As you enter your first year of BFM course, we introduce you to the first paper of Financial Accounting. Financial Accounting is nothing but a specialized branch of accounting which keeps track of a company’s financial transactions. The company’s transactions are recorded, summarized and presented in a financial report or financial statement such as income statement or balance sheet. The purpose of learning this subject is to know how to provide enough financial related information to the various stakeholders of the organization.
The syllabus of Financial Accounting Paper I has been revised from the academic year 2015-16. Here we present the detailed syllabus for your reference:
Unit 1 – 10 lectures
Nature, Purpose of Accounting:
1) Meaning and scope of accounting – Need development and definition of accounting, persons interest in accounting disclosure, branches of accounting.
2) Accounting concepts and Accounting standards.
Unit 2 – 15 lectures
Books of Accounts
1) Journals, Ledgers, Subsidiary Books
2) Trial Balance, Financial Accounting framework
Unit 3 – 15 lectures
Introduction to Financial Statements:
1) Bank Reconciliation Statement
2) Treatments of Capital and Revenue
3) Depreciation accounting, methods of recording depreciation and methods of providing depreciation as per AS-4
Unit 4 – 20 lectures
Preparation of Financial Accounts
1) Financial Accounts of Sole Traders – Manufacturing Account, Trading, Profit and Loss Account and Balance Sheet
2) Financial Accounts of Partnership Firms, Manufacturing Account, Trading, Profit and Loss Account and Balance Sheet