In Spring 2007 Semester Allama Iqbal Open University BA, BBA B.Com, BS (CS/IT) B.Sc/Bachelor level final exams conducted through various types of papers on different subjects, BA paper course code 134 "Fundamentals of Accounting" was one of them.
Paper time was 03 hours and out of 100 marks students were required to get at least 40 marks to pass this paper:
Paper time was 03 hours and out of 100 marks students were required to get at least 40 marks to pass this paper:
Key topics of the subjects are nature of financial statements, Accounting Information Processing Cycle, Outstanding subscriptions and the prudence concept, Single entry system, Goods stolen or lost, Incomplete records and missing figures, Accounting for Trading Organizations, Receipts and payments accounts, Information Processing at the End of the Accounting Period, Income and expenditure accounts, Drawing up income and expenditure accounts, Accounting for Inventory, Accumulated fund, Entry System and Accounting for Non-profit Organizations, term Generally Accepted Accounting Principle (GAAP), Average Cost, LIFO, FIFO, differences between manufacturing and merchandising organizations, differences between ledger and trial balance, How to prepare Bank Reconciliation Statement, understanding liabilities, Credit risk, Interest bearing notes, Cash and Temporary Investments, Receivables and Payable,
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