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Financial Accounting - I FYBBI Semester I

Financial Accounting - I FYBBI Semester I


Financial Accounting - I


Semester I


1. Introduction to Accounting


l Meaning, Scope, Objectives, Need, Importance and Limitations of Accounting


l 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




Additional Information

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ISBN-13 978-93-89293-02-9
AUTHOR Ainapure & Ainapure
YEAR 2019
ED First
SUBJECT Financial Accounting - I FYBBI Semester I