FAKULTI PERAKAUNAN

UNIVERSITI TEKNOLOGI MARA

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COURSE : FUNDAMENTAL FINANCIAL ACCOUNTING AND REPORTING

COURSE OUTCOMES

CLO1 Apply knowledge of financial accounting and reporting for sole proprietorship and partnership. (C3)

CLO2 Perform communication skills in task related to financial accounting and reporting for sole proprietorship or partnership. (A2)

CLO3 Demonstrate interpersonal skills in task related to the accounting simulation project. (A3)

PROGRAM/LEARNING OUTCOMES

LO1 Knowledge of discipline areas

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 PLAN STRUCTURE

NO WEEK TOPIC CONTACT LECTURE/TUTORIAL TOPIC OUTCOME LEARNING ASSESSMENT

1 1 Able to:

• Understand the
significance important
of adopting OBE for
the course.
• Ice breaking. • Recognise the Sharing of
• Overview of OBE. program educational materials
INTRO 0.5 Entrance
• Overview of the course via objectives (PEOs). and
Survey
lesson plan and syllabus • Recognise the information
contents. program outcomes
(POs).
• Recognise the course
outcomes (COs).
• Recognise the course
topic outcomes (TOs).

2 1 1. Introduction 1(L)/1(T) 1.1 Definition of accounting Able to: Lecture and Test and Project
to 1.2 Differentiate between tutorial
Accounting accounting and bookkeeping. • explain the
1.3 Functions of Financial definition, and
Statements functions of financial
1.4 Main user groups of financial statements.
statements • differentiate
1.5 Accounting cycle. between accounting
1.6 Types and various forms of and bookkeeping.
business (sole trader of • identify different
merchandising and service groups of users and
enterprise, partnership and explain how they
private & public companies) use the financial
Differentiate between statements.

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 bookkeeping and accounting • explain the different
types of business!

3 2 2. Introduction to 2(L)/1(T) 2.1 Fundamental qualitative Able to explain the Lecture and Test
Conceptual characteristics conceptual framework tutorial
Framework for • Relevance for financial reporting.
financial • Faithful representation
2.2 Enhancing qualitative
reporting
characteristics
• Comparability
• Verifiability
• Timeliness
• Understandability
2.3 Accounting assumptions and
concepts
• Going concern
• Historical cost
• Economic entity
• Money measurement
4 3-4 3. Accounting 2(L)/4(T) 3.1 Statement of Financial Able to identify the Lecture and Test and Project
Equation and Position format and its components in the tutorial
Accounting elements Statement of Financial
3.2 Basic accounting equation
Classification Position and relate them
3.3 Effects of transactions on the
basic accounting equation with the accounting
Expanded accounting equation
3.4 equation.
Effects of transactions on the
3.5 expanded accounting
equation

5 5-6 4. Principle of 2(L)/4(T) 4.1 Double entry rules Able to use double entry Lecture and Test and Project
Double Entry 4.2 Ledger entries rules to prepare journals tutorial
4.3 Balancing off ledger account and ledger accounts
Pre-adjusted trial balance
4.4 Pre-adjusted financial

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 4.5 statements

6 7 5. Books of 2(L)/1(T)/2 5.1 Introduction to source Able to: Lecture and Test and Project
Prime entry (Test 1) documents • identify the 7 types tutorial
5.2 Types of journals: of journals.
• Sales journal • to prepare the
• Purchases journal subsidiary ledgers
• Return inwards journal.
• Return outwards journal.
• Cash Receipts Journal
• Cash Payments journal
• General journal
5.3 Types of ledgers
• Sales ledger
• Purchases ledger
• General ledger
5.4 Recording process from
source documents to journals
and posting to ledgers

7 8-12 6.Preparation of 3(L)/12(T) 6.1 Adjustments of accruals and Able to incorporate the Lecture and Test and Project
Financial prepayments through ledger adjustments in the tutorial
Statements with accounts preparation of financial
6.2 Bad debts and bad debts
Balance Day statements (Statements
recovered
Adjustments 6.3 Doubtful debts and of Profit or Loss and
Allowance for doubtful debts Statement of Financial
using allowance method Position)
6.4 Capital expenditure and
revenue expenditure
6.5 Depreciation of non- current
assets (the cost of non-
current assets should already
include the amount of capital
expenditure)
• Definition of depreciation

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 based on MFRS116
• Factors causing
depreciation
• Show calculation for
depreciation using straight
line and reducing balance
method on yearly basis
only
6.6 Preparation of financial
statements using vertical
format presentation
Relate to accounting
assumptions and concepts
used such as:
• Accruals based concept
(accruals and
prepayments of expenses
and revenue;
depreciation)
• Neutrality concept
(allowance for doubtful
debts)
• Business entity concept
(drawings and personal
transactions)
• Going concern (the
measurement of assets in
the financial statements)
• Money measurement
concept

8 13-14 7.Accounting for 2(L)/4(T)/ 2 7.1 Definition of partnership. Able to: Lecture and Project
Partnership (Test 2) 7.2 Formation of Partnership tutorial
7.3 Characteristics of Partnership • Explain partnership
• Explain the advantages characteristics

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 and disadvantages of • Prepare capital
partnership as a form of accounts, current
business ownership accounts and
compared to a sole trader financial statements
and limited liability for partnership
company • Explain the
• Explain the purpose and accounting
the main content of a treatment for asset
partnership agreement. revaluation and
Explain the requirements goodwill when there
of Section 26 of the is change in
Partnership Act 1961 partnership
7.4 Explain the three types of • Incorporate change
partners (general partner, in partnership in
sleeping partner and limited capital accounts,
liability partner) current accounts
7.5 Introduction to partnership and financial
accounts statements for
7.6 Partner’s Capital and Current partnership
Accounts
• Compute and record
partners’ share of
profits/losses, interest on
capital, salaries, drawings
and interest on drawings
• Prepare partners’ current
accounts and partners’
capital accounts
7.7 Preparation of financial
statements for partnership:
• Statement of Profit or Loss
• Appropriation Statement
• Statement of Financial
Position
7.8 Simple change in partnership
(change at beginning and the
end of the financial year):

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 (THEORY ONLY)
• Assets revaluation
• Goodwill
• Incorporate the change in
partnership (admission,
retirement or change in
profit sharing ratio) in the
Appropriation account and
in the capital and/or
current accounts

ASSESSMENT

Test 1 30%
Test 2 30%
Group Project 1 - (Presentation) 15%
Final Project – (Simulation) 25%
Total 100 %

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