Financial accounting
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Financial Accounting. Evaluation Criteria. Semester End Examination – 60 Marks Attendance/Participation/Work Sheets – 10 Marks Class Test – 15 Marks Presentations – 15 Marks. Topics. Framework of Financial Accounting Financial Statements Fixed Assets and Depreciation Accounting

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Financial accounting

Financial Accounting


Evaluation criteria

Evaluation Criteria

  • Semester End Examination – 60 Marks

  • Attendance/Participation/Work Sheets – 10 Marks

  • Class Test – 15 Marks

  • Presentations – 15 Marks


Topics

Topics

  • Framework of Financial Accounting

  • Financial Statements

  • Fixed Assets and Depreciation Accounting

  • Inventory Valuation

  • Ratio Analysis

  • Inflation Accounting

  • Basics of Auditing


Reference books

Reference Books

  • Financial Accounting – S.N. Maheshwari

  • Financial Accounting, A Managerial Perspective – R Narayanaswamy

  • Financial Accounting – The ICFAI University


Presentations

Presentations

  • Industry Analysis

  • Introduction of the Sector

  • Major companies in the Sector

  • Market Share of various companies

  • Past trend of the sector – 5 years

  • News related to the Sector

  • Future of the Sector

    Presentation should not exceed 15 mins.


Specialized areas of accounting

Specialized Areas of Accounting

  • Financial Accounting

  • Cost Accounting

  • Management Accounting

  • Social Responsibility Accounting


Financial accounting1

Financial Accounting

  • Recording, classifying and summarizing of past events & transactions

  • Historical in nature

  • Facts & figures

  • Preparation of Financial statements


Cost accounting

Cost Accounting

  • It shows classification & analysis of costs on the basis of functions, processes & products.

  • It deals with cost computation, costs saving, cost reduction.


Management accounting

Management Accounting

  • Uses data generated in Financial & Cost Accounting.

  • Data used for managerial decision making.


Social responsibility accounting

Social Responsibility Accounting

It involves :

  • Accounting for social costs

  • Accounting for social benefits created & reporting thereof


What is financial accounting

What is Financial Accounting

According to the American Institute of Certified Public Accountants

“The art of recording, classifying and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of a financial character & interpreting the results thereof”.


Accounting process

Accounting Process

Identification of Transactions & Events

Recording of Transactions in a Journal

Posting of Journal Entries in Ledger

Summarize by preparing Trial Balance, Profit/Loss A/C, Balance Sheet

Analyze and Communicate the results to Users


Trial balance is prepared at the end of the financial year

Trial Balance is prepared at the end of the financial year

Preparation of Financial statements

from Trial Balance

  • Profit & Loss Account

  • Balance Sheet


Users of financial statements

Users of Financial Statements

  • Owners

  • Managers

  • Investors

  • Creditors & Financial Institutions

  • Employees

  • Government

  • Customers

  • Public


Regulatory bodies

Regulatory Bodies

  • Ministry of Corporate Affairs 

  • ICAI

  • SEBI

  • CBDT

  • RBI

  • International Accounting Standards Board


Accounting standards

Accounting Standards


Accounting standard 1

Accounting Standard – 1


Disclosure of accounting policies

Disclosure of Accounting Policies

Accounting policies refer to the specific accounting principles and the methods of applying those principles adopted by the enterprise in the preparation and presentation of financial statements.


Major considerations governing the selection and application of accounting policies

MAJOR CONSIDERATIONS GOVERNING THE SELECTION AND APPLICATION OF ACCOUNTING POLICIES

  • Prudence

  • Substance over form

  • Materiality


3 fundamental accounting assumptions

3 FUNDAMENTAL ACCOUNTING ASSUMPTIONS

  • Going Concern

  • Consistency

  • Accrual


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