Financial Accounting (Paper 5 - CMA Inter)

Take this Course for $21
This course covers paper 5 Financial Accounting Syllabus of CMA

Sections Covered:

  1. Fundamentals of Accounting
  2. Accounting for Special Transactions
  3. Preparation of Financial Statements of Profit Oriented Organisations
  4. Preparation of Financial Statements of Not for Profit Organisations
  5. Preparation of Financial Statements from Incomplete Records
  6. Partnership
  7. Self Balancing Ledger
  8. Royalties
  9. Hire Purchase and Installment System
  10. Branch and Departmental Accounts
  11. Computerized Accounting System
  12. Accounting Standards
  • Use head phone for effective listening
  • This course structured in self paced learning style

Course Curriculum

Need and Importance of Accounting
Book Keeping and objectives
Advantages of Book Keeping
Accounting and Objectives
Accounting Process
Accounting Cycle
Accountancy Accounting Book keeping
Relationship Between Accountancy, Accounting & Book Keeping
Difference Between Accounting & Book Keeping
Users of Accounting Information
Branches of Accounting
Transaction
Capital
Assets
Liabilities
Drawings
Debtors
Creditors
Purchase & Purchase Returns
Sales & Sales Returns
Voucher
Invoice
Revenue & Expenses
Stocks
Account
Double Entry System Introduction
Double Entry Features
Classification of Accounts
Eg for classification of accounts
Golden Rules of accounting
Basic Accounting Procedures
Cash Memo and Invoice
Receipt
Debit and Credit Notes
Pay in Slip and Cheque
Voucher
Accounting Equation
Accounting Equation (Talking Head)
Accounting Equation simple eg
Accounting Equation Comprehensive Example
Rules for Debiting and Crediting
Debit Credit Rule
Basic Assumptions in Accounting
Basic Concepts in Accounting
Fundamental Principles of Accounting
Case study on Cash, Accrual and Hybrid Basis Accounts
Problem 1Identify Capital or Revenue Transactions
Problem 2 Identify Capital or Revenue Transactions
Problem 3 Identify Capital or Revenue Transactions
Problem 4 Identify Capital or Revenue Transactions
Problem 5 Identify Capital or Revenue Transactions
Problem 6 Identify Capital or Revenue Transactions
Problem 7 Identify Capital or Revenue Transactions
Problem 8 Identify Capital or Revenue Transactions
MCQ on Capital / Revenue Transactions
Depreciation Introduction
Straight Line Method of Depreciation
Problem 1 Straight Line Method of Depreciation
Problem 2 Straight Line Method of Depreciation
Machine Hour Depreciation Method and Problem
Production Units Method of Depreciation and Problem
Depletion Method of Depreciation and Problem
Written Down Value Method
Errors in Accounting
Error of Principle
Error of Omission
Error of Commission
Compensating Errors
Errors and Trial Balance
Case Study on Errors and effect on Trial Balance
Steps to Locate Errors
Suspense Account
Case Study Suspense Acount
Rectification of Errors
Case Study 1 Rectification of Errors
Case Study 2 Rectification of Errors
Case Study 3 Rectification of Errors
Case Study 4 Rectification of Errors
Case Study 5 Rectification of Errors
Case Study 6 Rectification of Errors - Copy
Case Study 7 Rectification with Suspense AC
Introduction to Bills of Exchange
Accounting Aspects in Bills of Exchange
Methods of Drawing Bills of exchnage
Computation of Bill Due Date
Endorsement of Bill of Exchange
Problem on Endorsement of Bill of Exchange
Discounting of Bill
Problem on Discounting of Bill
Retirement of Bill
Problem on Retirement of Bill
Dishonour of Bill
Problem on Dishonour of Bill
Dishonour of Bill - Different Scenarios
Renewal of Bill of Exchange
Problem 1 on Renewal of Bill of Exchange
Problem 2 on Renewal of Bill of Exchange
Insolvency of Customer
Problem on Insolvency of Customer
Consignment Accounting Introduction
Accountiong Aspects in Consignment
Accounting Entries in books of consignor
Consignment Accounting Problem 1
Consignment Accounting Problem 2
Consignment Accounting Problem 3
Accounting Entries in the Book of Consignee
Consignment Account Problem 4
Consignment Account Problem 5 (Goods Lost in Fire)
Consignment Account Problem 6
Normal Loss
Consignment Problem 7 with Normal Loss
Consignment Problem 8 Computation of Cost and Invoice Price
Consignment Problem 9 Computation of Profit Percentage on Cost and Selling Price
Consignment Problem 10 Computation of Invoice Value of Goods Sent Out
Consignment Problem 11 Computation of Abnormal Loss
Consignment Problem 12 With Del Credre Commission and Bad Debts
Consignment Problem 13 Computation of Commission
Consignment Problem 14 Computation of Commission
Consignment Problem 15 Computation of Stock Reserve
Joint Venture Introduction
Separate set of Books Method
Problem 1 Separate set of Books Method
Problem 2 Separate set of Books Method
No Separate Set of Books Maintained
Problem 1 No Separate Set of Books Maintained
Problem 2 No Separate Set of Books Maintained
Memorandum Joint Venture A/c Method
Problem 1 Memorandum Joint Venture A/c Method
Insurance Claim Problem 1
Insurance Claim Problem 2
Insurance Claim Problem 3
Insurance Claim Problem 4
Insurance Claim for loss of Profit Part 1
Insurance Claim for loss of Profit Part 2
Insurance Claim for loss of Profit Problem 1
Insurance Claim for loss of Profit Problem 2
Introduction to Final Accounts of Sole Proprietors
Introduction to Final Accounts of Non Manufacturing Entities
Income Statement and Position Statement
Preparation of Final Accounts - fundamental aspects
Inter-relationship between two statements
Matching Principle
Exceptions to Matching Principle
Trading Account
Trading Account Items
Closing entries in Trading Account
Trading Account Case Study 1
Trading Account Closing Entries Case Study 2
Profit and Loss Account
Treatment of Specific items
Closing entries related to Profit and Loss account
Profit and Loss Account Case Study 3
Adjustments in Final Accounts
Provision for Doubtful Debts Case Study 4
Other Adjustments in Final Accounts
Abnormal Loss of Inventory by accident or fire
Goods Sent on Approval Basis
Goods used other than for Sale
Accounting Entry for Sales Tax
Commission based on Profit
Preparation of Final Accounts - Case Study 5
Arrangements of Assets and Liabilities
Classifications of Assets and Liabilities
Preparation of Balance Sheet - Case Study 6
Preparation of Revised P&L and Balance Sheet - Case Study 7
Determination of Outstanding Salaries and related adjustments
Opening Entry and Case Study
Provisions and Reserves
Provisions and Reserves Case Study 8
Final Accounts of Manufacturing Entities - Introduction
Manufacturing Cost
Direct Manufacturing Expenses
Indirect Manufacturing Expenses
By Products
Structure of Manufacturing Account
Manufacturing Account Case Study 8
Manufacturing Account Case Study 9
Introduction to Accounting for Non Profit Organisations
Nature of Receipts and Payment Account
Case 1 Receipts and Payment Account
Income and Expenditure Account
Main Sources of Income
Difference between Receipts and Payments Account
Preparation of Income and Expenditure Account from Receipts and Payments Account
Case 2 Subscription Accounting in Income and Expenditure Account
Case 3 Salaries Accounting in Income and Expenditure Account
Accounting treatment of Donations
Accounting treatment of Entrance and Admission Fees
Accounting for Subscriptions
Accounting for life members fees
Case 4 Preparation of Income and Expenditure Account and Balance Sheet
Case 5 Preparation of Income and Expenditure Account and Balance Sheet
Case 6 Preparation of Receipts and Payment Account and Subscription Account
Introduction to Single Entry System
Features of Single Entry System
Types of Single Entry
Methods of Capital Comparison
Difference between Statement of Affairs and Balance Sheet
Statement of Affairs & Profit Computation Case 1
Statement of Affairs & Profit Computation Case 2
Suppressed Income Case 3
Partnership and Appropriation of Profits
Fixed Capital and Fluctuating Capital
Appropriation of Profits
Fixed Capital and Fluctuating Capital Format
Case 1 Fixed and Fluctuating Capital Method
Difference between Fixed Capital and Fluctuating Capital Method
Case 2 Fluctuating Capital Method
Case 3 Fixed Capital Method
Accounting Treatment for Interest on Capital
Case 4 Interest on Capital
Calculation of Interest on Drawings
Case 1 Interest on Drawings
Case 2 Comprehensive Case Study Interest on Drawings and other adjustments
Case 3 Interest on Drawings uniformly at the end of every quarter
Case 4 Interest on Drawings and Adjustment Entry
Case 5 Adjustment for Wrong Distribution of Profits
Guaranteed Partnership - Guarantee by One Partner
Case 6 Guarantee by One Partner
Guarantee given by Firm
Case 7 Guarantee by Firm
Case 8 Cross Guarantee
Case 9 Guarantee by One Partner
Case 10 Gurantee with retrospective effect
Adjustments at the time of admission of new partner
Adjustments regarding Profit Sharing Ratio and Case Study 11
Adjustments regarding Profit Sharing Ratio and Case Study 12
Sacrifice only by few Partners and New Profit Sharing Ratio Case Study 13
Adjustment regarding Valuation of Assets and Liabilities - Revaluation Method
Adjustment regarding Valuation of Assets and Liabilities - Memorandum Revaluation Method
Goodwill
Various Scenarios for Accounting treatment of Goodwill
Valuation methods of Inherent Goodwill
Average Profits Method
Super Profits Method
Capitalisation of Profits Method
Annuity Method
Valuation of Goodwill Case Study 14
Valuation of Goodwill Super Profit Method Case Study 15
New Partner cannot pay premium and Goodwill account is raised Case 16
New Partner pays for Goodwill but Goodwill appearing in Balance Sheet in Full Value Case 17
Premium for Goodwill Paid Privately Case 18
Premium for Goodwill in True Sense
Adjustment for Accumulated Profits Losses
Adjustment Regarding Capital
Case 19 Adjustment Regarding Capital
Case 20 Adjustment Regarding Capital
Case 21 Adjustment Regarding Capital
Case 22 Adjustment Regarding Capital using Memorandum Revaluation Ac
Case 23 Adjustment Regarding Capital
Retirement of Partner
Case 24 Retirement of Partner
Rights to Share of Profit after Retirement
Case 25 Right to Share of Profit after Retirement
Case 26 Right to Share of Profit after Retirement
Death of Partner and Accounting Implications
Accounting treatment for Joint Life Policy
Case 27 Accounting treatment for JLP
Dissolution of Partnership Firm
Settlement of Accounts on Dissolution
Realisation of Assets and Liabilities
Settlement of Dues of the Partners
Case 28 Settlement of Dues to the Partners
Case 29 Settlement of Dues to the Partners
Insolvency of Partner
Highest Relative Capital Method
Case 1 Highest Relative Capital Method
Case 2 Highest Relative Capital Method
Case 3 Highest Relative Capital Method
Introduction to Self Balancing Ledger System
Self Balancing Ledger Problem 1
Self Balancing Ledger Problem 2
Self Balancing Ledger Problem 3
Contra Transactions
Entries to be Passed in Credit purchase
Self Balancing Ledger Problem 4
Transfer entries
self Balancing Ledger Problem 5
self Balancing Ledger Problem 6
self Balancing Ledger Problem 7
What is Royalty
What is Minimum Rent Dead Rent in Royalty
Short workings Excess Workings and Ground Rent
Recoupment of Shortworkings
Accounting treatment of Shortworkings
Accounting entries in the books of lessee licencee
Case Study 1 - Royalty Account - with Shortworking Adjustments
Case Study 2 - Royalty Account -with Shortworking Adjustments
Hire Purchase and Installment sale
situation I - When Rate of Interest, Cash Price & Interest given
Situation II-When Rate of Int. & Inst. given but cash price not given
Situation III-When only Inst. are given but cash price & rate of Int. not given
Situation IV-Ref. to annuity table,rate of Int.&inst. given but not cash price
Accounting Treatment in Hire Purchaser Books
Accounting effect of HP default and Repossession
Case Study - Hire Purchase Default and Repossession
Case Study - Hire Purchase Default and Partial Repossession
Introduction to Branch Accounts
Dependent Branches and Features
Accounting for Dependent Branches
Debtors system
Accounting Entries Debtors System
Dependent Branches Problem 1
Dependent Branches Problem 2
Dependent Branches Problem 3
Dependent Branches Problem 4
Dependent Branches Problem 5
Goods invoiced at SP to Branches & Its Accounting Aspects
Dependent Branches Problem 6 (invoice @ SP)
Dependent Branches Problem 7 (invoice @ SP)
Dependent Branches Problem 8 (invoice @ SP)
Stock and Debtors system
Problem 9 Stock and Debtors System
Problem 10 Stock and Debtors System
Problem 11 Stock and Debtors System
Final Accounts Method
Problem 12 Branch Trading & P&L Ac (cost)
Problem 13 Branch Trading Ac (Invoice Price)
Problem 14 Branch Trading P&L Ac (Invoice Price)
Problem 15 on stock and Debtors system
Problem 16 Stock and Debtors System
Whole Sale Branch system
Problem 17 Whole Sale Branch system
Problem 18 Whole Sale Branch system
Problem 19 Whole Sale Branch system
Independent Branches Introduction
Independent Branches Accounting Entry Part 1
Independent Branches Accounting Entry Part 2
Independent Branches Problem 20
Independent Branches Problem 21
Independent Branches Problem 22
Independent Branches Problem 23
Incorporation of Branch Trial Balance
Incorporation of Branch Trial Balance Problem 24
How to Close Books of Branches
Closure of Branch books Problem 25
Closure of Branch books Problem 26
Closure of Branch books Problem 27
Case Study Branch Account Gross Profit
Case Study Stock & Debtors Method
Case Study Debtors method and Final Accounts
Integral and Non Integral Foregin Branch
Indicators of Non Integral Foreign Operation
Techniques for Foreign Currency Translation Integral Foreign Operation
Techniques for Foreign Currency Translation Non Integral Foreign Operation
Case 1 Integral Foreign Operation Trial Balance
Case 2 Integral Foreign Operation P&L and Balance Sheet
Departmental Accounts Introduction
Apportionment of Expenses
Departmental Accounts Problem 1
Departmental Accounts Problem 2
Inter Departmental Transfers
Inter Departmental Transfers Problem 3
Inter Departmental Transfers Problem 4
Inter Departmental Transfers Problem 5
Inter Departmental Transfers Problem 6
Departmental Accounts Problem 7
Departmental Accounts Problem 8
Departmental Accounts Problem 9
Case Study Departmental Trading and P&L Account
Case Study Departmental Trading and P&L Account (with Stock Adjustment and Profit
Introduction to Computerised Accounting System
Significance of Computerised Accounting System'
Codification and Grouping of Accounts
Maintaining the Hierarchy of Ledgers
Accounting Packages
Spread sheet Advantages and Disadvantages
Prepackaged Accounting Softwares
Advantages and Disadvantages of Prepackaged Accounting Software
Consideration for selection of Pre-packaged Accounting Software
Introduction to AS 1 Disclosure of Accounting Policies
Fundamental Accounting Assumptions
Accounting Policies
Going Concern Assumption Case Study
AS 2 Introduction
Items excluded from scope of AS 2
Types of Inventory
Inventory cost ascertainment
Valuation of Inventory
Measurement of Inventory
Cost of Inventory
Joint Products or Byproducts
Cost Formula
Other Techniques of Cost Measurement
Net Realisable Value
Disclosure Requirements
Value of Inventory Case Study
Treatment of Fixed Overheads Case Study
Computation of Cost of Inventory Case Study
Valuation of Inventory Net Realiable Value Item by Item Basis Case Study
Treatment of Normal and Abnormal Loss and Valuation of Inventory Case Study
Treatment of Production Overheads in Valuation of Inventory Case Study
Construction Contract and its Type
Objectives of Accounting for Construction Contract
Applicability of AS7
Measurement of Contract Revenue
Contract Costs - Inclusion and Exclusions
Basic Principles of Recognition of Revenue and Expenses
Composition of Contract Revenue
Provision for Expected Losses
Effect of change in estimate in Construcition Contract
Accounting Disclosures by Construction Contractors as per AS 7
Contract Accounting Case Study 1
Contract Accounting Case Study 2
Contract Accounting Case Study 3
Revenue Recognition - Introduction
Item excluded in Revenue Definition
Timing of Revenue Recognition
Conditions of Revenue Recognition
Revenue Recognition when goods are sold subject to conditions
Revenue from Rendering of service
Special Treatment of Revenue Recognition
When Revenue from sale of goods can berecognised
Treatment of interdepartmental Transfer
Revenue Recognition Case Study 1
Revenue Recognition Case Study 2
Revenue Recognition Case Study 3
Revenue Recognition Case Study 4
Revenue Recognition Case Study 5
Revenue Recognition Case Study 6
Revenue Recognition Case Study 7
Revenue Recognition Case Study 8
Introduction to AS 10 (Revised)
Property, Plant & Equipment - Definition
Biological Assets & Bearer Plant Defintion
Agricultural Activity & Produce as per AS 10
Recognition criterial for Property, Plant & Equipment as per AS 10
Case Study on Capitalisation of Remodelling Expenses
Treatment of Spareparts, Standby Equipment & Servicing Equipment
Treatment of Cost of Day to Day Servicing
Treatment of Replacement of Parts of PPE
Measurement at Recognition of PPE
Purchase Price
Directly Attributable Cost as per AS 10
Case Study 1 Directly Attributable Cost