Financial & Management Accounting-I LU BBA 1st Semester lu Notes

BY LU NOTES😚
2024-2025 syllabus

UNIT 1

Introduction to Accounting: Meaning, objectives, process, and branches of Accounting


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Bases of accounting; cash basis and accrual basis

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Information perception of different users

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Ethical issues in accounting

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Generally accepted accounting principles (GAAP)

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Introduction and significance of Indian Accounting Standards and IFRS

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UNIT 2



Classification of Accounts


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Recording and posting of transactions

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Preparation of trial balance

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Capital and revenue income and expenditure

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Preparation of final accounts of business: Profit and Loss Account and Balance Sheet of Sole Proprietorship

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Adjustment Entries: Inventory, Depreciation, Provision for Bad Debts, Accrued, prepaid, outstanding and unearned income and expenditure

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UNIT 3

Accounting for Assets: Valuation of inventories: Meaning, Significance of inventory valuation

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Inventory Record Systems: Periodic and perpetual

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Methods: FIFO, LIFO, and Weighted Average

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Depreciation - meaning and Methods of Depreciation: SLM & WDV

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Bank reconciliation statement

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Introduction to corporate Accounting: Preparation of financial Statements of a company and contents of annual report

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UNIT 4

Analysis of Financial Statements - meaning, types, and techniques

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Trend analysis

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Ratio analysis

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Statement of Cash Flow – Indirect method

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