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.

COURSE OUTCOMES:

CO1: Know about importance of accounting in business, various branches of accounting and understand the terminologies used in business                              

CO2: understand the principles of accounting and method of recording, Journalising posting to ledgers and  preparation of financial statements                      

CO3: know the method of preparing various subsidiary books                   

CO4: Know the reasons for disagreement between Cash book and pass book and also to reconcile them.                            

CO5: Know the importance of cash and non cash transactions types of  errors that occur while recording and preparing financial statements                      

CO5:  Know the causes for disagreement of trial balance and method of rectifying them                               

CO7: understand and differentiate between Capital and revenue items and its treatment                           

CO8: Know the difference between direct and indirect expenses, preparation of financial statements Trading account Profit and Loss account and Balance Sheet.

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Syllabi (Osmania university)

 

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 statement Meaning- 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.

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References

1. Financial Accounting -I, S P Jain, K. L. Narang, Kalyani Publishers.
2. Financial  Accounting-I, S. Sunil Kumar, V. Rajesh Kumar, B. Mariappa, Himalaya Publishing House.
3. Financial Accounting, Jawaharlal, Seema Srivastava, S Chand Publishing

Instructions to the Students

[1]      Students are requested to be in class prior to the faculty entering into the class. [2]      A late entry (After 5 Minutes of the prescribed session hour i.e., 300 Seconds) into the class is strictly prohibited. [3]      Once session begins, students are not allowed to go outside; case is different for valid reason. [4]      Students are advised to attend all sessions without fail (Maintain Minimum 75% Attendance). [5]      Every day questions will be asked on the topics covered in earlier sessions, students should be prepared to give the answers. [6]    Students are advised to carry Pen, Reader, Running Notes and Simple Calculators to each and every session compulsorily. [7]    Students are requested not use Mobile Phones during the session. [8]      If Student is found using Mobile Phones during the session, mobile will be confiscated and will be returned only at the end of the semester. Hence students are advised to give landline number of college information centre to their family members for emergency purpose.