Topics
Introduction to Accounting
- Accounting
- Accounting as a Source of Information
- Objectives of Accounting
- Role of Accounting
- Basic Terms in Accounting
Financial Accounting
Theoretical Frame Work
- Qualitative Characteristics of Accounting Information
- Basic Terms in Accounting
- Credit Transactions
- Goods
- Profit
- Loss
- Difference Between Profit and Income
- Non-current and Current Asset
- Concepts of Assets, Liabilities and Net Worth
- Fixed Assets
- Concepts of Assets, Liabilities and Net Worth
- Revenue and Deferred Revenue Expenditure
- Journal Entries > Recording Discount in Journal
- Stock
- Accounting
- Advantages and Limitations of Accounting
- Accounting Information Types and Needs
- Inventory
- Accounting Standards
- Methods of Recording Accounting Information
- Core Accounting Concepts
- Purchases
- Purchases Returns
- Sales
- Sales Return
- Revenue and Deferred Revenue Expenditure
Accounting Process
- Cash Memo
- Cheque
- Cash Book
- Cash Book > Simple Cash Book (Single Column Cash Book)
- Cash Book > Petty Cash Book
- Purchase Book
- Sales Book
- Purchase Return Book
- Sales Return Book
- Journal Proper
- Accounting Equation
- Debit,Credit and Golden Rules
- Origin of Transactions
- Voucher
- Books of Original Entry
- Understanding the Ledger
- Balancing of Ledger Accounts
- Posting
- Bank Reconciliation Statement(BRS)
- Preparation of BRS
- Calculating Bank Balance at an Accounting Date
- Corrected Cash Book Balanced
- Trial Balance
- Preparation of the Trial Balance by the Balance Method
- Errors in Accounting
- Types of Errors
- Suspense Account
- Detection and Rectification of Errors
- Concept of Depreciation
- Fixed Instalment Method
- Written Down Value Method
- Accounting Treatment under Fixed Instalment and Written Down Value Methods
- Accounting Treatment of Depreciation-By Creating Provision for Depreciation
- Retirement of Bill under Rebate
- Accounting Treatment of Depreciation-Accumulated Depreciation Account
- Promissory Note
- Accounting Treatment of Depreciation-Treatment of Disposal of Asset
- Provisions and Reserves
- Concept of Bills of Exchange
- Accounting Treatment> Discounting the Bill of Exchange
- Types of Reserves-Revenue Reserve
- Accounting Treatment> Endorsement of Bill of Exchanges
- Types of Reserves-Capital Reserve
- Accounting Treatment > Bills Sent to Bank for Collection
- Types of Reserves-General Reserve
- Honouring and Dishonouring of Bill of Exchange
- Renewal Bill of Exchange
- Types of Reserves-Specific Reserves
- Accounting Treatment of Bill Transactions
Financial Accounting 1
Theory Base of Accounting
- Introduction of Theory Base of Accounting
- Generally Accepted Accounting Principles
- Accounting Concepts
- Systems of Accounting
- Basis (Methods) of Accounting System
- Accounting Standards
- Basis (Methods) of Accounting System
Financial Statements of Sole Proprietorship: from Complete and Incomplete Records
- Concept of Financial Statements
- Trading Account
- Profit and Loss Account
- Gross Profit
- Balance Sheet
- Effects of Adjustments-Goods Distributed as Free Sample
- Adjustments of Financial Statements - Abnormal Loss
- Adjustments of Financial Statements - Goods Distributed as Free Samples and Manager's Commission
- Incomplete Records
- Ascertainment of Profit or Loss by Statement of Affairs Method
- Marshalling of a Balance Sheet Or Assets and Liabilities
Financial Statements of Not-for-profit Organizations
- Concept of Non-Profit Concerns
- Receipts and Payments Account
- Difference Between Receipts and Payments Account and Cash Book
- Income and Expenditure Account
- Not-for-Profit Concern> Balance Sheet
- Payments Account with Additional Information
Computers in Accounting
- Introduction to Operating Software, Utility Software and Application Software
- Introduction to Accounting Information System (AIS) as a Part of MIS
- Stages in Automation - Accounting Process in a Computerised Environment
- Computerized Accounting System (CAS)
- Practical Activity
- Accounting Software
- Stages in Automation - Creation of Account Groups and Hierarchy
- Stages in Automation - Generation of Reports - Trial Balance, Profit and Loss Account and Balance Sheet
Recording of Transactions - I
- Recording of Transactions 1
- Business Transactions and Source Document
- Accounting Equation
- Books of Original Entry
- Understanding the Ledger
- Posting
Financial Accounting 2
Recording of Transactions - II
Bank Reconciliation Statement
Trial Balance and Rectification of Errors
- Trial Balance and Rectification of Errors
- Trial Balance
- Significance of Agreement of Trial Balance
- Detection and Rectification of Errors
Depreciation, Provisions and Reserves
- Concept of Depreciation
- Fixed Instalment Method vs. Written Down Value Method
- Methods of Depreciation
- Disposal of Asset
- Effect of Any Addition Or Extension to the Existing Asset
- Provisions and Reserves
- Reserves
- Types of Reserves-Secret Reserves
Bill of Exchange
Financial Statements - I
- Stakeholders and Their Information Requirements
- Distinction Between Capital and Revenue Receipts
- Concept of Financial Statements
- Profit and Loss Account
- Operating Profit (EBIT)
- Balance Sheet
- Opening Entry
Financial Statements - II
- Balance Sheet
- Provision for Bad and Doubtful Debts
- Manager's Commission
- Interest on Capital and Current Accounts
Accounts from Incomplete Records
- Meaning of Incomplete Records
- Reasons of Incompleteness and Its Limitations
- Ascertainment of Profit or Loss by Statement of Affairs Method
Applications of Computers in Accounting
- Meaning and Elements of Computer System
- Capabilities of Computer System
- Limitations of a Computer System
- Evolution of Computerised Accounting
- Computerized Accounting System (CAS)
- Management Information System and Accounting Information System
Computerised Accounting System
- Comparison
Maharashtra State Board: Class 11
Comparison
| Basis | Fixed Instalment Method (SLM) | Written Down Value Method (WDV) |
|---|---|---|
| Meaning | Depreciation per year stays fixed | Depreciation per year keeps reducing |
| Calculation | On the original cost of the asset | On the book value after previous years |
| Depreciation Amount | Same amount every year | Decreases year by year |
| Asset’s Value at End | Can be reduced to scrap/zero value | Never becomes zero (keeps reducing) |
| Profit Impact | Equal effect each year | Lower profits early, higher profits later |
| Recognition by Tax/Law | Not usually accepted by tax law | Accepted by tax law |
| Suitability | Furniture, buildings (steady use) | Machinery, vehicles (high initial use) |
| Depreciation Curve | Parallel to X-axis (straight line) | Slopes downward (decreasing curve) |
| Other Names | Straight Line, Original Cost Method | Diminishing, Reducing Balance Method |
