FYBMS 2014-15 : Introduction to Financial Accounts Syllabus


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  
Unit 2
  •   Accounting transactions: Accounting cycle, Journal,
  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  
  •   Expenditure:
  • Classification of Expenditure- Capital, revenue and
  Deferred Revenue expenditure  
  • Distinction between capital expenditure and revenue
  • Unusual expenses: Effects of error: Criteria test.
  •   Receipts: Capital receipt, Revenue receipt, distinction
  between capital receipts and revenue receipts.  
  •   Profit or Loss: Revenue profit or loss, capital profit or
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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