Financial Accounting

Accounting as an information system, the users of financial accounting information and their needs, Qualitative characteristics of accounting, information, Functions, advantages and limitations of accounting, Branches of accounting, Bases of accounting; cash basis and accrual basis. ii. The nature of financial accounting principles – Basic concepts and conventions: entity, money measurement, going concern, cost, realization, accruals, periodicity, consistency, prudence (conservatism), materiality and full disclosures. iii. Financial accounting standards: Concept, benefits, procedure for issuing accounting standards in India.

 Cost Accounting

Nature, Principles, Objectives, Importance and Limitations of Cost Accounting; Installation of an Ideal Costing System: Steps in installing a Costing System, Difficulties in installing a Costing System, . Purchase; Centralized purchasing, decentralized purchasing, Purchase procedure, Stores department, classification and codification, Bin Card, Two Bin System, stores ledger card, Difference between store ledger and Bin Card, treatment of spoilage, wastage and scrap of material, Requisition note, Material returned note, Material transfer note, Methods of pricing of Material issued: Cost price methods, Average cost price methods and Notional price method.

Financial Reporting

Understand the content and purpose of the income statement and balance sheet, See how the trial balance is used to create the balance sheet and income statement, Construct the balance sheet and income statement, Understand complex accounting transactions and how they relate to accounting principles, Recognize the impact of judgment and bias on financial statements and accounting practices, Record advanced business transactions as journal entries, Understand where financial statement information originates, Record business transactions as journal entries.

 Management Accounting

The Process of Management: Planning; Decision-making; Strategy Formulation, Organizing: Basic Considerations; Departmentation – Functional, Project, Matrix and Network; Delegation and Decentralization of Authority; Groups and Teams, Marketing Management: Marketing Concept; Marketing Mix; Product Life Cycle; Pricing Policies and Practices Financial Management: Concept and Objectives; Sources of Funds – Equity Shares, Debentures, Venture Capital and Lease Finance. Securities Market, Role of SEBI. Human Resource Management: Concept and Functions; Basic Dynamics of Employer – Employee Relations. Analysis of financial statements, users of financial statements, tools of financial statement analysis – Comparative statements, common size statements and trend analysis.

 Taxation

Tax planning, tax management, tax evasion, tax avoidance; Corporate tax in India; Types of companies; Residential status of companies and tax incidence; Tax liability and minimum alternate tax; Tax on distributed profits, Tax planning with reference to setting up of a new business: Locational aspect, nature of business, form of organization; Tax planning with reference to financial management decision – Capital structure, dividend including deemed dividend and bonus shares; Tax planning with reference to sale of scientific research assets, Tax planning with reference to specific management decisions – Make or buy; own or lease; repair or replace Tax planning with reference to employees’ remuneration Tax planning with reference to receipt of insurance compensation.

 Principal of Auditing & Governance & Company Law

Meaning, Scope, Objective and Limitation of Auditing, Audit Process, Classification of Audit – Interim, Final and Continuous Audit, Internal and External Audit, Audit Standards and Audit Guidelines, Commencement and Conducting an Audit, Audit Programme, Audit Files and Working Papers, Test Checking and Routine Checking, Audit Evidence, Difference between Audit and Investigation, Auditing in Computerized Accounting system: Statutory Audit, Voucher verification, Verification of related party transaction, CAAT: Various Tools.