Module 1

Module 1: Identify and classify the heads of accounts for given transactions (6 hours)

• Introduction to Business.
• Introduction to accounting.
• Accounting concepts and principles.
• The accounting process.

Module 2

Module 2: Prepare financial statements in accordance with GAAP (Create) (6 hours)

• Accounting for merchandising organizations.
• Preparation of Balance Sheet and Income statement.
• Cash flow statement.

Module 3

Module 3: Analyze information in financial statements for business decision making (Evaluate) (6 hours)

1. Financial Statement Analysis.

Module 4

Module 4: Apply the basic cost concepts to Profit planning and budgeting. (Analyze) (6 hours)

1. Basic cost management concepts.
2. Cost behaviour and costing.

Module 5

Module 5: Apply cost management to pricing decisions (Analyze) (6 hours)

1. Profit planning and budgeting.
2. Pricing decisions and cost management.

Course Description

Financial accounting is the process of recording, classifying and summarizing transactions resulting in the preparation of financial statements for external and internal stakeholders. Good financial accounting provides the owners, managers and other business stakeholders with information required for decision making and keeps the business under control.

Cost or Managerial Accounting evolved to cater to the informational needs of Management as an aid to proper business decision making. It provides for the informational needs of individuals internal to the organization, like Managers, Executives, Workers etc, and helps them to make better decisions and improve their organizations processes and performance The course is designed to provide an understanding of the basic concepts, techniques and methodologies relevant to accounting function. The course also covers basic cost management concepts.

Course Outcomes & Learning Levels

1. Identify and classify the heads of accounts for given (Understand).
2. Prepare financial statements in accordance with GAAP (Create).
3. Analyze information in financial statements for business decision making (Evaluate).
4. Apply the basic cost concepts to Profit planning and (Analyze).
5. Apply cost management to pricing decisions (Analyze).

   Evaluation Pattern 

*Based on assignments / Tests / Quizzes / Case Studies / Project / Term paper / Field visit report. 

Text Book

1. Financial and Management Accounting: An Introduction, Pauline Weetman, 8th edition, Pearson.

Reference

1. Financial Accounting by Narayanswamy, PHI learning, 7th Edition.
2. Cost Accounting: A Managerial Emphasis, Horngren, C.T., Datar, S., Foster, G. (2015).