Principles of Accounting (2024-2025)

About Course

212501 Principles of Accounting

Course Objectives:
The objective of this course is to develop students‘ understanding of basic concepts of accounting, the accounting process, and the application of the conceptual framework in such process in order to develop their abilities to complete the accounting cycle ending with the preparation and presentation of financial statements. This course will also try to equip the students with the knowledge and ability to understand and analyse the information communicated through the Financial Statements.

Course Learning Outcomes (CLOs):

After successful completion of this course, students will
be able to:
CLO-1 Explain the fundamental concepts, scope, functions, and historical development of
accounting, including the users and purposes of accounting information.
CLO-2 Describe the conceptual framework of financial accounting, including objectives,
qualitative characteristics, and operational guidelines as outlined by the FASB.
CLO-3 Apply the double-entry system and accounting equation to analyze and record
business transactions accurately using appropriate account titles and classifications.
CLO-4 Demonstrate the accounting cycle by preparing journal entries, posting to ledgers,
compiling trial balances, and rectifying common accounting errors.
CLO-5 Prepare adjusting entries and complete the accounting process, including adjusted
trial balances, worksheets, closing entries, and reversing entries.
CLO-6 Account for merchandising operations using both periodic and perpetual inventory
systems, and apply inventory costing methods such as FIFO, LIFO, and weighted
average.
CLO-7 Differentiate between manual and computerized accounting systems and utilize
special journals and subsidiary ledgers to record various business transactions.

CLO-8 Construct a complete set of financial statements (Income Statement, Statement of
Owner‘s Equity, Balance Sheet, and Cash Flow Statement) for sole proprietorships.
CLO-9 Analyze financial statements using horizontal, vertical, and ratio analysis to assess
the liquidity, profitability, solvency, and operational efficiency of a business.

Course Content

Chapter-1 Accounting – The Language of Business
Definition and Scope of Accounting, Its role and Functions, History of Accounting, Purpose and Nature of Accounting Information Users of Accounting Information. Branches of Accounting: Nature of Business and Accounting.

Chapter-2 Conceptual Framework for Financial Accounting
FASB Conceptual Framework for Financial Accounting-First Level: Basic Objectives (SFAC-1); Second Level: Qualitative Characteristics of Accounting Information (SFAC-2); Third Level: Operational Guidelines.

Chapter-3 The Accounting Process
Double-Entry Accounting System (vis-à-vis Incomplete) System. Accounting Equation – Effects of Transactions on the Accounting Equation. The Account Classification of Accounts-Selection of Account Titles-Chart of Accounts-Coding-Rules of Debit and Credit-Balancing and Normal Balance-Recording (Bookkeeping) Aspect of Accounting Cycle: Documentary Evidence and Identification, Analysis, and Recording of Transactions and Other Events Journalization-Posting to the Ledger-Preparation of Trial Balance-Limitations of Trial Balance, Errors and their Rectification.

Chapter-4.1 The Adjustment Process and Completing the Accounting Process
Key aspects of the Accrual basis of accounting, Cash accounting and Break-up basis of accounting-Adjustments Adjusted Trial Balance-Preparation of Work Sheet- Closing Entries- Post-Closing Trial Balance-Reversing Entries.

Chapter-4.2 The Adjustment Process and Completing the Accounting Process – WOrk Sheet
Key aspects of the Accrual basis of accounting, Cash accounting and Break-up basis of accounting-Adjustments Adjusted Trial Balance-Preparation of Work Sheet- Closing Entries- Post-Closing Trial Balance-Reversing Entries.

Chapter-5 Merchandising Operations and Accounting System
Merchandising Operations and Classifying Inventory-Purchases, Sales, Other Use or Loss and Returns of Merchandise Inventory Periodic and Perpetual Inventory Systems and Journal Entries Lecture and Case Study CLO-6 Page 22 of 37 Specific Identification Method and Inventory Cost Flow Assumption (FIFO, LIFO and Average Cost).

CHapter-6 Accounting Systems and Special Ledgers
Manual and Computerized Accounting Systems and their effectiveness-The Voucher System-General Ledgers and Subsidiary Ledgers: General Ledger Control Accounts and Subsidiary Ledger Individual Accounts. Special Journals: Advantages of Special Journals-Cash Receipts Journal-Sales Journals-Purchase Journal-Cash Payments Journal and General Journal.

Chapter-7 Financial Statements
Idea on a Complete Set of Financial Statement. Purpose and interrelationship of the Financial Statement. Importance, Limitations & Preparation of Financial Statements. Supplementary Statements/Schedules. Preparation of Financial Statements for Sole-Proprietorship Organizations.

Chapter-8 Financial Statement Analysis
Horizontal analysis and vertical analysis of comparative financial statements; Preparation and use of common-size financial statements; Ratio Analysis-Basic Ratios of Liquidity, Activity, Profitability, and Solvency.

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About Course

212501 Principles of Accounting

Course Content

Chapter-1 Accounting – The Language of Business
Definition and Scope of Accounting, Its role and Functions, History of Accounting, Purpose and Nature of Accounting Information Users of Accounting Information. Branches of Accounting: Nature of Business and Accounting.

Chapter-2 Conceptual Framework for Financial Accounting
FASB Conceptual Framework for Financial Accounting-First Level: Basic Objectives (SFAC-1); Second Level: Qualitative Characteristics of Accounting Information (SFAC-2); Third Level: Operational Guidelines.

Class Brief

Class -1 Requirements 1-7

Class-2 Requirements 8-13

Class-3 Requirement 14-26

Class-4 Requirement 27-28

Class-5 Requirement 29

Chapter-4.1 The Adjustment Process and Completing the Accounting Process
Key aspects of the Accrual basis of accounting, Cash accounting and Break-up basis of accounting-Adjustments Adjusted Trial Balance-Preparation of Work Sheet- Closing Entries- Post-Closing Trial Balance-Reversing Entries.

Class Brief

Class-1 Requirement 1-2

Class-1 Requirement 1-2 Solve Class-2

Class-2 Requirement 3-5

Class-3 Requirements 6-12

Class-4 Requirements 13-20

Class Brief

Chapter-8 Financial Statement Analysis
Horizontal analysis and vertical analysis of comparative financial statements; Preparation and use of common-size financial statements; Ratio Analysis-Basic Ratios of Liquidity, Activity, Profitability, and Solvency.

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Developed by Shakil Khan.

About Course

212501 Principles of Accounting

Course Content

Chapter-1 Accounting – The Language of Business Definition and Scope of Accounting, Its role and Functions, History of Accounting, Purpose and Nature of Accounting Information Users of Accounting Information. Branches of Accounting: Nature of Business and Accounting.

Chapter-2 Conceptual Framework for Financial Accounting FASB Conceptual Framework for Financial Accounting-First Level: Basic Objectives (SFAC-1); Second Level: Qualitative Characteristics of Accounting Information (SFAC-2); Third Level: Operational Guidelines.

Class Brief

Class -1 Requirements 1-7

Class-2 Requirements 8-13

Class-3 Requirement 14-26

Class-4 Requirement 27-28

Class-5 Requirement 29

Chapter-4.1 The Adjustment Process and Completing the Accounting Process Key aspects of the Accrual basis of accounting, Cash accounting and Break-up basis of accounting-Adjustments Adjusted Trial Balance-Preparation of Work Sheet- Closing Entries- Post-Closing Trial Balance-Reversing Entries.

Class Brief

Class-1 Requirement 1-2

Class-1 Requirement 1-2 Solve Class-2

Class-2 Requirement 3-5

Class-3 Requirements 6-12

Class-4 Requirements 13-20

Class Brief

Chapter-8 Financial Statement Analysis Horizontal analysis and vertical analysis of comparative financial statements; Preparation and use of common-size financial statements; Ratio Analysis-Basic Ratios of Liquidity, Activity, Profitability, and Solvency.

Student Ratings & Reviews

Happy New Year-2026

Chapter-1 Accounting – The Language of Business
Definition and Scope of Accounting, Its role and Functions, History of Accounting, Purpose and Nature of Accounting Information Users of Accounting Information. Branches of Accounting: Nature of Business and Accounting.

Chapter-2 Conceptual Framework for Financial Accounting
FASB Conceptual Framework for Financial Accounting-First Level: Basic Objectives (SFAC-1); Second Level: Qualitative Characteristics of Accounting Information (SFAC-2); Third Level: Operational Guidelines.

Chapter-4.1 The Adjustment Process and Completing the Accounting Process
Key aspects of the Accrual basis of accounting, Cash accounting and Break-up basis of accounting-Adjustments Adjusted Trial Balance-Preparation of Work Sheet- Closing Entries- Post-Closing Trial Balance-Reversing Entries.

Chapter-8 Financial Statement Analysis
Horizontal analysis and vertical analysis of comparative financial statements; Preparation and use of common-size financial statements; Ratio Analysis-Basic Ratios of Liquidity, Activity, Profitability, and Solvency.