FB2103 Introduction to Financial Accounting

Part I

Course Duration
: 1 Semester
Credit Units: 3
Level: B2
Medium of Instruction: English
Prerequisites: Nil
Precursors: Nil
Equivalent Courses: Nil
Exclusive Courses:
AC2102 Behind the Accounting Numbers
FB2100 Accounting I

 

Part II

Course Aims:
T
his course aims to:

1.

Provide students with technical knowledge in processing, preparing and reporting accounting information in accordance with GAAP (Generally Accepted Accounting Principles) for external users in a business environment.
 

2.

Provide students with accounting knowledge in management control procedures and
financial ratios.
 

3.

Encourage students to be responsible and active learners.

Course Intended Learning Outcomes (CILOs)
Upon successful completion of this course, students should be able to:

No.

CILOs

Importance
(1=Most)

Refers to
Course Aim #

CILO1

Record accounting transactions for Cash, Receivables, Inventories, Fixed Assets, Payables, Shareholders’ equity, Revenues, Costs of merchandise sold, and Expenses;
Prepare financial statements (balance sheet, statement of shareholders’ equity, statement of retained earnings, and income statement) for servicing and merchandising companies.

1

1

CILO2

Identify and explain fundamental GAAPs (Generally Accepted Accounting Principles) and their accounting treatments in preparing financial reports.

2

1

CILO3

Identify management control procedures over Cash, Receivables, Inventories, and Fixed Assets;
Calculate and interpret fundamental financial ratios based on information from the financial statements.

3

2

CILO4

Be responsible learners: carry out prior reading before seminars; prepare tutorials for class discussions, and submit assignments as required; 
Be attentive in class; follow teaching schedule closely;
Be active learners: actively participate in class; be self-motivated.

4

3

Teaching and Learning Activities (TLAs)
(Indicative of likely activities and tasks designed to facilitate students’ achievement of the CILOs. Final details will be provided to students in their first week of attendance in this course)

TLA1
Seminars (lecture section): Concepts and general knowledge of financial accounting are presented using powerpoint slides. Questions for discussion will be disseminated.
Work-along exercises: Students will be given exercises and are encouraged to work-along with the lecturer and their peers on the topic.  This exercise will help the lecturer to identify students who are weak in understanding concepts.
Concept map: the lecturer will use concept maps to demonstrate the links between various topics in the syllabus.
 

TLA2
Seminars (tutorial section): Technical knowledge are emphasised and practice questions are covered.
Weekly tutorial assignments: designed to give students the opportunity to work through the concepts and to apply them to various situations.
Various in-class activities:  such as work-along practice questions, group discussions, self-test multiple-choice questions, ideas sharing.
 

TLA3
Outside classroom activities: Additional help provided outside of official class time.
Tutor Consultation:  The tutor (lecturer) provides weekly consultation hours to help students with technical issues or issues with learning Accounting in general.
Helpdesk: A help-desk will be set up to prepare students for the midterm test and the final examination. 
Library facilities: Students will be encouraged to use the library resources .

CILO – TLA Mapping

FB2103 Intended Learning Outcomes (weight)

Teaching & Learning Activities
(1: Minor focus on the CILO; 2: Main focus on the CILO)

TLA1:
Lecture

TLA2:
Tutorial

TLA3:
Outside Classroom
Activities

CILO1

 

Record accounting transactions for Cash, Receivables, Inventories, Fixed Assets, Payables, Shareholders’ equity, Revenues, Costs of merchandise sold, and Expenses;
Prepare financial statements (balance sheet, statement of shareholders’ equity, statement of retained earnings, and income statement) for servicing and merchandising companies.

2

2

1

CILO2

Identify and explain fundamental GAAPs (Generally Accepted Accounting Principles) and their accounting treatments in preparing financial reports.

2

1

1

CILO3

 

Identify management control procedures over Cash, Receivables, Inventories, and Fixed Assets;
Calculate and interpret fundamental financial ratios based on information from the financial statements.

1

2

2

CILO4

Be responsible learners: carry out prior reading before seminars; prepare tutorials for class discussions, and submit assignments as required; 
Be attentive in class; follow teaching schedule closely;
Be active learners: actively participate in class; be self-motivated.

2

2

2

Assessment Tasks/Activities
(Indicative of likely activities and tasks designed to assess how well the students achieve the CILOs. Final details will be provided to students in their first week of attendance in this course)

AT1
Tutorial Assignments and Participation (15 - 20%):  Weekly tutorial assignments to assess  students’ understanding and knowledge of topics.
 

AT2
Group Project (10 - 15%): Students will form groups of 4 and each group will be given an accounting project for which they will be required to submit a written report.
 

AT3
Mid-term Test (30%):   To assess students’ ability to analyze and journalize business transactions, and to prepare financial statements for external reporting.
 

AT4
Final Examination (40%): A 3-hour examination. To assess students’ overall accounting knowledge in business transactions, ability to apply accounting principles to support accounting treatments, and to prepare financial reports in accordance with GAAPs for external users.

Students are required to pass both coursework and examination components in order to pass the course.

CILO – Assessment Mapping

FB2103 Intended Learning Outcomes (weight)

Assessment Tasks
(1= minor focus on the CILO; 2= main focus on the CILO)
 
Coursework (60%)AT4:
Final Examination  (40%)
AT1:
Tutorial Assignments and Participation
(15 - 20%)
AT2:
Group Project
(10 - 15%)
AT3:
Mid-term Test
(30%)
 

CILO1

 

Record accounting transactions for Cash, Receivables, Inventories, Fixed Assets, Payables, Shareholders’ equity, Revenues, Costs of merchandise sold, and Expenses;
Prepare financial statements (balance sheet, statement of shareholders’ equity, statement of retained earnings, and income statement) for servicing and merchandising companies.
(Weight = 1)

 2

 

2

2

CILO2

Identify and explain fundamental GAAPs (Generally Accepted Accounting Principles) and their accounting treatments in preparing financial reports.
(Weight =2)

1

 

2

2

CILO3

 

Identify management control procedures over Cash, Receivables, Inventories, and Fixed Assets;
Calculate and interpret fundamental financial ratios based on information from the financial statements.
(Weight =3)

 

1

 

 2

 

 

CILO4

Be responsible learners: carry out prior reading before seminars; prepare tutorials for class discussions, and submit assignments as required; 
Be attentive in class; follow teaching schedule closely;
Be active learners: actively participate in class; be self-motivated.
(Weight=4)

 

2

 

 

 

Grading of Student Achievement:
Grading mode:
Standard (A+, A, A-...F).
Grading is based on student performance in assessment tasks/activities.

Grading of All Assessment Tasks (AT1-4)

Excellent
(A+  A  A-)

Good
(B+  B  B-)

Adequate
(C+  C  C-)

Marginal
(D)

Demonstrate excellent technical knowledge of the purpose and the procedures of the accounting cycle, analyze and journalize new business transactions, and preparing all financial reports in an accurate manner and format.
 

Demonstrate good technical knowledge of the procedures of the accounting cycle, analyze and journalize business transactions, and prepare all financial reports in accurate manner.

Demonstrate adequate technical knowledge of the procedures of the accounting cycle, analyze and journalize some business transactions, and preparing some financial reports.

Demonstrate basic technical knowledge of the accounting cycle, journalize some business transactions, and prepare some financial reports.





 

Show excellent conceptual knowledge of GAAP and applications of GAAP to various accounting treatments.
 
Show good conceptual knowledge of GAAP with some applications of GAAP.Show basic conceptual knowledge of GAAP.Be able to recall some principles under GAAP.
Be able to analyze, explain, and design management control procedures.
 
Be able to identify, describe, and suggest management control procedures. Be able to identify and briefly describe management control procedures. Be able to identify management control procedures.
Be able to accurately perform fundamental ratio analysis, integrate financial information to comment on a company’s financial performance.
 
Be able to accurately perform fundamental ratio analysis, and explain all ratios.Be able to accurately perform fundamental ratio analysis, and interpret some ratios.Be able to accurately perform fundamental ratio analysis.
Enthusiastic to learning, strong and positive learning habits.Active to learning, good learning habits.Active when prompted, average learning habits.Willing to participate when urged, Learning habits need improvements.

Part III

Keyword Syllabus:

The Use of Accounting Information in a Business Environment. Objectives of accounting. Introduction to the conceptual framework of accounting. Fundamentals of the financial accounting process. Management, control, and accounting for assets. Management, control and accounting for revenues and expenses. Accounting for limited companies. Interpretation of accounting information.

Related Links
Department of Accountancy