IBS Hyderabad

Financial Accounting-I
BBA - Semester I
Instructor: Total No. of Sessions: 48
Office: Dept. of Finance & Accounting, Sessions per Week: 3
E-Mail: Contact No.:
Course Title: Financial Accounting - I
Course Objectives Learning Outcomes
 To enable the student understand, appreciate and acquire the At the end of the course, the student will be able to:
knowledge of accounting concepts;  understand, appreciate and acquire the knowledge of accounting
 To enable the student understand the process of accounting and concepts and the fundamental knowledge of accounting;
accounting cycle from the primary records to financial statements  understand the process of accounting and accounting cycle;
 To prepare the student independent in the process of recording  understand the process of recording financial transactions and
transactions and preparation of financial statements; preparation of financial statements;
 To enable the student understand the changes in accounting  appreciate and demonstrate the change in accounting treatment
treatment when there is a change in the ownership of a business; respectively from change in the ownership of a business; and to
and to know spreadsheets and accounting packages for accounts. know spreadsheets and accounting packages for accounts.

Recommended Text Book:

1. A Mukherjee & M Haniff, Modern Accountancy – Vol I, Tata McGraw Hill Education Private Ltd, 2nd Edition

Suggested books:
1. David Cox, Business Accounts (Accounting & Finance), Osborne Books Ltd, 3rd edition.
2. Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Accounting Principles, Wiley; 8 edition
3. Jerry J. Weygandt, Donald E. Kieso, Paul D ,Financial Accounting, Wiley, 5th edition
4. Jan Williams, Sue Haka, Mark Bettner, Financial & Managerial Accounting, McGraw-Hill/Irwin, 15th edition.
5. Jane L. Reimers, Financial Accounting: Business Process Approach, Prentice Hall, 3rd edition.
6. Jae Shim, Schaum's Financial Accounting, McGraw-Hill; 2nd edition.
7. S N Maheshwari, Sharad K Maheshwari & Suneel K Maheshwari, Financial Accounting ,Vikas Publications, 5th Edition
S.No. Session Topics Key Concepts Learning Outcomes Mode Chapter Reading
No.
1. 1–4 Basic Concepts of objectives of business; Importance of Why the business should have accounting, Theory Chapter 1 & 2
Accounting Financial transactions-Need for what should be accounted for? Purpose of
Accounting- features, objectives and preparation of financial statements i.e.
scope of Accounting; Purpose of income statement, balance sheet,
financial statements- qualitative qualitative characteristics of financial
characteristics of financial statements- statements; Accounting Cycle.
Accounting cycle
2. 5–8 Accounting Accounting concepts and assumptions, What are the Accounting Concepts that Theory Chapter 3
Mechanics Accounting equation - double entry Govern preparation of Balance Sheet and
system- concept of capital and income- Income Statement, what is the process of
expenditure and losses- debit and preparation of financial statements
credit- types of accounts- rules of
double entry book keeping
3. 9 – 13 Books of Entry Recording of transactions in a Journal- Understand how to write journal entries, Problems Chapter 2 & 4
Ledger Posting- Relationship between how to post transactions into ledger
Journal and Ledger- balancing of accounts, and how to draw a trial balance
accounts- trial balance
14 Pre Mid Exam
4. 15 – 20 Sub-division of Subsidiary Journals, Purchases Book, An understanding of primary books of Problems Chapter 5 & 7
Journal Purchases Returns Book, Sales Book, accounts, types of books, purpose of
Sales Returns, Cash book, Petty Cash preparation of separate books for
book, Journal Proper, etc. purchases, returns, sales, cash, petty cash –
Columnar cash book, et.
5. 21 – 24 Bank Basic understanding of BRS, issues of Student will be able to appreciate and Problems Chapter 6
Reconciliation differences in the balances of Cash understand the preparation of BRS
Statements book and pass book and the process of
preparation of Reconciliation
Statement
Mid Sem Exam
6. 25 – 29 Accounting for Concept of Depreciation, meaning, Student will be able appreciate and Problems Chapter 10
Depreciation importance in the process of understand the concept of wear and tear for
accounting, methods of Depreciation, capital assets, and methods of depreciation
Impact on the Income statement and like straight line method, diminishing
Balance sheet balance sheet method in practice and other
methods in theory
 7. 30 – 34 Accounting for The concepts of inventory accounting, Student will be in a position to understand Problems Chapter 11
Inventories pricing of issues, stores ledger the pricing mechanisms like LIFO, FIFO,
preparation, inventory pricing methods Weighted Average methods in the process
FIFO, LiFO, Weighted Average Methods of issue of inventory and their impact on the
income statement and balance sheet
8. 35 – 40 Preparation of Preparation of Trading and P & L The student will be in a position to prepare Problems Chapter 17
Financial Account and Balance sheet with no final accounts of a sole proprietor business
Statements for adjustments to adjustments for with and without adjustments and look at
Sole Proprietor inventory, depreciation, outstanding the impact of adjustments on the net profit
expenses, prepaid expenses, and assets position
outstanding incomes, etc.

41 Post Mid Exam

9. 42 – 48 Partnership Impact of admission, retirement, death The student will be able to appreciate the Problems Chapter 24, 25, 26 &
Accounts or insolvency of a partner on the importance of valuing good will while 27
financial statements of a partnership admitting the partner, retiring the partner,
firm death of a partner and insolvency of partner

Code of conduct for the students:

 Students need to be regular in attending the classes. Late comers will be marked absent.
 Use of mobiles is strictly prohibited in class. If you are found talking, chatting in mobile you will not be allowed to sit in the class.
 No make-up tests will be permitted. In unprecedented situations, with written permission of BBA Coordinator and Dean
(Academics), make up test may be allowed which will be very tough.
 Class Participation grades will depend very heavily on the cold calls and in part of volunteered participation.

Teaching Pedagogy:
Classroom lectures
Learner centered practice sessions involving solving problems
Continuous assessment through assignments, class tests, and projects.

Assessments and Evaluations:

 Pre-mid term assessments 20%
 Mid-term examination 20% (1.5 hour examination)
 Post-mid term assessments 20%
 End Semester Comprehensive Examinations 40% (3 hour examination)