- This course will enable the students to combine practice and theoretical knowledge of financial accounting.
- The students of this course will be active learners and develop awareness of emerging trends in financial accounting,
- The course will provide decision making skills to the students in the financial analysis context,
- The students of this course will have the ability to identify and analyze financial accounting problems and opportunities in real life situations.
The objective of this course is to introduce problems of financial accounting such as measuring and reporting issues related to assets and liabilities and preparing the financial statements. Students are expected to gain the ability of using accounting information as a tool in applying solutions for managerial problems, evaluating the financial performance, and interpreting the financial structure
What you'll learn:
- Comprehensive Accounting Course – From Basic accounting concepts to financial statements
- Meaning and Scope of accounting
- Accounting Concepts, Principles and Conventions GAAP (Generally accepted accounting principles), Business Entity concept, Money measurement concept,
- Going Concern Concept, Accounting period concept, Cost concept, Revenue recognition concept,
- Matching Concept, Accrual basis of accounting, Cash basis of accounting, Full disclosure concept, Consistency concept, Conservatism concept, Materiality concept
- Accounting Terms – Financial Transaction, Voucher, Journals, Ledger account, Capital,
- Liabilities, Assets, Debtors, Creditors, Purchase, Stock/ Inventory, Profit and Loss.
- Process of Accounting
- Books of Accounts – Books of accounts Journals, Ledgers, General Ledgers and Subsidiary books. It also includes process to prepare Petty Cash book, Cash book.
- Rectification of Errors – It explains how to rectify various types of errors in accounting.
- Bank Reconciliation Statement
- Inventories – This includes Inventory Recording, Inventory Taking and Methods of determining cost of inventory
- Depreciation – This includes depreciation concept, Methods of calculating depreciation, treatment in case of sale of asset.
- Bills of Exchange/ Promissory Note accounting
- Sale of goods on return and Sale of goods on Consignment – accounting for goods sold on consignment in books of consignor and consignee, Sale on return basis.
- Average Due date calculation
- Account Current – concept of account current and accounting in account current. It explains various methods to maintain account current along with examples.
- Final accounts of Sole Proprietor (Manufacturing and Non- Manufacturing) – financial statement for sole proprietor along with solved comprehensive examples
- Partnership accounts – Admission, Retirement and Death of partner, Financial Statements, accounting in case of admission retirement and death of partner.
- Non–Profit Organizations -Accounting for Donations, subscriptions, annual maintenance fees, one-time fees, honorarium with examples and financial statements
- Company Accounts–Introduction, Types of companies, Issue Re-issue and forfeiture of shares- Process and accounting, Issue of Debentures–Process and accounting
Course Content Mainly Includes:
- Meaning & Scope of Accounting, Accounting Terms
- Accounting Concepts, Principles & Conventions and process of accounting
- How to Pass Journal Entries
- How to Post Journal Entries and Prepare Trial Balance
- Book of Accounts Journals, Ledgers, Day Books, Subsidiary Books, Cash Books,
- Rectification of Errors
- Bank Reconciliation Statement (BRS)
- Inventories and Inventories Valuation
- Depreciation and Method of Depreciation
- Financial Reports, Income Statement, Cash Flow Statement, Balance Sheet
- Bills of Exchange and Promissory Notes
- Use of Software (QuickBooks, Excel, eSale Analyst & others)