Financial Accounting-II

INTRODUCTION:

This course is aimed at people with no or limited prior accounting knowledge and provides an understanding of how financial statements are prepared for various types of organizations.

LEARNING OUTCOMES:

On completion of the course, students will be able to:

  • Develop a thorough understanding of accounting records and how to record transactions in them.
  • Be able to prepare a set of financial statements for various forms of businesses.
  • Develop an ability to apply accounting concepts, principles and practices.
  • Be familiar with the basic tools for analyses of financial statements.

COURSE OBJECTIVE:

Accounting plays a vital role as an information system for monitoring, problem solving and decision-making. However, the first step is to generate and present information in a manner that is useful. In recognition of this, the principles of financial accounting course focuses on the record-keeping and financial statement preparation process. On completion of the course, students should:

  • Develop a thorough understanding of accounting records and how to record transactions in them.
  • Be able to prepare a set of financial statements for various forms of businesses and non-profit entities.
  • Develop an ability to apply accounting concepts, principles and practices.
  • Be familiar with the basic tools for analyses of financial statements.

COURSE DESCRIPTION

This course is designed to help students to appreciate the importance of financial accounting in the workplace. The course involves the posting of transactions to the ledger and the preparation of final accounts with adjustments for accruals, prepayment, depreciation and provision for bad debts.

Course for:

  • Bachelor of Business Administration (BBA)

Recommended Text Books:

S. No. Title Author(s)
1 Accounting (The basis for decision making)

11th  Edition

Meigs William Haka Bettner
2 Fundamental Accounting Principles Larson, Wild, Chiappetta

Course Outline:

Session Topics
1-2 Purpose of accounting.

Introduction to the accounting equation and financial statements

3-4 Accounting principles and transaction analysis
5-6 Recording transactions using the debit and credit process.

Preparation of the Trial Balance

7-8 Adjusting entries (prepayments, accruals and reversals).

 

9-10 Adjusting entries (prepayments, accruals and reversals)
11-12 Preparation of the Balance Sheet and Income Statement
13-14 Accounting for merchandising activities
15-16 Accounting for merchandising activities
17 MID TERM EXAM.
18-19 Merchandise inventories and cost of sales.
20-21 Exercises based sessions
22-23 Cash flow statements
24-25 Identify factors that account for differences in the balance in the Cash Book and the bank statement
26-27 prepare bank reconciliation statements
28-29  Define depreciation

Discuss possible causes of depreciation

Calculate depreciation charges, using the straight line and reducing balance Methods

30-31 Presentation
32 Presentation

 

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