Course Contents
• Forms of business organization: sole proprietorships, partnerships, corporations: accounting practices of sole proprietorships, partnerships and corporations: accounting for corporate income taxes, salaries paid to owners, owner’s equity in corporate balance sheet, the issuance of capital stock, retained earnings, accounting for dividends.
• Financial Assets: Cash, reporting cash in the balance sheet, the statement of cash flows, cash management, internal control over cash, cash disbursements, bank statements, reconciling the bank statement, petty cash funds, The cash budget as a control device
• Plant asset and Depreciation, Intangible Assets: Major categories of plant assets, accountable events in the lives of plant assets: acquisition of plant assets, Depreciation: Straight line method, The declining balance method, MACRS: the tax method, disposal of plant and equipment, intangible assets: amortization, goodwill, patents, trademarks, franchises, copyrights, natural resources
• Liabilities Common to Most Business Organizations: Current Liabilities, Long-Term Liabilities, special types of liabilities, evaluating the safety of creditor’s claims, estimated liabilities, loss contingencies, and commitments
• Stockholder’s Equity statement: Measuring Corporation Income, Reporting unusual Items, Earnings Per Share, Cash Dividend, Treasury Stock, Stock Split;
• Measuring Cash Flows: Statement of Cash Flows and Classification of cash flows, preparation of Cash Flows.
• Practical Application of Peachtree Software
Course Synopsis
The objective of this course is to discuss advance topics after completion of course I of financial accounting. Topics include accounting of assets, accounts receivables, plant and equipment and liabilities of business sector.
Course Learning Outcomes
After the completion of this course, the students will be able to:
• Understand and describe the appropriate books of account for different types of accounting transactions and be able to prepare a trial
balance from these books of account.
• To prepare and maintain a range of control accounts appropriate to the books of account.
• To prepare journal entries and deal with the treatment of suspense account items. Understand, calculate and interpret a range of basic
financial ratios appropriate to a set of financial statements, particularly in the key areas of profitability, solvency/liquidity, asset utilization and
investment ratios.
Financial Assets
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Financial Assets – Accounting for Uncollectable accounts lec 7
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Plant Assets Natural Resources and Intangible Assets lec 8-9
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Plant Assets Natural Resources and Intangible Assets lec 10-13
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Plant Assets Natural Resources and Intangible Assets - Depreciation Method (MACRS)
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Liabilities (Current Liabilities Types of Current Liabilities Payroll taxes payable Unearned revenue Current maturities of long term debt) lec 15-16
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Stockholder equity: Paid-in Capital lec 22-23
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Cash Flow Statement Lec 24-26
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Introduction to Peachtree lec 27
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Application of Peachtree Software - accounting premier lec 28-29
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Peachtree example file to understand the dynamics of accounting software lec 30
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Practical Application of Peachtree Software - Company information and General Journal lec 31
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Application of Peachtree Software - Vendor and inventory introduction Vendor and inventory default lec 32
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Vendor and inventory – setting up sell prectice lec 33
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Vendor and inventory – Ordering and Receiving inventory lec 34
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Vendor and inventory – Working with Assemblies lec 35
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Vendor and inventory – Taking Inventory and Adjusting Quantity lec 36
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Vendor and inventory – Reporting on Inventory lec 37
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Book Title : Accounting: the Basis for Business Decision
Author : Walter Meigs and Robert Meigs
Edition : 11 or 15th
Publisher : McGraw-Hill Inc
Book Title : Accounting: an intuitive approach
Author : M. Arif and Sohail Afzal
Edition : latest
Publisher : Azeem Academy
Title : Forms of Business Organizations Lec 1-3
Type : Presentation
View Forms of Business Organizations Lec 1-3
Title : Financial Assets - Cash and Cash Equivalents lec 4
Type : Presentation
View Financial Assets - Cash and Cash Equivalents lec 4
Title : Financial Assets - Cash flow and bank reconcilliation lec 5
Type : Presentation
View Financial Assets - Cash flow and bank reconcilliation lec 5
Title : Financial Assets - petty cash funds and accounting for marketable securities lec 6
Type : Presentation
View Financial Assets - petty cash funds and accounting for marketable securities lec 6
Title : Financial Assets – Accounting for Uncollectable accounts lec 7
Type : Presentation
View Financial Assets – Accounting for Uncollectable accounts lec 7
Title : Plant Assets Natural Resources and Intangible Assets lec 8
Type : Presentation
View Plant Assets Natural Resources and Intangible Assets lec 8
Title : Deprecation Factors of computing depreciation Straight line method lec 9
Type : Presentation
View Deprecation Factors of computing depreciation Straight line method lec 9
Title : Natural Resources Depletion Recording depletion Statement presentation of accumulated depletion lec 12
Type : Presentation
View Natural Resources Depletion Recording depletion Statement presentation of accumulated depletion lec 12
Title : Declining Balance Method of calculating Depreciation Revising periodic depreciation lec 10
Type : Presentation
View Declining Balance Method of calculating Depreciation Revising periodic depreciation lec 10
Title : Expenditure during useful life Plant Asset Disposals Gain and Loss on Disposals lec 11
Type : Presentation
View Expenditure during useful life Plant Asset Disposals Gain and Loss on Disposals lec 11
Title : Intangible assets Accounting for intangible assets Patents Copyright Trademarks Goodwill Research and development cost lec 13
Type : Presentation
View Intangible assets Accounting for intangible assets Patents Copyright Trademarks Goodwill Research and development cost lec 13
Title : Current Liabilities Types of Current Liabilities
Type : Presentation
View Current Liabilities Types of Current Liabilities
Title : Payroll taxes payable Unearned revenue Current maturities of long term debt lec 16
Type : Presentation
View Payroll taxes payable Unearned revenue Current maturities of long term debt lec 16
Title : Liabilities – Long term liabilities lec 17
Type : Presentation
View Liabilities – Long term liabilities lec 17
Title : Liabilities – Long term liabilities accounting for bonds and trading basics lec 18
Type : Presentation
View Liabilities – Long term liabilities accounting for bonds and trading basics lec 18
Title : Liabilities – Long term liabilities Amortizing bond discount Straight line amortization In discount In premium Amortization schedule Advantage of bond financing over stock lec 19
Type : Presentation
View Liabilities – Long term liabilities Amortizing bond discount Straight line amortization In discount In premium Amortization schedule Advantage of bond financing over stock lec 19
Title : • Solution of exercise based on o Accounting for bonds o Bond discount amortization
Type : Assignment
View • Solution of exercise based on o Accounting for bonds o Bond discount amortization
Title : Corporation, advantages and disadvantages of incorporation Rights of shareholders Functions of board of directors and corporate officers Paid in Capital Shareholder’s equity lec 22
Type : Presentation
View Corporation, advantages and disadvantages of incorporation Rights of shareholders Functions of board of directors and corporate officers Paid in Capital Shareholder’s equity lec 22
Title : Issuance of par value stocks Preferred stocks Stock splits Treasury stocks lec 23
Type : Presentation
View Issuance of par value stocks Preferred stocks Stock splits Treasury stocks lec 23
Title : Purpose of Cash flow statement Meaning of cash flow Classification of cash flow Basic interpretation of cash flow statement lec 24
Type : Presentation
View Purpose of Cash flow statement Meaning of cash flow Classification of cash flow Basic interpretation of cash flow statement lec 24
Title : Preparation of cash flow statement Indirect and direct method Cash provided by operating, financing and investing activities Illustrations of cash flow statement using direct and indirect method lec 25
Type : Presentation
View Preparation of cash flow statement Indirect and direct method Cash provided by operating, financing and investing activities Illustrations of cash flow statement using direct and indirect method lec 25
Title : Using Cash flow to evaluate company Direct vs. indirect methods Steps in preparing statement of cash flow Interpretation of information in statement of cash flow Free cash flow lec 26
Type : Presentation
View Using Cash flow to evaluate company Direct vs. indirect methods Steps in preparing statement of cash flow Interpretation of information in statement of cash flow Free cash flow lec 26