.com/he-bcs/Books?action=index&itemId=1118978080&bcsId=9784
Attendance:
1. Class attendance is very important to achieve the best understanding of the course material since topics are closely related and dependent. Each class benefits from the attendance and participation of all students. Late arrivals are disruptive to the class and show disrespect to those who are on time. Students who miss 25% of term lectures will get a “DN” grade.
2. Attending the Tutorial classes is highly recommended as this will enable you understand the material faster.
Minimizing Disruptions:
Mobile phones should be turned off during class. You should avoid engaging in side conversations during class.
Cheating:
Cheating of any form will result in your being assigned an “F” grade for the course.
Note that you may not use your mobile phone during lectures and examinations.
Examination Absence
If you miss an examination, you will be assigned a grade of “0” for the particular exam. Note that a make-up examination will not be administered.
Course Contents:
Topics Contents Chapters
1 Accounting in Action 1
2 The Recording Process 2
Mid -term Exam. (Covers Chapters: 1 and 2) Date will be determined later on
3 Adjusting the Accounts 3
4 Completing the Accounting Cycle 4
5 Accounting for Merchandising Operations 5
Second Exam. (Covers Chapters. 3, 4 and 5) – Date will be determined later on
6 Accounting for Current Assets: Inventories 6
7 Accounting for Current Assets: Cash 7
Final Exam. (Comprehensive; Covers all Chapters: 1-7) – Date will be determined later on.
