Course Overview: Financial Accounting I

This course is an introduction to the basic concepts and standards underlying financial accounting systems. Several important concepts will be studied in detail, including: revenue recognition, inventory, long-lived assets and long-term liabilities. The course emphasizes the construction of the basic financial accounting statements - the income statement, balance sheet, and bank reconciliation statement - as well as their interpretation.

Syllabus

Accounting process: Introduction-Definition- Functions- Advantages Limitations- Branches of a/c-Accounting Principles-Types of account, Journal, Ledger Trial balance.

Subsidiary books: Meaning and Types of Subsidiary Books.

Bank reconciliation statementMeaning- Need- Reasons for differences between Cash book and pass book. Preparation of Bank reconciliation Statement.

Rectification of errors and depreciation: Capital and revenue expenditure and receipts-Types of errors-Suspense accounts and their rectification. Depreciation- Meaning- Causes- Objectives of providing depreciation – Methods of depreciation.

Final accounts:Final accounts of Sole Trader: Meaning- uses-preparation of Manufacturing, Trading and Profit and loss a/c and Balance Sheet- Adjustments. 

Course Objectives

The course aims to at providing an in-depth knowledge in Finance Accounting concepts, conventions and the role of financial Accounting in the business. Gives a hands-on-experience in the process of learning the financial Accounting and know-how to prepare the financial statements.

Mapping of course learning outcomes and assessment methods:

This course has been designed to strengthen a students’ ability to;