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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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 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.