NATURE AND SCOPE OF FINANCIAL ACCOUNTING

FINANCIAL ACCOUNTING NOTES – SCORE 100% IN YOUR EXAM

Here you can get Financial Accounting notes and all previous year questions solved. Click on the link of any topic to get the notes.

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 StudyAlso StudyAlso StudyAlso Study
AccountingNon profit organisationDepreciationLiquidity ratios
Nature of AccountingReceipts and Payments AccountDepreciation AccountingAcid Test Ratio
Benefits of AccountingScope of accountingHire Purchase AccountingCash Ratio
Difference between cost accounting and financial accountingFinancial accounting, cost accounting and management accountingDifference between hire purchase and instalment systemFinancial ratio analysis
Difference between transaction and eventTransactionsUsers of AccountingRatio analysis
Limitation of AccountingCapital ExpenditureInstalment SystemDifference between consignment and sale
Book KeepingRevenue ExpenditureReserves AccountingAbnormal loss vs normal loss in consignment
AccountancyDifference between capital and revenue expenditureProvisions Treatment of loss on consignment
Accounting as science or an artAccounting EquationSingle entry systemAccounting treatment of consignment
Book Keeping vs accountingDeferred Revenue ExpenditureDifference between statement of affairs and balance sheetJoint venture vs consignment
Book keeping vs accountancyCapital receiptIFRSDepartmental Accounting
Accounting vs accountancyRevenue receiptBalance SheetMethods of departmental accounting
Basis of AccountingDifference between capital and revenue receiptProfit and loss AccountAllocation of expenses in departmental accounting
Branches of accountingDifference between accounting concepts and conventionsTrading AccountInter-departmental transfers
Cash and mercantile system of accountingAccounting StandardsVoyage AccountDifferent types of branches
Accounting PrinciplesObjectives of AccountingAccounting for Incomplete VoyageDepartmental vs Branch accounting
Golden rules of accountingProcess of AccountingJoint ventureMethods of branch accounting
Double entry system of book keepingScope of AccountingJoint Venture Vs PartnershipIncorporation of branch trial balance
Double entry vs Single entry systemAccounting Concepts vs Accounting conventionsMethods of recording transactions in Joint VentureGarner VS Murray Rule
History of AccountingDifference between provisions and reservesConsignment
FINANCIAL ACCOUNTING NOTES
FINANCIAL ACCOUNTING NOTES