Fundamentals of Financial Accounting

Financial accounting is a specialized branch of accounting that keeps track of a company's financial transactions. Using standardized guidelines, the transactions are recorded, summarized, and presented in a financial report or financial statement such as an income statement or a balance sheet. This MOOCs course on Financial Accounting will help you to get an insight into accounting system, which is based on concrete principles and rules. You would learn the basic concepts, conventions, accounting standards and understand overall role, scope and importance of Financial Accounting in a business organization. The course includes video lectures by experts, free e-books, various case studies; quizzes, assignments, interaction, mentoring, assessments and much more that would certainly add value to your understanding on financial accounting.

COURSE LAYOUT

Weekly Plan
Week 1: Role of Finance in Business, Financial Accounting - Nature, Scope, Limitations,
Basic Concepts and Conventions, Accounting Standards - Meaning and SignificanceWeek 2: GAAP, Accounting Process, Journal Entries, Profit and Loss Accounts, Balance SheetWeek 3: Tally System - Introduction and Importance, Tally Operations, Rectification of Errors,
Banking Reconciliation Statement - Introduction and Importance,
Preparation of Bank Reconciliation StatementWeek 4: Consignments - Meaning and Features,
Accounts Treatment in the Books of the Consignor and Consignee,
Joint Ventures - Accounting Procedures Part - 1Week 5: Joint Ventures - Accounting Procedures Part - 2, Inland Branches,
Depreciation Accounting - Meaning and Causes,
Objects of Providing Depreciation and Factors Affecting DepreciationWeek 6: Accounting Treatment including Provision for Depreciation Accounting,
Methods of Depreciation (Straight line Method and Diminishing Balance Method),
Introduction of Accounting for Hire Purchase Transactions,
Accounting for Hire Purchase Transactions - OperationsWeek 7: Partnership - Introduction, Types, Admission and Retirement,
Dissolution of Partnership Firms - Legal Position, Accounting for Simple Dissolution,
Analysis of Financial StatementsWeek 8: Common Size Balance Sheet, Introduction, Statement and Application of Ratio Analysis,
Introduction and Application of Cash Flow Statement