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Semester End Examination – 60 Marks
Attendance/Participation/Work Sheets – 10 Marks
Class Test – 15 Marks
Presentations – 15 Marks
Framework of Financial AccountingFinancial StatementsFixed Assets and Depreciation AccountingInventory ValuationRatio AnalysisInflation AccountingBasics of Auditing
Industry Analysis
1.Introduction of the Sector2.Major companies in the Sector3.Market Share of various companies4.Past trend of the sector – 5 years5.News related to the Sector6.Future of the Sector
Presentation should not exceed 15 mins.
Financial Accounting
Cost Accounting
Management Accounting
Social Responsibility Accounting
Recording, classifying and summarizing of past events & transactions
Historical in nature
Facts & figures
Preparation of Financial statements
It shows classification & analysis of costs on the basis of functions, processes & products.
It deals with cost computation, costs saving, cost reduction.
Uses data generated in Financial & Cost Accounting.
Data used for managerial decision making.
It involves :Accounting for social costs
Accounting for social benefits created & reporting thereof
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 statementsfrom Trial Balance1. Profit & Loss Account2. Balance Sheet
OwnersManagersInvestorsCreditors & Financial InstitutionsEmployeesGovernmentCustomersPublic
Ministry of Corporate Affairs ICAISEBI CBDT RBI International Accounting Standards Board
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.
Prudence
Substance over form
Materiality
Going Concern
Consistency
Accrual