Definition and
Scope of Accounting, Its role and Functions, History of
Accounting, Purpose and Nature of Accounting Information
Users of Accounting Information. Branches of Accounting:
Nature of Business and Accounting.
Chapter-2 Conceptual Framework for Financial Accounting
FASB
Conceptual Framework for Financial Accounting-First Level: Basic Objectives (SFAC-1); Second Level: Qualitative Characteristics of Accounting Information (SFAC-2); Third Level: Operational Guidelines.
Chapter-3 The Accounting Process
Double-Entry Accounting System (vis-à-vis Incomplete) System. Accounting Equation – Effects of Transactions on the Accounting Equation. The Account Classification of Accounts-Selection of Account Titles-Chart of Accounts-Coding-Rules of Debit and Credit-Balancing and Normal Balance-Recording (Bookkeeping) Aspect of Accounting Cycle: Documentary Evidence and Identification, Analysis, and Recording of Transactions and Other Events Journalization-Posting to the Ledger-Preparation of Trial Balance-Limitations of Trial Balance, Errors and their
Rectification.
Chapter-4.1 The Adjustment Process and Completing the Accounting Process
Key aspects of the Accrual basis of accounting, Cash accounting and Break-up basis of accounting-Adjustments Adjusted Trial Balance-Preparation of Work Sheet- Closing Entries- Post-Closing Trial Balance-Reversing Entries.
Chapter-4.2 The Adjustment Process and Completing the Accounting Process – WOrk Sheet
Key aspects of the Accrual basis of accounting, Cash accounting and Break-up basis of accounting-Adjustments Adjusted Trial Balance-Preparation of Work Sheet- Closing Entries- Post-Closing Trial Balance-Reversing Entries.
Chapter-5 Merchandising Operations and Accounting System
Merchandising Operations and Classifying Inventory-Purchases, Sales, Other Use or Loss and Returns of Merchandise Inventory Periodic and Perpetual Inventory Systems and Journal Entries Lecture and Case Study CLO-6 Page 22 of 37 Specific Identification Method and Inventory Cost Flow Assumption (FIFO, LIFO and Average Cost).
CHapter-6 Accounting Systems and Special Ledgers
Manual and Computerized Accounting Systems and their effectiveness-The Voucher System-General Ledgers and Subsidiary Ledgers: General Ledger Control Accounts and Subsidiary Ledger Individual Accounts. Special Journals: Advantages of Special Journals-Cash Receipts Journal-Sales Journals-Purchase Journal-Cash Payments Journal and General Journal.
Chapter-7 Financial Statements
Idea on a Complete Set of Financial Statement. Purpose and interrelationship of the Financial Statement. Importance, Limitations & Preparation of Financial Statements. Supplementary Statements/Schedules. Preparation of Financial Statements for Sole-Proprietorship Organizations.
Chapter-8 Financial Statement Analysis
Horizontal analysis and vertical analysis of comparative financial statements; Preparation and use of common-size financial statements; Ratio Analysis-Basic Ratios of Liquidity, Activity, Profitability, and Solvency.
