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NPTEL

Financial accounting - IITMandi

NPTEL and Indian Institute of Technology Mandi via Swayam

This course may be unavailable.

Overview

This course is intended for first time students of financial accounting at undergraduate or graduate level or those who have been exposed to financials terms but haven’t had a chance to learn in a structured manner. Through well-curated content that progressively builds on conceptual learning, the course will enable a student to read and analyze financial statements of a business. The focus is to train the student on principles of accounting that drive preparation and presentation of financial statements. At the end of this course, a student will be able to understand how financial data is generated and how it can be converted into useful strategic information for stakeholders in a business.INTENDED AUDIENCE :Any Interested LearnersPREREQUISITES :NoneINDUSTRIES SUPPORT :None

Syllabus

Week 1: A primer on business organizations and need for accounting: Lecture No:1.1 Introduction to Financial Accounting 1.1.1Definition of accounting 1.1.2Course contents 1.1.3Preparation of financial statements: Accounting cycle 1.1.4Decision making using financial statements 1.1.5Accounting: An art or a science? 1.1.6Environment of financial reporting Lecture No:1.2 Company form of business 1.2.1What is a company? 1.2.2Types of companies 1.2.3Private company vs Public company 1.2.4Visuals test to identify public companies Lecture No:1.3 Accounting as an information system 1.3.1Business and information requirement 1.3.2Stakeholders of a business 1.3.3Information: Tip of accounting ice-berg Lecture No:1.4 Key accounting terms: Assets, Liabilities, Income, Expenses 1.4.1Four key terms in accounting 1.4.2Sources of funds 1.4.3Use of funds 1.4.4The sources vs The uses 1.4.5Types of Assets 1.4.6Types of Liabilities 1.4.7 Types of Incomes 1.4.8Types of Expenses Lecture No:1.5 Tutorial: Key accounting terms: Assets, Liabilities, Income, Expenses 1.5.1Identifying the category and sub category of various accounting termsWeek 2: Accounting equation, GAAP Principle and Fundamentals of double entry system: Lecture No:1.6 Accounting equation 1.6.1What is the accounting equation? 1.6.2Working of accounting equation 1.6.3Example: accounting equation 1.6.4Summary: accounting equation Lecture No:1.7 Walkthrough of Balance Sheet I Lecture No:1.8 Walkthrough of Balance Sheet II Lecture No:1.9 Walkthrough of Balance Sheet III Lecture No:1.10 Walkthrough of Income Statement Lecture No:1.11 Generally Accepted Accounting Principles I 1.11.1 Business Entity Concept 1.11.2 Money Measurement Concept 1.11.3 Going Concern Concept 1.11.4 Accounting Period Concept 1.11.5 Cost Concept Lecture No:1.12 Generally Accepted Accounting Principles II 1.12.1 Conservatism Concept 1.12.2 Accrual Concept 1.12.3 Matching Concept 1.12.4 Full Disclosure Concept 1.12.5 Materiality Lecture No:2.0. Recap and way forward Lecture No:2.1 Types of accounts 2.1.1What is an account? 2.1.2What are types of accounts? Lecture No:2.2 Tutorial - Types of accountsWeek 3: Fundamentals of double entry system and Accounting Cycle: Journal Entries I: Lecture No:2.3 Debit and Credit 2.3.1Claims of business 2.3.2What is debit and credit 2.3.3Misconception about debit and credit Lecture No:2.4 Tutorial - Debit and Credit Lecture No:2.5 Rules of debit and credit 2.5.1Rules of Debit and Credit 2.5.2Identifying receiver and giver 2.5.3Identifying what comes in and goes out 2.5.4Identifying incomes and expenses Lecture No:2.6 Entering transactions in Journal 2.6.1Format of journal 2.6.2Journalizing the transactions 2.6.3Output of journalisingWeek 4: Accounting Cycle: Journal entries II: Lecture No:2.7 Tutorial: Journal entries Lecture No:2.8 Key trends in journalizing 2.8.1Assets Purchased/Sold 2.8.2Liabilities Raised/ Paid back 2.8.3Expenses paid or due and Incomes received or accrued Lecture No:2.9 Journalizing complex transactions Lecture No:2.10 Practice Problem I Lecture No:2.11 Practice Problem II Lecture No:2.12 Practice Problem III Lecture No:2.13 Summary: Journal entriesWeek 5: Accounting cycle: Ledger Posting: Lecture No:3.0. Recap and way forward Lecture No:3.1 Introduction to Ledger Lecture No:3.2 Process of Ledger posting Lecture No:3.3 Balancing the accounts Lecture No:3.4 Debit and Credit Balances Lecture No:3.5 Tutorial - Identifying balances Lecture No:3.6 Practice Problem I Lecture No:3.7 Practice Problem II Lecture No:3.8 Practice Problem IIIWeek 6: Accounting cycle: Trial Balance and Final Accounts: Lecture No:4.0. Recap and way forward Lecture No:4.1 Introduction to Trial Balance 4.1.1Introduction to Trial Balance 4.1.2Why Trial Balance? 4.1.3Format of Trial Balance Lecture No:4.2 Preparation of Trial Balance Lecture No:4.3 Practice Problem I Lecture No:4.4 Practice Problem II Lecture No:4.5 Errors in Trial Balance Lecture No:5.0 Recap and way forward Lecture No:5.1 Introduction to Final Accounts 5.1.1What are Final Accounts 5.1.2Format of Final Accounts 5.1.3Format of Balance Sheet Lecture No:5.2 Tutorial - Identifying direct and indirect expenses Lecture No:5.3 Tutorial - Mapping operating and non operating items to direct and indirect items 5.3.1Tutorial - Mapping Expenses and Incomes 5.3.2Visual Mapping of Expenses and Incomes Lecture No:5.4 Preparation of Final Accounts 5.4.1Profit and Loss account 5.4.2Balance Sheet Lecture No:5.5 Tutorial - Preparation of Final Accounts Lecture No:5.6 Tutorial - Preparation of Trading Account Lecture No:5.7 Tutorial - Preparation of P&L Account Lecture No:5.8 Tutorial - Preparation of Balance Sheet Lecture No:5.9 Practice ProblemWeek 7: Output of Accounting cycle: Final Accounts II: Lecture No:5.10 Adjustments in Final Accounts Lecture No:5.11 Transactions to be adjusted in Final Accounts Lecture No:5.12 Tutorial - Adjustments in Final Accounts Lecture No:5.13 Tutorial -Calculating Cost of Goods Sold Lecture No:5.14 Tutorial -Outstanding Expenses Lecture No:5.15 Tutorial - Prepaid Expenses Lecture No:5.16 Validating the learning - Balance Sheet Lecture No:5.17 Validating the learning - Income StatementWeek 8: Analysis of Financial Statements: Lecture No:6.0 Recap and way forward Lecture No:6.1 Introduction to Financial Statement Analysis 6.1.1Overview 6.1.2Types of Ratios Lecture No:6.2 Liquidity Ratios 6.2.1Need for Liquidity ratios 6.2.2Types of Liquidity ratios Lecture No:6.3 Tutorial - Liquidity Ratios Lecture No:6.4 Solvency Ratios 6.4.1Need for Solvency ratios 6.4.2Types of Solvency ratios Lecture No:6.5 Tutorial - Solvency Ratios Lecture No:6.6 Profitability Ratios 6.6.1Need for Profitability ratios 6.6.2Types of Profitability ratios Lecture No:6.7 Tutorial - Profitability Ratios Lecture No:6.8 Efficiency Ratios 6.8.1Need for Efficiency ratios 6.8.2Types of Efficiency ratios Lecture No:6.9 Tutorial - Efficiency RatiosWeek 9: Analysis of Financial Statements II: Lecture No:6.10 Validating the learning - Walkthrough of RIL's Annual Report Lecture No:6.11 Online Resources for Financial Analysis Lecture No:6.12: Practice Problem: Liquidity Position Lecture No:6.13 Practice Problem – Solvency Position Lecture No:6.14 Practice Problem - Profitability Position I Lecture No:6.15 Practice Problem - Profitability Position II Lecture No:6.16 Practice Problem – Interpretation of RatiosWeek 10: Cash Flow Statement: Lecture No:7.0 Recap and way forward Lecture No:7.1 Types of Cash Flows 7.1.1Inflows and Outflows 7.1.2Types of cash flows Lecture No:7.2 Tutorial - Types of cash flows Lecture No:7.3 Walkthrough of Cash Flow Statement of RIL Lecture No:7.4 Profit and Loss Appropriation Account Lecture No:7.5 Cash flows from Operating Activities Lecture No:7.6 Tutorial - Changes in working capital Lecture No:7.7 Tutorial - Cash flows from Operating Activities Lecture No:7.8 Tutorial - Cash flows from Operating ActivitiesWeek 11: Cash Flow Statement II: Lecture No:7.9: Cash flows from Investing Activities Lecture No:7.10: Tutorial - Cash flows from Investing Activities Lecture No:7.11 Cash flows from Financing Activities Lecture No:7.12 Tutorial - Cash flows from Financing Activities Lecture No:7.13 Preparing Cash Flow Statement Lecture No:7.14 Identifying hidden information 7.14.1 Provision of tax 7.14.2 Purchase or sale of fixed assets 7.14.3 Provision of dividend Lecture No:7.15 Practice ProblemWeek 12: CVP Analysis & Inventory Control Lecture No:8.1 Need of Break Even Analysis 8.1.1 Need of Break Even Analysis 8.1.2 Application of BEA 8.1.3 Cost Volume Profit Analysis Lecture No:8.2 Understanding the nature of costs Lecture No:8.3 Contribution Margin 8.3.1 Contribution 8.3.2 Contribution per Unit 8.3.3 Contribution Margin Lecture No:8.4 Tutorial - Contribution Lecture No:8.5 Break Even Point 8.5.1 Break Even Point/ Level, Sales and Capacity 8.5.2 Break Even point Calculator Lecture No: 8.6 Tutorial - Break Even Point Lecture No: 8.7 Tutorial - Break Even Point Lecture No: 8.8 Visualizing the Break Even Point Lecture No: 8.9 Tutorial - Break Even Analysis Lecture No: 8.10 Case - Break Even Analysis Lecture No:9.1 Theoretical foundation for economic order quantity Lecture No:9.2 Tutorial Lecture No:9.3 ABC analysis Lecture No:9.4 Tutorial Lecture No:9.5 Stock accounting: LIFO, FIFO Lecture No:9.6 Tutorial

Taught by

Prof. Puran Singh

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