FINANCIAL ACCOUNTING – I

Code: 1.1 

           Total Hours: 50                                                                 Work load 4 Hrs/ week. 

 

Pedagogy: Lectures, Seminars, Assignments, Cases etc 

 

Objective:  To create awareness into the minds of the students to understand the basic principles of financial accounting and management 

Module – I  

Introduction – definition of accounting, scope and functions of accounting, accounting terms, users of accounting information, accounting concepts and conventions, Indian accounting standards and international accounting standards 

(4 hrs) Module – II  

Process of accounting – the account debit and credit, the journal, the ledger, trial balance, closing entries, adjustment entries, preparation of final account, trading account, profit & loss account, balance sheet. Adjustments- closing stock, outstanding income and expense, prepaid expenses/income.

(20 hrs)

Module – III  

Subsidiary books- purchase book, sales book, purchase return book, sales return book, cashbook: single column, double column and three columns petty cash book, bank reconciliation statement. 

(12 hrs)

Module – IV  

Partnership account:- capitial accounts, fixed and fluctuating system, profit & loss appropriation account, final account- trading account, profit & loss account, balance sheet, adjustment- closing stock, outstanding income and expenditure, prepaid income and expenditure, depreciation & appreciation of asset only. Depreciation: fixed percentage method, balance method. 

(14 hrs) Suggested Books:

 

  1. Advanced Accounting by Shukla M.C & Grewal T.S, S.C.Chnad and Sons.
  2. Advanced Accounting by Pillai Bhagvati.
  3. Advanced Accounting by S.N.Maheshwari.
  4. Accountancy : By B. S. Raman, United publishers, Mangalore.
  5. Financial Accounting: by Arulanandam and Raman, Himalaya Publication house.
  6. Accounting for Managers by Kuppapally.
  7. Basic Accounting by Sofat & Hiro.
  8. Financial Accounting for BBA:- Dr. S N Maheshwari & Sharad K Maheshwari