Financial Accounting syllabus

Financial Accounting

• 1 Introduction (6 LHs)

  • Concept, Objectives, Functions, and Limitations of Accounting
  • Users and Qualitative Characteristics of Accounting Information
  • Accounting Principles, Cycle, and Double Entry Book Keeping
  • Accounting Equation
• 2 Recording of Business Transactions (4 LHs)

  • Journal: Meaning, Objectives, and Journalizing
  • Ledger: Formats, Posting, Balancing, and Closing
• 3 Sub-division of Journal (4 LHs)

  • Trade Discount and Cash: Accounting Treatment
  • Purchase and Purchase Return Books
  • Sales and Sales Return Books
  • Bills Payable and Bills Receivable Books
• 4 Accounting for Cash and Banking Transactions (7 LHs)

  • Cash and Banking Transactions and Bank Accounts
  • Cheques and Pass Book
  • Cash Book and Petty Cash Book
  • Bank Reconciliation Statement
• 5 Trial Balance (4 LHs)

  • Trial Balance and Adjusted Trial Balance
  • Journal Proper and Adjusting Entries
  • Accounting Errors, Rectification, and Suspense Account
• 6 Accounting for Depreciation (5 LHs)

  • Meaning and Causes of Depreciation
  • Straight Line and Diminishing Balance Methods
  • Disposal and Addition of Assets; Gains and Losses
  • Effect of Depreciation on Financial Statements
• 7 Reserve and Provision (2 LHs)

  • Concept and Objectives
  • General Reserve and Provisions for Bad Debt and Discount on Debtors
• 8 Capital and Revenue Concept (2 LHs)

  • Capital and Revenue Receipts
  • Capital and Revenue Expenditure
• 9 Financial Statements (7 LHs)

  • Annual Report and Its Components
  • Concept and Types of Financial Statements
  • Income Statement and Balance Sheet with Adjustments
  • Cash Flow Statement under Direct Method
• 10 Computerized Accounting (7 LHs)

  • Accounting Software Packages: Uses and Benefits
  • Types of Accounting Software
  • Data Entry and Financial Reporting
  • Project: Data Entry to Financial Statement Extraction