Financial Accounting I 2023

Unit I
Accounting – Definition – Branches of Accounting – Functions of
Accounting –Advantages – Limitations –Book keeping –
Difference between book keeping and accounting –Users of
Accounting information – Accounting principles – Concepts and
Conventions –Accounts and classification – Double entry
system of Accounting – Journal – Ledger –Subsidiary books – Trial
balance – Final Accounts
Unit II
Bank Reconciliation Statement –Rectification of errors –
Suspense account.
Unit III
Bills of Exchange- Essentials – Accounting treatment –
Renewal of the bill – Noting charges – Retiring the bill –
Insolvency – Accommodation bill – Average due date –
Account current.
Unit IV
Depreciation – Meaning – Causes – Types – Straight line method –
Written down value method – Annuity method – Insurance
claims – Loss of stock – Loss of profit
Unit V
Single Entry system – Meaning – Salient features – Defects –
Statement of affairs method – Conversion method – Difference
between single entry and double entry System – Self
balancing ledger – Sectional balancing system.