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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