Course Outline for I.COM-I & B.

Com-I
Conceptual, System and Regulatory Framework
1. Accounting Nature and Objectives

• Financial Accounting definition & objectives,

• Cost Accounting definition & Objectives

• Management Accounting definition & Objectives

2. Introduction to Financial Accounting

• Capital

• Assets

• Liabilities

• Expenditures (Capital & Revenue)

• Revenue

• Accounting Equation

3. Accounting Concepts and Conventions

• Accounting Concepts & Principles (Going Concern, Accruals,

Prudence, Consistency, Materiality, Substance over form, Business
Entity, Money Measurement)

Accounting Systems and Accounts Preparation

4.Source Documents and Books

• Source Documents (Sale & Purchase Order, Credit & Debit Note, GRN)

• Books (Sale day book, Purchase day book, Sales Return day book, Purchase Return day b
Petty Cash book)
5. Double Entry and Ledger Accounting

• Principles of double entry bookkeeping

• Journal

• Nominal Ledger

• Posting from day book to nominal ledger

• Sales and Purchase accounts, including personal accounts and Control accounts

6. Trial balance and Financial statements

• Trial Balance

• Income Statement

• Balance Sheet/Statement of Financial Position

• Accounts Coding System

7. Accruals and prepayments

• Accruals

• Prepayments

8. Tangible non-current assets

• Depreciation

• Re-valuation of non-current assets

• Non-current asset disposal

• Non-current asset register

9. Intangible non-current assets

• Accounting treatment of Intangible Assets

• Research and Development Cost

10. Bad debts and allowances for receivables

• Sales and Accounting Concepts

• Bad and Doubtful Debts

• Bad Debts Recovered

11. Provisions and Contingencies

• Categorization of liabilities

• Cash and Credit Purchases

• Provisions

• Contingent liabilities and Assets

12. Accounting for Inventories

• Stock and Work -in-progress

• Accounting for Stocks - closing stock

• Ledger Accounts for stock

• Physical Count

• Statement of Profit or Loss and Statement of Financial Positions from Trial Balance

13. Accounting for Sales Tax

• Principles of Sales Tax

• Bookkeeping Entries for Sales Tax

• Standard Rated, Zero Rated and Exempt Supplies

14. Accounting for Payroll

• Wages and Salaries

• Wages from the Employee's Viewpoint

• The Wages Book

• Accounting for Payroll

15. Bank Reconciliation’s

• Statement and the Cash Book

• Outstanding Payments and Receipts

• Performa Bank Reconciliation

16. Control accounts

• ledger Accounts and the Division of the edger Understanding of Control Accounts

• Use of Control Accounts

• Purchase and Sale Day Books

• Control Accounts Reconciliation

• Cash Book

• Petty Cash Book

17. Correction of Errors

• Types of Errors

• Suspense Accounts

• Correcting Entries

Note: Some other topics can be include or exclude as per Karachi Board.