Financial Accounting

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FINANCIAL ACCOUNTING - 36 HOURS

1. Accounting:                                                                                                   

  • Basics of Accounting, Assets and their Classification, Liabilities and their Classification, Accounting Mechanics (Double Entry System, Classification, Golden Rules, Concepts and Conventions.)

2. Journal Ledger and Trial Balance:                          

  • Journal: Meaning, Advantages, Ledger meaning, Posting and Balancing, Trial Balance Objectives, defects, locating errors and preparations of Trial Balance, Subdivision of journal-daybook.

3. Capital and Revenue Expenditure and Receipts:                         

  • Rules for Determining Capital Expenditure and Revenue Expenditure, Deferred Revenue Expenditure, Capital and Revenue Receipts, Capital and Revenue Profit and Loss.

4. Depreciation and Inventory:                                                                      

  • The nature of depreciation. The accounting concept of depreciation. Factors in the measurement of depreciation. Methods of computing depreciation: straight line method and diminishing balance method; Disposal of depreciable assets- change of method. 
  • Inventories: Meaning. Significance of inventory valuation. Inventory Record Systems: periodic and perpetual. Methods: FIFO, LIFO and Weighted Average. 

5. Final Accounts:                                                                                                    

  • Trading Account, Profit and Loss Account, Balance sheet, Closing entries, Uses and Limitations of Balance sheet -  vertical as well as horizontal format

6. Accounting for Non-Profit Organization:                                                      

  • Accounting Procedures, Receipts and Payments Accounts, Distinction between    Receipts and Payments Accounts, Income and Expenditure Account problems 

7. Bank Reconciliation Statement                                                                

8. Accounting for Hire Purchase and Installment System                      

  • Calculation of interest , partial and full repossession, Hire purchase trading (total cash price basis), stock and debtors system. Concepts of operating and financial lease (theory only).

9. Accounting for Inland Branches                                                         

  • Concept of dependent branches; accounting aspects; debtors system, stock and debtors system, branch final accounts system (only theory) and whole sale basis system( Theory only), Independent branches(theory only); Concept-accounting treatment: important adjustment entries and preparation of consolidated profit and loss account and balance sheet. 

10. Computerized Accounting System - TALLY 9                     

  • Creation of Vouchers, Recording of Transactions, Preparing reports ,Ledger accounts, Trial balance, Profit and loss Account, Balance Sheet.