Financial Accounting-I B.S Raman

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                                                                       FINANCIAL ACCOUNTING – I
Chapter– 1 : Accounting Standards (AS):                                            10 Hrs.
1. Meaning, Definition and Imporance.
2. Statutory Bodies to prescribe Accounting Standards –
NACAS and National Financial Reporting Authority.
3. As – 1: Disclosure of Accounting Policies:
a. Need for Disclosure
b. FundamentalAccounting Concepts :- Going Concern
Concept, Accrual Concept and Consistency Concept.
c. Major considerations in selection of Accounting Policies:- Prudence, Substance over form, and materiality.

Chapter– 2 : Bank Reconciliation Statement:                                          10 Hrs.
(Preparation of Bank Reconciliation Statement when
balance as per pass book or cash book and reasons for
their differences are given)
Chapter– 3: Depreciation Accounting – AS 6:                                     10 Hrs.
a. Assets that are not covered by AS.
b. Meaning of depreciable assets.
c. Factors determining the economic life of the asset.
d. Methods of depreciation (Change of method of
depreciation excluded):
i. Straight Line Method
ii. Reducing Balance Method
iii. Annuity Method
iv. Sinking Fund Method.

Chapter – 4: Rectification of Errors:                                                 10 Hrs.
Classification of Errors
Rectification of Errors
i. Before Preparing the Trial Balance
ii. After preparing the Trial Balance and before preparing
Final Accounts- Suspense Account.
iii. After preparing the Final Accounts – Rectification in the
next Trading period – Profit and Loss Adjustment Account.

Chapter– 5: Final Accounts of Sole Trading Concerns :                    10 Hrs.
Preparation of :
i. Trading Account and Profit and Loss Account.
ii. Balance Sheet.

Chapter – 6: Final Accounts of Non-Trading Concerns:                  10 Hrs.
a. Meaning and Treatment of Revenue and Capital items.
b. Preparation of Income and Expenditure Account and Balance
Sheet with the given Receipts and Payments and
other information.


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