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Title      : BCO - 13 Financial Accounting - I
Subject      : Financial Accounting-I
copyright © 2018   : Karnataka State Open University
Author      : KSOU
Publisher      : Karnataka State Open University
Chapters/Pages      : 26/476
Total Price      : Rs.      : 350
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Introduction to Accounting Total views (1179)  
Accounting is the language of business. It is a standard set of rules meaning a firm's financial performance. Assessing a company's financial performance is important for many groups including. • Firm Officers, • Investors, • Lenders, • General public. Standard financial statements serve as a yardstick of communicating financial performance to the general public.
Pages: 9
Price: Rs 0   
Accounting Concepts and Conventions Total views (1169)  
Any activity we perform is facilitated, if we have a set of rules to guide our efforts. Take the example of driving a vehicle. The traffic rule says we have to drive the vehicle keeping to the left. If this rule was not there, then imagine the situation on the road. In order to convey the same meaning to the users of accounting information, accountants all over the world have developed certain rul ......
Pages: 11
Price: Rs 8.25   
Accounting Terms Total views (1166)  
After understanding the Accounting principles, Accounting concepts and Accounting conventions, let us try to understand the various terms that are used in Accounting. These terms are used only in accounting language. These terminologies help us to understand the various functions in accounting like recording, classifying, presentation, analysis and interpretation of the financial statements. These ......
Pages: 15
Price: Rs 11.25   
Indian Accounting Standards Total views (1176)  
It is said that the financial statements can be prepared in 147 ways as per the existing accounting principles. This statement may be confusing to you, but this statement is a fact because of the flexibility in the accounting policies and practices. Let us take an example of the depreciation. Assets may be depreciated in Straight line method, reducing balance method, Annuity method, etc. This effe ......
Pages: 21
Price: Rs 15.75   
Journal Total views (344)  
The size of the business concern and the volume of business transaction determines the nature of accounting work. If the size of the business and volume of transactions are numerous, books of accounts are maintained under the modern method which consists of the maintenance of subsidiary books, ledger accounts and final accounts. The word journal is derived from the French word 'jour' which means ......
Pages: 19
Price: Rs 14.25   
Ledger Total views (343)  
The term 'Ledger' is derived from the 'Dutch' word 'Legger' which means to 'Lie'. Therefore, Ledger refers to a book where different accounts are kept. It is a book where transactions of the same nature are classified and grouped together in one place in the form of an account, popularly known as 'Posting'. A Ledger contains all types of accounts personal, Real and Nominal accounts. Accounting to ......
Pages: 21
Price: Rs 15.75   
Subsidiary Books Total views (343)  
Under the modern system of accounting, all business transactions are first recorded in a number of books as and when they take place. The books in which business transactions recorded so are called subsidiary books. There after, the entries from the subsidiary books are posted to the appropriate books, in the books of final entry called the ledger. Ledger accounts are balanced periodically to fin ......
Pages: 37
Price: Rs 27.75   
Preparation of Manufacturing and Trading Accounts Total views (345)  
The business concern which undertakes both the activities of manufacturing and trading prepares manufacturing as well as trading accounts. Manufacturing accounts reveals the cost of goods manufactured and trading account reveals the line of business whether it is profitable or not. Manufacturing concern prepares both manufacturing and trading accounts. But trading concerns prepare only trading ac ......
Pages: 10
Price: Rs 7.5   
Profit and Loss Account Total views (344)  
The profit and loss account is an account which shows the net profit and loss of a business for a particular trading period. The net profit or net loss the profit earned or loss suffered after charging all business expenses including depreciation and provisions. It is the final profit or loss of a business.
Pages: 8
Price: Rs 6   
Balance Sheet Total views (342)  
A balance sheet is a statement prepared with a view to measure the financial position of a business on a certain fixed date. The financial position of a concern is indicated by its assets on a given date and its liabilities on that date. Excess of assets over liabilities represent soundness of a company. A balance sheet is a sheet containing the balances of all real and personal accounts i.e, ass ......
Pages: 36
Price: Rs 27   
Rectification of Errors Total views (342)  
Errors are unintentional mistakes occurred while preparing the books of accounts. There is no intention of manipulation of accounts or misuse of funds. Errors of Principle are those where transactions are not recorded as per the rules of debit and credit. Revenue expenditure recorded as capital expenditure ; expenses debited to personal accounts instead of expenses account are some of the exampl ......
Pages: 28
Price: Rs 21   
Meaning- Need- Causes for difference in the balances of cash book and pass book Total views (341)  
As we know, there are two sources for a business-man to find out the bank balance. The first source is the bank column of the cash book. (Or if the cash book is without bank column, the bank account in the ledger.) The other source is the 'pass book' as a statement given by the banker to the customer / businessman. Both the sources are affected with the same set of transactions and they should sh ......
Pages: 11
Price: Rs 8.25   
Preparation of Bank Reconciliation Statement Total views (341)  
Theoretically, the pass book balance should be equal to the cash book balance, on any date because the same transactions are entered in both the books. But actually, these two balances are not agreeing, due to many reasons, which we have discussed in the earlier unit. However in this unit we are going to learn practically how the Bank Reconciliation Statement is being prepared, when complicated e ......
Pages: 15
Price: Rs 11.25   
Bills of Exchange-Meaning-Parties to the bills-Kinds of Bills-Format of a Bill Total views (342)  
Receipts for sale of goods may be received either, immediately in cash or it may be received on a predetermined future date. Usually, a seller likes to have a written statement from his debtor, to clear the debt. A bill of exchange, may be used as a post dated cheque to settle the debt. For this reason, the creditor orders his debtor, in writing to pay the debt. This written statement or order fo ......
Pages: 11
Price: Rs 8.25   
Problems on Trade Bills Only Total views (339)  
Credit is a very powerful instrument to accelerate sales.It is possible that the oral promise of making the payment in future may not be fulfilled by the purchaser. So the seller of the goods ask, the credit purchaser to give the undertaking of future payment, on a written paper, known as a bill of exchange or promissory note. Trade Bills arise due to genuine commercial transactions in the tradin ......
Pages: 35
Price: Rs 26.25   
Non-Trading Concern Total views (338)  
Trading concerns mainly aim at earning profits out of their production or commercial activities. Such organizations prepare final accounts at the end of the year to ascertain gross profit, net profit and Balance Sheet to know their financial position. On the other hand, non-trading concern are the institutions which are set up not for the purpose of making profit but to render social services to i ......
Pages: 12
Price: Rs 9   
Preparation of Final Accounts of Non-Trading Concerns Total views (341)  
Non-Trading Concerns usually maintain their a/cs by the double entry system of bookkeeping and periodically prepare their final a/cs for the submission to their members and subscribers. The method of preparing final a/cs by Non-Trading Concerns is different than trading concerns. As these concerns do not deal in any goods like trading concerns, so they cannot prepare a trading and profit and loss ......
Pages: 34
Price: Rs 25.5   
Single Entry System Total views (339)  
Single entry system of book - keeping is the oldest, traditional and incomplete system of book - keeping. Before industrial revolution, most of the business organization is in the form of sole trading concern and partnership firm. Though, it is an incomplete system, in earlier days and at present, most of the businessmen follow and adopt to maintain their books of accounts in single entry system ......
Pages: 12
Price: Rs 9   
Problems on Conversion of Single Entry System into Double Entry System Total views (346)  
We have discussed single entry system as an incomplete system of book -keeping. If the businessmen wants to convert incomplete records into complete records. i.e., unscientific system of book keeping into scientific system of book- keeping, some steps have to be followed.
Pages: 44
Price: Rs 33   
Consignment Total views (338)  
Consignment business is yet another form of expanding business activities without incurring any additional expenditure on establishment of a business. We will discuss in this unit, meaning and definition of consignment, nature and types of consignment business, parties involved in consignment; commission and types of commission paid in consignment. We will also describe the normal and abnormal lo ......
Pages: 11
Price: Rs 8.25   
Problems on Consignment Total views (339)  
It is the consignor who maintains the accounts of consignment business as he is the owner of goods and he has to bear the profit or loss of the business. Consignee undertakes to sell the goods only for commission.
Pages: 29
Price: Rs 21.75   
Joint Venture Total views (337)  
Joint venture is an agreement between two or more persons, who are called as venturers or co-venturers to undertake a particular task or venture or some business and to share the profits or losses arising from that venture or business in an agreed ratio. It is also described as a temporary partnership. Partnership firm is considered as a going concern whereas joint venture will terminate immediat ......
Pages: 9
Price: Rs 6.75   
Problems on Joint Venture Under Joint Bank Account Method Total views (341)  
Joint venture, problems are unique in nature. These problems may require you to pass the Journal entries or prepare ledger accounts. We will discuss in this unit different types of problems of Joint venture with various calculations like valuation of stock, discounting of bill and final settlement of account of co-venturers.
Pages: 15
Price: Rs 11.25   
Trial Balance Total views (341)  
A trial balance is a list of debit and credit balances of all the ledger accounts prepared on any particular date to verify whether the entries in the books of account are arithmetically correct.
Pages: 15
Price: Rs 11.25   
B.Com Financial Accounting 1_Question Paper1 Total views (350)  
B.Com Financial Accounting 1 Previous Year Question Paper
Pages: 4
Price: Rs 3   
B.Com Financial Accounting 1_Question Paper2 Total views (339)  
B.Com Financial Accounting 1 Previous Year Question Paper
Pages: 4
Price: Rs 3   

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