Financial Accounting

Financial Accounting

A branch of accounting involving the preparation and publication of financial statements, earnings reports, and other forms for disclosure to shareholders, regulators, and any other stakeholders

Financial Accounting 2012 Final Exam solution by Lubaba Omer


Download below in PDF format

Solutions for financial accounting exams (Attached at the end):

  • Mid 2012
  • Final 2006
  • Final 2009

 

Below are links to Financial Accounting Resources

Kimmel, Weygandt, Kieso: Accounting: Tools for Business Decision Making, 4th Edition

Companion Site :

  • The official book's companion site, containing study material, excercises, power point slides and self tests

Power Point Presentations:

  • All the chapters and appendices in power point format

Self test 1, Self test 2:

  • Online self test for each chapter with online grading. 

Excercise solutions

  • Solutions to Excecises appearing in the book chapters

Course title: Financial Accounting
Course No : SMS 513
Semester :One
Instructor: Dr. Nawal Hussein Abbas
Title: MSC, FCCA

Course objectives:

To help students learn accounting concepts, the theoretical formwork and apply them to decision making in the business world.

Course contents:

I-  Introduction to Financial statements.

  • Forms of business organization.
  • Users of financial information.
  • Communicating with users.

2- A Further book at Financial Statements.

  • The classified balance sheet.
  • Using the income statement
  • Using the statement of stockholder's equity
  • Using the balance sheet
  • Using the statement of cash flows.
  • The standard -setting environment
  • Characteristics of useful information.
  • Assumptions and principles in financial reporting
  • Constraints in accounting.

3- The Accounting Information System.

  • Accounting transactions.
  • The account.
  • Steps in the recording process ( illustrated)
  • The trial balance .

4- Accrual Accounting .

  • Timing issues.
  • Adjustments.
  • The adjusted trial balance and financial statements
  • Closing the books.

5- Merchandising Operations and the Multiple-step Income Statement.

  • Merchandising operations
  • Recording purchases of merchandise
  • Recording sales of merchandise
  • Income statement presentation.

6- Reporting and analyzing inventory

  • classifying inventory.
  • Determining inventory quantities.
  • Inventory costing ( valuation )

7- Internal control and cash

  • internal control.
  • Cash controls
  • Reporting cash
  • Operations of the petty cash

8- Reporting and Analyzing Receivables

  • Types of receivables
  • Financial statement presentation of receivables.
  • Managing receivables

9- Reporting and Analyzing long-lived Assets

  • Determining the cost of plant assets
  • Accounting for plant assets.
  • Accounting for intangible assets
  • Types of intangible assets
  • Financial statement presentation of long-Ivied assets

1 0- Reporting and Analyzing liabilities

  • Current liabilities
  • Types of current liabilities
  • Long-term liabilities

11- Reporting and analysising Stockholder's Equity.

  • the corporate form of organizations.
  • Stock issue considerations
  • Accounting for treasury stock
  • Preferred stock
  • Dividends
  • Retained earnings
  • Financial statement presentation of stockholder's equity.

12- Statement of cash Flows.

  • Usefulness and format.
  • Preparation of the statement of cash flows.
  • Indirect method.
  • Using cash flows to evaluate a company.

13- Financial statements Analysis and interpretation.

  • Sustainable income
  • Comparative analysis
  • Ratio analysis
  • Methods of Assessment and Evaluation

 

A student's academic performance will be assessed throughout the semester by using exams, assignments and class participation as follows:- 

Mid semester Exam 25 %
Assignments and participation 15 %
Final Exam 60 %
Total 100 %

 References and Reading Materials

1- Financial Accounting, tools for Business Decision Making, Kimmel, Weygndt and Kieso, Fourth edition. Wiley.

2- Financial Accounting , Robert F. Meigs and Walter B. Meigs sixth edition, McGraw-Hill company

3- www.Wiley.Com/college/kimmel 

4- www.Wiley.Com/college/wileyplus 

5- www.Wiley.Com/business

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