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 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
- 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|
|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|
|Deferred Revenue expenditure|
|between capital receipts and revenue receipts.|
|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