2. UBMSFSI.2 – Introduction to Financial Accounts
[50 lectures: 3 Credit]
The objectives of the course are:
- To understand and apply the theoretical aspects of accounting methods used for collecting, recording and reporting financial information.
- To analyze and interpret the financial environment in which accounting information is used in managing a business;
- To apply accounting and financial management decision-making techniques to practical situations that are likely to be encountered by a manager.
UNIT | TITLE | NO. OF |
LECTURES | ||
Unit 1 | Meaning and Scope of Accounting: Need and | 10 |
development, definition: Book-Keeping and accounting, | ||
Persons interested in accounting, Branches of accounting, | ||
Objectives of accounting. | ||
Accounting principles: Introductions to Concepts and | ||
Introduction to Accounting Standards: (Meaning and Scope)
- AS 1 : Disclosure to Accounting Policies
- AS 6: Depreciation Accounting.
- AS 9: Revenue Recognition.
- AS 10: Accounting For Fixed Assets.
International Financial Reporting
Standards(IFRS):
- Introduction to IFRS
- IAS-1:Presenttion of Financial Statements(Introductory Knowledge)
- IAS-2:Inventories (Introductory Knowledge)
Accounting In Computerized Environment | ||
(Introduction , Features and application in various areas of | ||
Accounting) | ||
Unit 2 |
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15 |
Journal proper, Opening and closing entries, | ||
Relationship between journal & ledger: Rules | ||
regarding posting: Trial balance: Subsidiary books | ||
(Purchase, Purchase Returns, Sales, Sales Returns & | ||
cash book –Triple Column), Bank Reconciliation | ||
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Deferred Revenue expenditure | ||
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expenses | ||
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between capital receipts and revenue receipts. | ||
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Loss | ||
Unit 3 | Depreciation accounting: Practical problem based on | 10 |
depreciation using SLM and RBM methods.(Where Provision | ||
for depreciation Account not maintained). | ||
Preparation of Trial Balance : | ||
Introduction and Preparation of Trial Balance | ||
Unit 4 | Final Accounts of a Sole Proprietor | 15 |
- Introduction toFinal Accounts of a Sole proprietor.
- Rectification of errors.
- Manufacturing Account, Trading Account, Profit and Loss Account and Balance Sheet.
- Preparation and presentation of Final Accounts in horizontal format
- Introduction to Schedule 6of Companies Act ,1956
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