Introduction to Financial Accounts University of Mumbai BMS 1st Sem Notes

Unit 1 {Book}

Meaning and Scope of Accounting

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Need and Development of Accounting

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Book-Keeping and Accounting

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Persons interested in Accounting

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Branches of accounting

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Objectives of accounting

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Accounting Standards: Meaning and Scope

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AS1: Disclosure of Accounting Policies

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AS6: Depreciation Accounting

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AS9: Revenue Recognition

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AS10: Accounting of fixed assets

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International Financial Reporting Standards (IFRS)

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IAS1: Presentation of financial Statements

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IAS2: Inventories

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Accounting in Computerized Environment: Introduction, features, Applications in various areas of Accounting

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Unit 2 Accounting Transactions {Book}

Accounting cycle

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Journal

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Journal proper

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Opening and closing entries

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Relationship between journal and Ledger

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Rules Regarding posting

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Trial Balance

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Subsidiary books

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Purchase, Purchase returns, Sales, Sale return and cash book- Triple column

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Bank Reconciliation Statement

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Expenditure and Classification: Capital, revenue and deferred Revenue expenditure

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Unusual expenses, Effects of error

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Receipts: Capital receipts, Revenue receipt

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Difference between Capital receipts and Revenue receipt

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Revenue, Capital P/L

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Unit 3 Depreciation Accounting and Trial Balance {Book}

Depreciation Accounting

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Straight Line Methods

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Reducing Balancing Methods

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Trial Balance

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Preparation of Trial Balance

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Unit 4 {Book}

Final accounts of a Sole Proprietor

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Rectification of errors

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Manufacturing Account

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Trading Account

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Profit and Loss account

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Balance Sheet

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Final Accounts in Horizontal format

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Schedule 6 of Companies Act 1956

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