Financial Accounting-1 Osmania University B.com 1st Semester Notes

Unit 1 Accounting process {Book}
Financial Accounting: Introduction, Definition, EvolutionVIEW
Financial Accounting ScopeVIEW
Financial Accounting FunctionsVIEW
Financial Accounting Advantages and LimitationsVIEW
Users of Accounting InformationVIEW
Branches of AccountingVIEW
Accounting Principles, Concepts and ConventionsVIEWVIEW
Accounting Standards Meaning, ImportanceVIEW
List of Accounting Standards issued by ASBVIEW
Accounting System, Types of AccountsVIEW
Accounting CycleVIEW
JournalVIEWVIEW
LedgerVIEW
Trial BalanceVIEWVIEW

 

Unit 2 Subsidiary Books {Book}
Subsidiary Books Meaning, TypesVIEW
Purchases Book, Purchases Returns Book, Sales Book, Sales Returns BookVIEW
Bills Receivable Book, Bills Payable BookVIEW
Cash Book: Single Column, Two Column, Three ColumnVIEW
Petty Cash BookVIEW
Journal ProperVIEW

 

Unit 3 Bank Reconciliation Statement {Book}
Bank Reconciliation Statement Meaning, NeedVIEW
Reasons for differences between Cash book and Pass book balancesVIEW
Favourable and over Draft balancesVIEW
Ascertainment of correct cash book balanceVIEW
Preparation of Bank Reconciliation StatementVIEW

 

Unit 4 Rectification of Errors and Depreciation {Book}
Capital and Revenue ExpenditureVIEW
Capital and Revenue Receipts Meaning and DifferencesVIEWVIEW
Differed Revenue ExpenditureVIEW
Errors and their RectificationVIEW
Types of ErrorsVIEW
Suspense AccountVIEW
Effect of Errors on ProfitVIEW
Depreciation (AS-6): Meaning CausesVIEW
Difference between Depreciation, Amortization and DepletionVIEW
Objectives of providing for depreciationVIEW
Factors affecting depreciationVIEW
Accounting Treatment of depreciationVIEWVIEW
Methods of depreciation:
Straight Line MethodVEW
Diminishing Balance MethodVIEW

 

Unit 5 Final Accounts {Book}
Final Accounts of Sole Trader: Meaning, UsesVIEW
Preparation of Manufacturing AccountVIEW
Preparation of Trading AccountVIEW
Preparation of Profit & Loss AccountVIEW
Balance Sheet AdjustmentsVIEWVIEW
Closing EntriesVIEW

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