Introduction to Financial Accounts FYBMS Semester I Manan Prakashan

Unit – 1 : Introduction (15 Lectures)
Meaning and Scope of Accounting : Need and Development, Definition : Book-Keeping and Accounting, Persons interested in Accounting, Branches of Accounting, Objectives of Accounting.
Accounting Principles : Introductions to Concepts and Conventions.
Introduction to Accounting Standards : (Meaning and Scope)
l AS 1 : Disclosure to Accounting Policies
l AS 6 : Depreciation Accounting
l AS 9 : Revenue Recognition
l AS 10 : Accounting For Fixed Assets
International Financial Reporting Standards (IFRS) :
l Introduction to IFRS
l IAS-1 : Presentation of Financial Statements (Introductory Knowledge)
l IAS-2 : Inventories (Introductory Knowledge)
Accounting in Computerised Environment
Introduction, Features and Application in various Areas of Accounting

Unit – 2 : Accounting Transactions (15 Lectures)
l Accounting Transactions : Accounting Cycle, Journal, Journal Proper, Opening and Closing Entries, Relationship between Journal and Ledger, Rules regarding Posting, Trial Balance, Subsidiary Books (Purchase, Purchase Returns, Sales, Sales Returns and Cash Book – Triple Column), Bank Reconciliation Statement
l Expenditure :
Classification of Expenditure – Capital, Revenue and Deferred Revenue Expenditure
Unusual Expenses : Effects of Error, Criteria Test
l Receipts : Capital Receipt, Revenue Receipt, Distinction between Capital Receipts and Revenue Receipts
l Profit or Loss : Revenue Profit or Loss, Capital Profit or Loss

Unit – 3 : Depreciation Accounting and Trial Balance (15 Lectures)
l Depreciation Accounting : Practical Problem based on Depreciation using SLM and RBM Methods (where Provision for Depreciation Account not maintained)
l Preparation of Trial Balance : Introduction and Preparation of Trial Balance

Unit – 4 : Final Accounts (15 Lectures)
l Introduction to Final Accounts of a Sole Proprietor
l Rectification of Errors
l Manufacturing Accounts, Trading Account, Profit and Loss Account and Balance Sheet
l Preparation and Presentation of Final Accounts in Horizontal Format
l Introduction to Schedule VI of Companies Act, 1956