MBA Handwritten Notes of Financial Accounting For Your University Exams

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1. Introduction to Financial Accounting

• Definition and Scope of Accounting
  • Purpose and importance of financial accounting
  • Basic accounting concepts and principles
  • Types of accounting: Financial, cost, and management accounting
• Accounting Terminology
  • Assets, liabilities, equity, income, expenses
  • Debits and credits
  • Accounting cycle
• Basic Accounting Equation
  • Assets = Liabilities + Owner’s Equity
  • Understanding the relationship between different accounts

2. Recording of Financial Transactions

• Journal Entries
  • Double-entry system
  • Rules of debit and credit
  • Types of accounts: Personal, real, and nominal accounts
• Ledger Accounts
  • Posting from journal to ledger
  • Trial balance preparation
• Subsidiary Books
  • Cash book, purchase book, sales book, purchase returns book, sales returns book
  • Petty cash book and journal proper

3. Preparation of Financial Statements

• Income Statement (Profit and Loss Account)
  • Purpose and components: Revenue, cost of goods sold, gross profit, operating expenses, net profit
  • Formats of income statement (single-step and multi-step)
• Balance Sheet
  • Structure and classification: Assets (current and non-current), liabilities (current and non-current), equity
  • Format of balance sheet as per accounting standards
• Cash Flow Statement
  • Definition and purpose
  • Classification of cash flows: Operating, investing, and financing activities
  • Indirect and direct methods of preparing the cash flow statement

4. Accounting for Transactions

• Revenue Recognition
  • Recognition of income and revenue
  • Revenue from sales, services, interest, and dividends
• Inventory Accounting
  • Methods of inventory valuation: FIFO (First-In, First-Out), LIFO (Last-In, First-Out), and Weighted Average
  • Accounting for inventory write-offs and adjustments
• Depreciation Accounting
  • Depreciation methods: Straight-line method, reducing balance method, units of production method
  • Accounting for depreciation and its impact on financial statements
• Bad Debts and Provisions
  • Provision for doubtful debts
  • Accounting for bad debts and recovery of bad debts

5. Adjustments in Financial Statements

• Accruals and Prepayments
  • Accounting for accrued income, accrued expenses, prepaid income, and prepaid expenses
• Outstanding and Unpaid Expenses
  • Treatment of outstanding liabilities and unpaid expenses
• Depreciation, Amortization, and Impairment
  • Adjustments related to depreciation, amortization of intangible assets, and impairment losses

6. Accounting for Special Transactions

• Partnership Accounting
  • Partnership agreement and capital accounts
  • Profit and loss appropriation account
  • Admission, retirement, and death of a partner
  • Dissolution of partnership
• Company Accounting
  • Issuance of shares and debentures
  • Share capital: Issue, forfeiture, and reissue of shares
  • Dividend distribution
  • Reserves and surplus

7. Accounting for Investments

• Investment Accounting
  • Accounting for investments in shares, debentures, and bonds
  • Valuation of investments: Cost method, market value method, and equity method
  • Treatment of income from investments (dividends, interest)

8. Accounting for Non-Profit Organizations

• Non-Profit Organizations Accounting
  • Features of non-profit organizations
  • Preparation of income and expenditure account
  • Balance sheet of non-profit organizations
  • Treatment of donations, subscriptions, and grants

9. Financial Statement Analysis

• Ratio Analysis
  • Types of ratios: Liquidity ratios, profitability ratios, efficiency ratios, solvency ratios
  • Interpretation of financial ratios and their significance
• Trend Analysis
  • Analyzing financial statements over multiple periods to identify trends and patterns
• Common Size Statements
  • Preparation and interpretation of common-size income statement and balance sheet

10. Accounting Standards and Regulations

• Accounting Standards
  • Overview of national and international accounting standards (e.g., IFRS, GAAP)
  • Key accounting standards: Revenue recognition, leases, financial instruments
• Accounting for Taxes
  • Income tax accounting: Deferred tax, current tax
  • Tax provisions and tax adjustments in financial statements
• Corporate Governance and Ethics
  • Importance of corporate governance in financial reporting
  • Ethical considerations in financial accounting

11. Accounting Software and Technology

• Introduction to Accounting Software
  • Use of accounting software for maintaining books of accounts (e.g., Tally, QuickBooks)
  • Features of accounting software: Journal entries, financial reporting, reconciliation
• Automation in Accounting
  • Role of technology in streamlining financial accounting processes
  • Cloud-based accounting solutions

12. Advanced Topics in Financial Accounting

• Consolidated Financial Statements
  • Accounting for group companies: Parent-subsidiary relationships
  • Preparation of consolidated balance sheet and income statement
• Foreign Currency Transactions
  • Accounting for foreign exchange transactions
  • Translation of foreign currency financial statements
• Leases and Hire Purchase
  • Accounting for operating leases and finance leases
  • Accounting for hire purchase transactions