Accountancy and Financial Management - I Notes | B.Com. (Accountancy) Semester 1 | Mumbai University | munotes

Contents

Module I Introduction to Accounting Concepts & Accounting Standards

1. The Accounting Concepts 1
2. The Accounting Conventions 4
3. Capital and Revenue Expenditure 6
4. Capital and Revenue Receipts 9
5. Capital and Revenue Profit and Loss 11
6. What an Accounting Standard Is 14
7. Ind AS and IFRS 17
8. AS 1: Disclosure of Accounting Policies 20
9. AS 2: Scope, and the Cost of Inventories 23
10. AS 2: Net Realisable Value, the Cost Formulas, and Disclosure 27
11. AS 9: Revenue Recognition 31
12. Physical Stock Taking, and Recording It 35
13. The Stock Ledger Account, and FIFO 38
14. The Stock Ledger Account, Weighted Average Cost 41
15. Valuation of Inventory under AS 2, Worked 44
16. Practice Questions: Concepts, Standards and Inventory 47

Module II Final Accounts of Manufacturing Concern

1. Why a Manufacturing Concern Needs a Fourth Account 51
2. The Manufacturing Account 54
3. The Trading Account 57
4. The Profit and Loss Account 59
5. The Balance Sheet of a Proprietary Firm 61
6. Closing Entries 64
7. The Standard Adjustments, One by One 67
8. Adjustment Entries and Their Double Effect 70
9. A Complete Set of Final Accounts, Worked 73
10. Practice Questions: Final Accounts of a Manufacturing Concern 76