Financial Accounting – I FYBBI Semester I Manan Prakashan

Financial Accounting – I
FYBBI
Semester I   Manan prakashan
Syllabus
1. Introduction to Accountingl Meaning, Scope, Objectives, Need, Importance and Limitations of Accountingl Basic Accounting Terminology

l Branches of Accounting

l Accounting Concepts, Conventions and Principles

l Double Entry System, Classifications of Accounts, Rules of Debit and Credit

l Writing of Journal Entries and Ledger, Sub-division of Journal and Trial Balance

2. Classification of Income and Expenses and Accounting Standards

l Classifications of Income, Expenditure and Receipts on the basis of Capital and Revenue

l Source Documents required for Practical Accounting

l Introduction to Bank Reconciliation Statement and Errors and their Rectification

l Accounting Standard 1, 2, 6, 8, 9, 10

l Understanding Fair Value Concept

l Overview of Ind-AS vis-a-vis International Financial Reporting Standards (IFRSs)

3. Issues of Shares, Stock Valuation and Hire Purchase

l Introduction to Issue of Shares

l Stock Valuation (FIFO and Weighted Average Method only)

l Hire Purchase Transactions (Calculation of Interest, Accounting as per Asset Purchase Method only, exclude Repossession)

l Introduction to Depreciation : Fixed Installment Method, Written Down Value Method, Change of Method

l Valuation of Goodwill (Problems based on Average Profit Method and Super Profit Method only)

4. Final Accounts

l Trading Account, Profit and Loss Account, Balance Sheet, Adjustment Entries

l Introduction to Accounts and Non-Profit Organisations