Semester End Examination – 60 Marks

Attendance/Participation/Work Sheets – 10 Marks

Class Test – 15 Marks

Presentations – 15 Marks

Framework of Financial Accounting Financial Statements Fixed Assets and Depreciation

Accounting Inventory Valuation Ratio Analysis Inflation Accounting Basics of Auditing

Financial Accounting – S.N. Maheshwari

Financial Accounting, A Managerial Perspective – R Narayanaswamy

Financial Accounting – The ICFAI University

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

Owners Managers Investors Creditors & Financial Institutions Employees Government Customers Public

Ministry of Corporate Affairs  ICAI SEBI  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