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
Presentation should not exceed 15 mins.
It involves :
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”.
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
Preparation of Financial statements
from Trial Balance
Accounting Standard – 1
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.