Financial accounting - I
Unit
-1 : Introduction:
Definition – Need and importance –
Relationship with other disciplines – careers in accounting – a brief reference
to Indian accounting standards.
Unit
-2: Foundations of Preparing Financial Statements
Meaning and objectives of
financial statements – accounting cycle – Recognitions of Revenue, Expenses. Assets,
liabilities and ownership equity – methods of preparing financial statements of
sole proprietorship enterprises (classified statement form and account form).
Unit
-3: Accounting for Depreciation
Meaning – methods of determining
depreciation expenses – accounting process
– disposal of depreciated assets – Depreciation fund.
Unit-4
accounting for consignment
Transaction – meaning – parties – distinction
between consignment and sale – proforma invoice – accounts sales – types of
commission – problem on consignment transactions at cost and invoice price –
normal and abnormal loss
Unit
-5 financial reporting
Meaning conceptual framework – GAAP-
Accounting standards: meaning , structure – features – accounting standards in India
– IFRS ( A brief introduction )
