Part A: Financial Accounting - I

1. Theoretical Framework:
   • Introduction to Accounting: Understanding the meaning, objectives, and scope of accounting. This includes the basics of what accounting is and why it is important in the business world.
   • Basic Accounting Terms: Definitions and explanations of key terms like assets, liabilities, capital, revenue, expenses, profit, loss, goods, and drawings.
   • Accounting Principles: Explanation of fundamental accounting concepts such as the Business Entity Concept, Money Measurement Concept, Going Concern Concept, Accounting Period Concept, Cost Concept, Dual Aspect Concept, Revenue Recognition Concept, Matching Concept, and Full Disclosure Concept.
   • Accounting Standards: Introduction to the need for accounting standards and a brief overview of International Financial Reporting Standards (IFRS) and Indian Accounting Standards (Ind AS).
2. Accounting Process:
   • Recording of Transactions:
     • Source Documents and Vouchers: Understanding the role of source documents (invoices, bills, cash memos) and their use in preparing accounting vouchers.
     • Journal Entries: Basics of recording transactions using the double-entry system, including the preparation of journal entries.
     • Ledger: Posting journal entries into the ledger and maintaining accounts for various heads.
     • Trial Balance: Preparation of a trial balance to check the arithmetical accuracy of accounts.
   • Bank Reconciliation Statement: Understanding the reasons for differences between the cash book and bank statement balances, and preparation of the bank reconciliation statement.
   • Depreciation, Provisions, and Reserves:
     • Depreciation: Concept, need, and methods of depreciation (Straight Line Method and Written Down Value Method).
     • Provisions and Reserves: Meaning, types, and distinction between provisions and reserves.
   • Accounting for Bills of Exchange:
     • Bills of Exchange and Promissory Notes: Understanding the concept, features, and types of bills of exchange and promissory notes.
     • Accounting Treatment: Journal entries for the drawing, acceptance, discounting, endorsement, and dishonor of bills.

Part B: Financial Accounting - II

1. Financial Statements of Sole Proprietorship:
   • Financial Statements: Preparation of Trading and Profit and Loss Account, and Balance Sheet.
   • Adjustments in Financial Statements: Accounting for adjustments like closing stock, outstanding expenses, prepaid expenses, accrued income, income received in advance, depreciation, and bad debts.
   • Incomplete Records: Introduction to single-entry systems, limitations, and conversion of single-entry records to double-entry records.
2. Accounts from Incomplete Records:
   • Single Entry System: Understanding the nature and limitations of the single entry system.
   • Ascertainment of Profit: Preparing accounts to ascertain profit or loss through Statement of Affairs.
3. Accounting for Not-for-Profit Organizations:
   • Concept: Understanding the nature of not-for-profit organizations and how they differ from for-profit businesses.
   • Accounting Procedures: Preparation of Receipts and Payments Account, Income and Expenditure Account, and Balance Sheet for not-for-profit organizations.
4. Computerized Accounting System:
   • Introduction to Computers: Basic understanding of computers and their applications in accounting.
   • Computerized Accounting System: Meaning, features, advantages, and limitations of computerized accounting.
   • Accounting Software: Brief overview of popular accounting software and their uses in maintaining books of accounts.
5. Financial Statements of a Company:
   • Introduction: Basic understanding of the financial statements of a company.
   • Understanding the components: Income Statement (Profit & Loss Account), Balance Sheet, and Statement of Cash Flows.

Assessment and Examination

• The course is assessed through both theoretical exams and practical assignments. Theoretical exams test students' understanding of concepts and their ability to apply these in accounting scenarios. Practical assignments may involve the preparation of financial statements, maintaining accounting records, and using accounting software.