FINANCIAL ACCOUNTING -1 (Lec #1 Basic Concepts of Accounting (OBJ# Intro…
FINANCIAL ACCOUNTING -1
Lec #1 Basic Concepts of Accounting
OBJ# Intro to & how "accounting" developed?
IT impact on Accounting
Barter( Trading & Transactions )( What )?
Costing Concept ( What )?
Money Measurement Concept( What )?
Budget( What )?
Cash & Credit Transactions ( What )?
Transactions ( What )?
Types of Business Organizations
Joint Stock Company
Financial Accounting( What, Why )?
Lec #2 Record Keeping & Some Basic Concepts
OBJ# Evolution continued from prev lecture, emphasis on how "Record Keeping" started?
Single Entry Accounting/ Cash Accounting? Double Entry Accounting/ Commercial Accounting?
Cash & Credit Transactions?
Diary of Transactions maintenance problem?
Record Keeping Concept?
Money Value of Time?
Types of Business Entities
1- Commercial Organization (Profit Oriented)?
2- Non-Commercial Organization ( Non-Profit Oriented )?
Is Cash in Hand our Profit?
Lec #3 System of Accounting & Some Basic Terminologies
OBJ# Differentiate Cash & Accrual Accounting, Cash in Hand & Profit, Capital & Revenue Expenses? Understand Income, Expenses, Profit or Net Profit, Liability?
Profit or Net Profit?
Cash in Hand & Profit?
Capital & Revenue Expenses?
Cash & Accrual Accounting?
Lec #5 Classification of Accounts
OBJ# Classification of Accounts into Assets, Liabilities, Income & Expenses? Rules of Debit & Credit?
Rules of Debit & Credit?
Rules of Debit & Credit for Assets?
Rules of Debit & Credit for Liabilities?
Rules of Debit & Credit for Expenses?
Rules of Debit & Credit for Income?
Classification of Accounts? Following:
Lec #4 Single & Double Entry Record Keeping
OBJ# Understand Separate Business Concept, Single & Double Entry Book-keeping, Debit & Credit, Dual-Aspect of Transactions, Accounting Equation?
Difference b/w Single & Double Entry Book Keeping?
Dual Aspects of Transactions?
Double Entry Book Keeping?
Basic Principle of Double Entry?
"Every Debit has a Credit"
"All Debits are equal to All Credits"
Single Entry Book Keeping?
Separate Entity Concept?
Debits = Credits
Assets = Liabilities
Assets = Capital + Liabilities
Lec #6 Flow of Transactions
OBJ# Overview of Flow of Transactions, Intro to Basic Book of Accounts, General Ledger, Ledger Balance
General Ledger- 'T' Account?
Standard General Ledger?
Lect #7 Basic Book of Accounts
OBJ# Cash Book & Bank Book, Accounting Period, Trial Balance & it's limitation
Financial Year( Period of 12 months duration )
Flow of Transactions
Trial Balance? & it's limitations?
Lec #8 Intro to Financial Statements
OBJ# Draw P&L Account from given Trial Balance, Differentiate Receipt & Payment, Income & Expenditure and P&L Account
Rules of Debit & Credit for Income & Expense?
Profit? Profit = Income - Expenses
Classification of Expenses?
Cost of Goods Sold?
Receipt & Payment Account?
Receipt & Payment Account v/s P&L Account?
How to prepare P&L Account?
Profit & Loss Account?
1st Part Trading Account
In Trading concern
In Manufacturing concern
2nd Part P&L Account
Income & Expenditure v/s Receipt & Payment Account?
Recognition of Income & Expenditure Account?
Gross Profit = Income - Cost of Sales Net Profit = Gross Profit - Expenses