Master of Management Studies (M.M.S) Financial Accounting for Business Syllabus - Mumbai University 2026

Course objectives

• 1 To introduce fundamental accounting concepts, conventions, standards, and frameworks including GAAP and IFRS.
• 2 To explain the structure and components of corporate financial statements and annual reports.
• 3 To develop the ability to analyze financial data through movements in assets, liabilities, income, and expenses.
• 4 To apply accounting principles and standards to real-world financial transactions and reporting practices.
• 5 To enable preparation and interpretation of financial statements with adjustments and their impact analysis.

Course outcomes

• CO1: Acquire the basic knowledge on accounting concepts and conventions, Accounting Standards, components of the financial statements and notes to accounts.
• CO2: Understand and explain the components of corporate financial statements and corporate annual reports.
• CO3: Analyze the movement of Assets, Liabilities, Income and Expenses in the financial statements across the previous year and current year.
• CO4: Apply Accounting Standards, GAAP, IFRS and Concepts to the Financial Statements.
• CO5: Create Financial Statements with basic adjustments and analyse the impact of transactions and adjustments on the Income Statement, Balance Sheet and Cash Flow Statement.

Unit 1 CO1 · 1 hours

Introduction to Financial Accounting- Meaning and concept of accounting, Need for accounting, Users of financial statements, Forms of business organization, Accounting and the form of business organization, Branches of accounting and interrelationship – Financial Accounting, Cost and Management Accounting, and Corporate Finance, Indian Accounting Standards, GAAP and IFRS.

Unit 2 CO1 · 1 hours

Accounting Cycle-The Recording Stage, The classification stage, Verification of the correctness of the ledger accounts, The summarizing stage, Restarting the cycle

Unit 3 CO2 & CO3 · 1 hours

Accounting concepts and conventions – with Emphasis on Dual Aspect Concept- Accounting Equation.

Unit 4 CO4 · 1 hours

Accounting process - the recording stage, Two aspects of accounting transactions, Debit and credit of a transaction Specimen / format of journal

Unit 5 CO4 · 1 hours

Accounting process - the classification stage Meaning and need for classification, Specimen / format of ledger, Posting, Balancing an account, Trial Balance.

Unit 6 CO5 · 10 hours

Accounting process - Financial Statements- Vertical Statements. · Part I – Balance Sheet · Part II – Statement of Profit and Loss · Notes to Accounts · Part iii- general instructions for the preparation of consolidated Financial statements

Unit 7 CO4 · 3 hours

Adjustments on Inventory, Outstanding and Prepaid Income and Expenses, Depreciation and Fixed Assets schedule

Unit 8 CO3 · 2 hours

Income measurement- Revenue recognition and measurement, Capital and revenue items, Deferred revenue expenditure.

Unit 9 CO2 · 2 hours

Banking Financial Statements and Insurance Company Financial Statements

Unit 10 CO5 · 3 hours

Cash Flow Statement

Unit 11 CO2 · 2 hours

Corporate Financial Reporting – Reading of Annual Report, Governance Report, Presentation and analysis of audit reports and directors report and Analyst Presentations and Podcasts[ST1]

Unit 12 CO5 · 3 hours

Presentations /Vivas/ Internal Assessments of students

Text Books

• 1 Financial Accounting: Text & Cases by Dearden and Bhattacharya Accounting: Text and Cases by Robert Anthony
• 2 Financial Accounting for Management by Dinesh D Harsolekar
• 3 Financial Accounting by R. Narayanaswamy
• 4 Financial Accounting by S.N Maheshwari, Suneel K Maheshwari, Sharad.K. Maheshwari
• 5 Introduction to Financial Accounting, 11e by by T. Horngren Charles , L. Sundern Gary, A. Elliott John , R. Philbrick Danna.

Reference Books

• 1 Financial Accounting –Text and Cases – Dearden and Bhattacharyya
• 2 Accounting & Finance for Managers – T P Ghosh
• 3 Financial Accounting - Reporting & Analysis – Stice and Diamond
• 4 Financial Accounting and Analysis by Narendra L Ahuja and Varun Dawar