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Financial Reporting and Control
Chapter I
Scope and Introduction to Financial Reporting and Control
1.1 Introduction
1.2 Definition of Accounting
1.3 Classification of Accounting
1.4 Financial Statements
1.5 Users of Accounts, and their Information Needs
1.6 Sub-fields of Accounting
1.7 Accounting Profession
1.8 Basic Accounting Procedures
1.9 Advantages of Double Entry System
1.10 Debit and Credit
1.11 Accounting Elements
1.12 Over view of Various Financial Statements used by the Business
1.13 Generally Accepted Format of Income Statement of a Company XYZ
 
1.13.1 Contents of an Income Statement in the Vertical Form
1.13.2 Format of Income Statement in Horizontal Form
1.14 Balancing of Trading Account
1.15 Profit and Loss Account
 
1.15.1 Items on the Debit Side
1.15.2 Items on the Credit Side
1.16 Balancing Profit and Loss Appropriation Account
 
1.16.1 Contents of Balance Sheet
1.17 Forms of Balance Sheet
1.18 Concept of Capital and Income
 
1.18.1 The Accountants Concept of Capital and Income
1.18.2 The Economist’s Concept of Capital and Income
1.18.3 Economist’s Concept vs. Accountant’s Concept
1.19 Accounting Concepts and Accounting Conventions
1.20 Accounting Conventions
  Summing Up
  Self-assessment
 
Chapter II
Accounting Heads and Rules of Accounting
2.1 Introduction
2.2 Phases of the Accounting Process
2.3 Approaches to Accounting
 
2.3.1 Traditional Approach
2.4 Process of Passing of Journal Entries
2.5 Accounting Equation Approach
2.6 Debit and Credit- What are these?
  Summing up
  Self-assessment
 
Chapter III
Journalisation
3.1 Introduction
3.2 Various Types of Subsidiary Books
3.3 Steps in Journalising
3.4 Voucher
3.5 Examples of Journalisation of Few Transactions
3.6 Composite Entry
3.7 Balance Carried or Brought Forward
3.8 Journal – Book of Original Entry
3.9 Utility of Journal Proper
  Summing up
  Self-assessment
 
Chapter IV
Ledger Posting from Journal
4.1 Introduction
4.2 Ledger Posting
4.3 Steps in Ledger Posting
4.4 LF Column and JF Column for Cross Referencing
4.5 Balancing an Account
  Summing up
  Self-assessment
 
Chapter V
Subsidiary Books and Ledger Posting There from
5.1 Introduction
5.2 Advantages of Subsidiary Books
5.3 Subsidiary Books
5.4 Ledger Posting from the Purchases Book
5.5 Sales Book
5.6 Ledger Posting from the Sales Book
5.7 Sales Returns Book or Returns Inward Book
5.8 Ledger Posting from the Sales Returns Book or Returns Inward Book
5.9 Purchase Returns or Returns Outward Book
5.10 Ledger Posting from the Purchase Returns Book or Returns Outward Book
5.11 Illustration 3
5.12 Cash Books
5.13 Types of Cash Book
 
5.13.1 Single Cash Book
5.14 Balancing of the Cash Book
5.15 Double Column Cash Book
5.16 Balancing of the Double Column Cash Book
5.17 Three Column Cash Book
5.18 Contra Transactions
5.19 Balancing of Three Column Cash Book
5.20 Ledger Posting of the Cash Book Entries
5.21 Ledger Posting Rule
  Summing up
  Self-assessment
 
Chapter VI
Bank Reconciliation Statement
6.1 Introduction
6.2 Reasons for Differences Between the Bank Statement and the Cash Book
6.3 Reconciliation
 
6.3.1 Advantages of Reconciliation
6.4 Bank Reconciliation Statement (BRS)
 
6.4.1 Ascertaining the Causes of the Difference
6.5 Bank Reconciliation Statement (BRS)
6.6 Presentation
  Summing up
  Self-assessment
 
Chapter VII
Preparation of Trial Balance
7.1 Introduction
7.2 Features of a Trial Balance
7.3 Objectives of Preparing a Trial Balance
7.4 Construction of a Trial Balance
 
7.4.1 Trial Balance (Balances) As at April 30, 1999
7.5 Significance of Various Balances
7.6 Limitations of Trial Balance
7.7 Illustration 1
7.8 Errors Disclosed by Trial Balance
7.9 Errors Not Disclosed by Trial Balance
7.10 Classification of Errors in the Trial Balance
7.11 Steps to Locate Errors
7.12 Rectification of Errors
 
7.12 Rectification of Errors Before the Preparation of the Trial Balance
7.12 Rectification of Errors After the Preparation of the Trial Balance but Before the Preparation of the Final Accounts
7.13 Use of the Suspense Account
 
7.13.1 Rectification of Errors Using the Suspense Account
7.13.2 Rectification of Errors After the Preparation of Final Accounts i. e. in the Next Accounting Period
  Summing up
  Self-assessment
 
Chapter VIII
Adjustment to Accounts and Adjustment Entries
8.1 Introduction
8.2 Adjustments
8.3 Bad Debts
8.4 Provision for Bad and Doubtful Debts
8.5 Estimating Bad and Doubtful Debts
8.6 Recovery of Bad Debts Written Off
8.7 Provision for Discounts on Accounts Receivable
8.8 Reserve for Discounts on Accounts Payable
  Summing up
  Self-assessment
 
Chapter IX
Preparation of Final Accounts
9.1 Introduction
9.2 Overview of Various Financial Statements Used by Business
 
9.2.1 Income Statement
9.3 Preparation of Final Accounts
9.4 Relationship Between the Income Statement and the Balance Sheet
 
9.4.1 Matching Principle
9.5 Distinction between Capital and Revenue
 
9.5.1 Capital Expenditure
9.5.2 Revenue Expenditure
9.6 Capital Receipt
9.7 Revenue Receipt
9.8 Deferred Revenue Expenditure
9.9 Inventory Valuation
9.10 Depreciation
 
9.10.1 Methods of Computing Depreciation
  Summing up
  Self-assessment
 
Chapter X
Preparation of Trading Account and Profit and Loss Account
10.1 Introduction
10.2 Income Statements
10.3 Profit and Loss Account
 
10.3.1 Items on the Debit Side of the Profit and Loss Account
10.3.2 Items on the Credit Side of the Profit and Loss Account
10.4 Profit and Loss Appropriation Account
10.5 The Generally Accepted Format of an Income Statement
 
10.5.1 Format of the Income Statement in the Vertical Form
10.5.2 Contents of an Income Statement in the Vertical Form
10.5.3 Format of the Income Statement in the Horizontal Form
10.5.4 Contents of an Income Statement in the Horizontal Form i.e. Trading and Profit and Loss Account
10.5.5 Significance of “for the Year Ended”
10.5.6 Limitations of the Profit and Loss Account
  Summing up
  Self-assessment
 
Chapter XI
Preparation of Balance Sheet
11.1 Introduction
11.2 The Process of Preparation of the Balance Sheet
11.3 Classification of Assets and Liabilities
11.4 Permanence or Rigidity Preference Method
11.5 Liquidity Preference Method
  Summing up
  Self-assessment
 
Chapter XII
Introduction to Indian Accounting Standards
12.1 Introduction
12.2 Classification of Enterprises
12.3 Statement of Indian Accounting Standards
12.4 Notes to the Statement of Accounting Standards
  Summing up
  Self-assessment
 
 
 
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