Course Content
Accounting Principles and Standards, Preparation of Financial Statements
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Accounting Concepts and Principles: Theoretical Framework
Accounting Standards : IFRS, IAS & GAAP
Responsibilities of IASB
Indian Accounting Standards (Ind AS)
Types of Account
Types of Expenditure
Financial Statement Analysis: Ratio Analysis, Funds Flow and Cash Flow Analysis, DuPont Analysis
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Financial Statements List
Important Terms
Ratio Analysis
Funds Flow Analysis
Flow of Funds
Cash Flow Analysis
Ind AS 7: Cash Flow Statement
DuPont Analysis
Preparation of Cost Sheet, Marginal Costing, Cost-Volume Profit Analysis
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Important Principles in Cost Accounting
Implicit Cost & Explicit Cost; Accounting Profit & Economic Profit
Law of Diminishing Returns
Economic Theory of Production
Production Theory in Micro Economics
Special Types of Costs
Cost Theory in Economics
Short-Run Costs in Perfect Competition
Marginal Revenue & Profit Maximizing Rule
Shutdown Rule in Short Run
Short Run in Monopoly
Preparation of Cost Sheet
Fixed Costs (F.C.) , Variables Costs ( V.C.) and Contribution Margin
P/V ratio ( Profit / Volume ratio)
Break Even Point (B.E.P.) & Margin of Safety (M.O.S.) & Law of Diminishing Return
Cost-Volume Profit Analysis
Standard Costing & Variance Analysis
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Inventory Valuation Method
Standard Costing
Material Variance
Volume Variance
Overhead Absorption Rate
Overhead Expenditure Variance
Variable Overhead Cost Variance
Overhead Spending Variance
Labour Efficiency Variance
Unit IV: Managerial Accounting

Financial statements are formal records of the financial activities and position of a business, person, or other entity. The standard components of financial statements as per most accounting standards (including IFRS and US GAAP) include:

  1. Income Statement (also known as the Profit and Loss Statement): Shows the company’s revenues and expenses over a period.

  2. Balance Sheet: Shows the financial position (assets, liabilities, and equity) at a specific point in time.

  3. Cash Flow Statement: Shows how changes in the balance sheet and income affect cash and cash equivalents.

  4. Statement of Changes in Equity: Shows changes in the ownership interest of shareholders over time.

  5. Notes to the Financial Statements: Provide additional details and context.

The Funds Flow Statement is an older concept that has largely been replaced by the Cash Flow Statement in modern financial reporting frameworks. It is not considered a core part of financial statements today.

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