FINANCIAL ACCOUNTING NOTES – SCORE 100% IN YOUR EXAM

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INTRODUCTION TO ACCOUNTING

ACCOUNTING CONCEPTS AND CONVENTIONS

CAPITAL AND REVENUE

FINAL ACCOUNTS (SOLE TRADER)

VOYAGE ACCOUNTS

JOINT VENTURE

CONSIGNMENT ACCOUNTS

DEPARTMENTAL ACCOUNTS

BRANCH ACCOUNTS

Introduction –Nature of financial Accounting–scope–objects–limitations–Accounting concepts
and conventions
Conceptual Frame Work for preparation and presentation of financial statements– Capital, Revenue and deferred revenue expenditure – Capital and revenue receipts

Final Accounts of Sole Proprietor
Voyage Accounts– Meaning, accounting treatment in case of complete voyage &
incomplete voyage.

Joint Venture – Meaning, types, determination of profits under different methods.
Consignment Accounts–Meaning, features, consignee’s commission, account sales,
distinction between joint venture & consignment, accounting treatment in the books of consignor
& consignee

Departmental Accounts – Meaning–Objects–Advantages–Accounting procedure–Allocation of
expenses and incomes – Interdepartmental transfers – Provision for unrealized profit.
Branch Accounts –Features–Objects–Types of branches–Dependent branches–Account Systems – Stock and Debtors System –Independent branch –Features – Preparation of Consolidated Profit
and Loss Account and Balance sheet

Also Study	Also Study	Also Study	Also Study
Accounting	Non profit organisation	Depreciation	Liquidity ratios
Nature of Accounting	Receipts and Payments Account	Depreciation Accounting	Acid Test Ratio
Benefits of Accounting	Scope of accounting	Hire Purchase Accounting	Cash Ratio
Difference between cost accounting and financial accounting	Financial accounting, cost accounting and management accounting	Difference between hire purchase and instalment system	Financial ratio analysis
Difference between transaction and event	Transactions	Users of Accounting	Ratio analysis
Limitation of Accounting	Capital Expenditure	Instalment System	Difference between consignment and sale
Book Keeping	Revenue Expenditure	Reserves Accounting	Abnormal loss vs normal loss in consignment
Accountancy	Difference between capital and revenue expenditure	Provisions	Treatment of loss on consignment
Accounting as science or an art	Accounting Equation	Single entry system	Accounting treatment of consignment
Book Keeping vs accounting	Deferred Revenue Expenditure	Difference between statement of affairs and balance sheet	Joint venture vs consignment
Book keeping vs accountancy	Capital receipt	IFRS	Departmental Accounting
Accounting vs accountancy	Revenue receipt	Balance Sheet	Methods of departmental accounting
Basis of Accounting	Difference between capital and revenue receipt	Profit and loss Account	Allocation of expenses in departmental accounting
Branches of accounting	Difference between accounting concepts and conventions	Trading Account	Inter-departmental transfers
Cash and mercantile system of accounting	Accounting Standards	Voyage Account	Different types of branches
Accounting Principles	Objectives of Accounting	Accounting for Incomplete Voyage	Departmental vs Branch accounting
Golden rules of accounting	Process of Accounting	Joint venture	Methods of branch accounting
Double entry system of book keeping	Scope of Accounting	Joint Venture Vs Partnership	Incorporation of branch trial balance
Double entry vs Single entry system	Accounting Concepts vs Accounting conventions	Methods of recording transactions in Joint Venture	Garner VS Murray Rule
History of Accounting	Difference between provisions and reserves	Consignment