Course Features

  • Lectures 0
  • Quizzes 0
  • Duration 0 week
  • Students 33
  • Assessments Yes

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OBJECTIVES

To gain comprehensive understanding of all aspects relating to financial statements, principles, procedures of accounting and their application to different practical situations

Learning Aims

The syllabus aims to test the student’s ability to:

  • Understand and explain the conceptual framework of Accounting
  • Prepare Accounting for various entities under different situations
  • Acquire basic concepts of Cost & Management Accounting relevant for managerial decision making

Section A : Fundamentals of Financial Accounting [80 marks]

  • Accounting Process
    • Accounting Principles, Concepts and Conventions
    • Capital and Revenue transactions – capital and revenue expenditures, capital and revenue receipts
    • Double entry system, Books of prime entry, Subsidiary Books, Cash Book
    • Journal, Ledger, Trial Balance
    • Depreciation – Methods (Straight Line and Diminishing Balance methods only)
    • Rectification of Errors
    • Opening entries, Transfer entries, Adjustment entries, Closing entries
    • Bank Reconciliation Statements Accounting Process
  • Accounting for Special Transactions
    • Bills of Exchange (excluding accommodation bill, insolvency)
    • Consignment (cost price, invoice price, commission & valuation of stock)
    • Joint Venture
  • Preparation of Final Accounts
    • Of a Profit-making concern (for sole proprietorship concern only)
    • Of a Not-for- Profit making concern

SECTION B: Fundamentals of Cost Accounting [20 MARKS]

  •  Fundamentals of Cost Accounting
    • Meaning, Definition, Significance of Cost Accounting, its relationship with Financial Accounting & Management Accounting.
    • Classification of Costs
    • Format of Cost Sheet
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