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Financial and Management Accounting

Code: D102

Course Contents:

Topic I: Introduction to Financial Accounting

Meaning,  objectives  and  scope  of  Financial  Accounting,  Accounting  Concepts  and  Conventions, Accounting Cycle, Role of Accountant in an organization, Introduction to IFRS

Topic II: Accounting mechanics

Principles  of  Double  entry  Book-Keeping,  passing  of  Accounting  entries  in  Journal,  Ledger  and preparation of Trial Balance

Topic III: Preparation of Final Accounts

Preparation of Trading, Profit & Loss Account and Balance Sheet of a Sole Proprietor

Topic IV: Introduction to Cost and Management Accounting

Cost Accounting  –  Meaning, Importance, Classification of Costs, Preparation of Cost sheet,  Nature and Scope of Management Accounting, Distinction between Financial and Management Accounting.

Topic V: Techniques of Management Accounting (Budgetary Control)

Budgeting and Budgetary Control  –  Meaning, objectives, Advantages and Limitations of Budgeting,

Types of Budget, Practical questions on Cash Budget and Flexible Budget

Topic VI: Techniques of Management Accounting (Standard Costing and Marginal Costing) Standard  Costing  –  Meaning  and  Application,  Essentials  of  standard  Costing,  Variance  AnalysisMaterial and Labour Cost Variances. Marginal  costing  –  Meaning  of  Marginal  Cost,  Characteristics  of  Marginal  Costing,  Cost-VolumeProfit Analysis – Profit/Volume ratio, Break-even analysis and Margin of safety