Course Name: Accounting for Managers
Accounting for Managers
Accounting for Managers
Teacher
Dr. Pramod Kumar Patjoshi
Category
Certificate Courses
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Code(Credit) : CUTM1199(3-0-1)
Course Objectives
- To familiarise with the basic conceptual framework of Financial Accounting i.e., from the recording of transactions for Understanding and Interpreting of Financial Statements.
- To provide the knowledge to the students about financial statements and principles underlying them and to develop their skills in reading Annual Reports.
- To equip students with the skills required to understand cost statements/records and management accounting.
Course Outcomes
- Develop an awareness and understanding of the accounting process and fundamental accounting principles that underpin the development of financial statements (e.g. accrual accounting vs. cash accounting, definition, recognition, measurement and disclosure of assets, liabilities, revenues, expenses; inventory valuation methods and methods of depreciation).
- Understand and interpret the nature and role of the principal financial statements (i.e., the Income Statement, the Statement of Financial Position, and the Statement of Cash Flows).
- Understand and apply cost concepts and management accounting to analyze common business management decisions such as pricing a product and services.
COS COURSE OUTCOMES MAPPING COS WITH POS (High-3; Medium-2; Low-1) CO1 Develop an awareness and understanding of the accounting process and fundamental accounting principles that underpin the development of financial statements (e.g. accrual accounting vs. cash accounting, definition, recognition, measurement and disclosure of assets, liabilities, revenues, expenses; inventory valuation methods and methods of depreciation). PO1(3), PO2(2) CO2 Understand and interpret the nature and role of the principal financial statements (i.e., the Income Statement, the Statement of Financial Position, and the Statement of Cash Flows). PO1(2), PO2(2), PO3(3) CO3 Understand and apply cost concepts and management accounting to analyse common business management decisions such as pricing a product and services. PO1(3), PO2(3)
Course Syllabus
Module: I Fundamental Principles of Accounting
Accounting Environment of Business: Purpose of accounting, Links of accounting with every aspect of the business, Cash based vs Accrual based accounting, Accounting Cycle, Financial Year, Difference between management accounts and statutory accounts
Computerised Accounting (Learning to use Tally Package)
Concepts and Conventions of Accounting: Accounting as an Information System, Users of Accounting information (specifically the difference in financial information required by the Board, CXO levels, field level staff, stock exchanges, auditors and regulators, etc.). Accounting Principles and Standards
Module: II Accounting Process
Basic Accounting Procedures: Balance Sheets items, P&L items, Accounting Equation, Transactions, Capital & Revenue Expenditure and Receipts, Classification of Accounts and Chart of Accounts (relevance to reporting)
The Accounting Process: The Journal, the Ledger, and the Trial Balance
Depreciation: Meaning Causes, Factors affecting depreciation, Methods of providing depreciation, Straight Line Method & Diminishing Balance Method
Inventory Valuation: Introduction, Determination of Cost, Valuation of Inventories (FIFO, LIFO, and Average Method)
Module: III Understanding and Interpreting Financial Statements
Financial Statements: Purpose, Minimum content and information, Vertical and Horizontal Financial Statement, Trading and Profit and Loss Account, Balance Sheet, and Cash Flow Statement, Content of Annual Report
Module: IV Introduction to Cost and Management Accounting
Difference from financial accounting and reporting, the concept of overheads and allocation principles, reconciling management and financial accounts, Classification of Costs; Cost Unit, Cost Centres, Preparation of Cost Sheet––
Marginal Costing: Marginal Cost and BEP Analysis
Project Details:
- Project on Preparation of Financial Statement of a Small Business with Manual as well as in Tally
- Project on preparation of Chart of Account
- Project on study of Annual Report of different Companies
- Project on Preparation of Cost Sheet of Small Business
Test Books:
- Financial Accounting -- A Managerial Perspective, R. Narayanswamy, PHI
- Accounting for Management—Ashok Sehegal, Taxxman
- Horngreen, Datar, Foster- Cost Accounting, Pearson
Journals:
- Indian Accounting Review
- Indian Journal of Accounting
Links to websites:
Session Plan
Session 1
Discussion of Course Contents and Session Plan
Session 2
Introduction to Accounting: Role of accounting in an organization
https://www.slideshare.net/Kapooraditya12/introduction-to-accounts-38777855
Session 3
Links of accounting with every aspect of business - Accounting with Management, Economics, IT, Statistics, HR, Marketing and Production , Cash based vs Accrual based accounting.
https://www.iedunote.com/accounting-relation-other-discipline
https://www.slideshare.net/spranyoto/finon-accrual-vs-cash-basis-accounting
https://www.youtube.com/watch?v=GEZZftO_VrE
Assignment for the students to list out 30 Assets, 15 Liabilities, 50 Expenses & Losses, and 15 Income & Gain.
Session 4
Accounting Cycle, Basic Accounting Terms, Accounting Year, Financial Year, Basic Accounting Terms
https://www.slideshare.net/kulbeerbumrah/accounting-cycle-32450694
https://www.youtube.com/watch?v=WE6NZgwRMrY
Installation of Tally.ERP 9
https://help.tallysolutions.com/article/Tally.ERP9/Licensing/tally_installation_an_introduction.htm
Session 5
Difference between management accounts and statutory accounts, Accounting Principles, Concepts, and Conventions.
https://www.slideshare.net/sukirat91/accounting-concepts-and-conventions
Session 6
Session 7
Learning to use Tally Package
Session 8
Project on Preparation of Financial Statement of a Small Business with Manual as well as in Tally.
Create a Company with sufficient introduction/ basic company information and also able to modify company data in Tally.
Session 9
Students Project on a plan to start a business in groups and list down their Assets, Liabilities, Expenses, and Income.
Preparation of Group in as Organization requirement in Tally.
Alteration of Group as and when required in Tally.
Session 10
Accounting as an Information System, Users of Accounting information (specifically the difference in financial information required by the Board, CXO levels, field-level staff, stock exchanges, auditors and regulators, etc.
https://www.slideshare.net/Pulkitbordia/users-of-accounting-information-28518042
https://www.youtube.com/watch?v=O6clb2SEOTc
Assignment for the Students to find out the various pieces of information required to different users of Accounting.
Students’ Presentations
Session 11
Balance Sheets items, and Profit & Loss Accounts items,
Session 12
Chart of Accounts (relevance to reporting)
https://www.investopedia.com/terms/c/chart-accounts.asp
https://www.youtube.com/watch?v=vsLiLg9bvKE&t=174s
Project on Preparation of Chart of Account of Different Companies
Session 13
Project on Preparation of Financial Statement of a Small Business with Manual as well as in Tally.
Case Study on Amazon Financial Statement
Session 14
Accounting Equation, Double Entry System
https://courses.lumenlearning.com/vccs-acc211-17sp/chapter/the-basic-accounting-equation/
https://www.youtube.com/watch?v=66e9QbrkE4g
Assignment for the Students to prepare balance sheet with account equation
Session 15
The Accounting Process: The Journal, the Ledger, and the Trial Balance
https://www.learnpick.in/prime/documents/ppts/details/649/journal
https://www.youtube.com/watch?v=RPkBmOYCGSM
Preparation of Vouchers- (Payment, Receipt, Journal, Purchase, Sales, Return Inward/Outward Voucher) in Tally.
Session 16
The Accounting Process: The Journal, the Ledger, and the Trial Balance
https://www.learnpick.in/prime/documents/ppts/details/649/journal
https://www.youtube.com/watch?v=hJqgVxgHBGs
Preparation of Vouchers- (Payment, Receipt, Journal, Purchase, Sales, Return Inward/Outward Voucher) in Tally.
Session 17
The Accounting Process: The Journal, the Ledger, and the Trial Balance
https://www.youtube.com/watch?v=3_PfoTzSCQE#action=share
https://www.youtube.com/watch?v=3_PfoTzSCQE&t=156s
Preparation of Vouchers- (Payment, Receipt, Journal, Purchase, Sales, Return Inward/Outward Voucher) in Tally.
Session 18
Project
Journal entries & Ledger,
Creation/modification etc. in Tally.
Students' Presentation
Session 19
Project
Journal entries & Ledger,
Creation/modification etc. in Tally.
Students' Presentation
Session 20
Depreciation: Meaning Causes, Factors affecting depreciation, Methods of providing depreciation, Straight Line Method & Diminishing Balance Method
Practice Problem in Calculation of Depreciation
Session 21
Inventory Valuation: Introduction, Determination of Cost, Valuation of Inventories (FIFO, LIFO, and Average Method)
Practice Problem in Preparation of store ledger in FIFO & LIFO method
https://www.slideshare.net/JyotikaBishnoi/inventory-valuation-83576361
Session 22
Profit & Loss Accounts items- Revenue, Expenses, Operating and Non-operating, Profit/Gain, EBDITA, EBDIT, DBIT, EBT, EAT, etc.
https://www.slideshare.net/ashwinprince/profit-and-loss-account-76600151
https://www.youtube.com/watch?v=hrSUq4wcd0g
Field studies for collecting the data for preparation of the financial statement of small business
Session 23
Balance Sheets items- Types of Assets and Liabilities
https://www.slideshare.net/kamalEGA/ppt-on-balance-sheet
https://www.youtube.com/watch?v=K-1TOD4TkNA
Field studies for collecting the data for preparation of the financial statement of small business
Session 24
Preparation of Trading Account and Profit and Loss Account and Balance Sheet
Case Study Preparation Financial Statements Using the Adjusted Trial Balance
https://www.learnpick.in/prime/documents/ppts/details/4030/final-accounts
Session 25
Preparation of Trading Account and Profit and Loss Account and Balance Sheet
Preparation of Trading Account, Profit & Loss Account, Balance Sheet with Practice Problems
Session 26
Preparation of Trading Account, Profit & Loss Account, Balance Sheet in Tally
Session 27
Preparation of Trading Account, Profit & Loss Account, Balance Sheet in Excel
Session 28
Project on Preparation of Financial Statement of a Small Business with Manual as well as in Tally
Students' Presentation
Session 29
Project on Preparation of Financial Statement of a Small Business with Manual as well as in Tally
Students' Presentation
Session 30
Cash Flow Statement: Operating, Investment and Financing Activities
Practice Problem on Preparation of cash flow statement
https://www.slideshare.net/hitesh447/cash-flow-statement-presentation
Session 31
Content of Annual Report
Workshop on Case Study of Tata Steel Annual Report
https://www.slideshare.net/linusxa/contents-of-an-annual-report
Session 32
Project on study of Annual Report of different Companies
Students' Presentation
Session 33
The difference between financial accounting and reporting, Concept of overheads, and allocation principles.
Assignment
Students' Presentation
Session 34
Reconciling management and financial account
Assignment
Students' Presentation
Session 35
Cost Accounting: Introduction & Classification of Cost
https://www.slideshare.net/WAQAS1996/cost-accounting-and-its-classification
Session 36
Session 37
Preparation of Cost Sheet
Case Study on Cadbury Cost Sheet
https://www.slideshare.net/amardeepbardhan/cost-sheet-of-a-chocolate-company-and-its-analysis
Session 38
Project on Preparation of Cost Sheet of Small Business
Field studies for collecting the data for preparation of Cost Sheet
Students' Presentation
Session 39
Project on Preparation of Cost Sheet of Small Business
Field studies for collecting the data for preparation of Cost Sheet
Students' Presentation
Session 40
Marginal costing and break-even analysis( Marginal cost equation, contributions, PV ratio, BEP and margin of safety)
https://www.slideshare.net/sanchitgangar/accounts-marginal-costing
Session 41
Project on Preparation of Cost Sheet of Small Business by considering Marginal Counting
Field studies for collecting the data for preparation of Cost Sheet
Students' Presentation
Session 42
Project on Preparation of Cost Sheet of Small Business by considering Marginal Counting
Field studies for collecting the data for preparation of Cost Sheet
Students' Presentation
Session 43
Project Presentation
Financial Statement Report with Tally
Case Studies
Workshop on Case Study of Tata Steel Annual Report
https://www.tatasteel.com/media/9238/tata-steel-ir-2018-19-220619.pdf
Case Studies
Case Study on Cadbury Cost Sheet
https://www.slideshare.net/amardeepbardhan/cost-sheet-of-a-chocolate-company-and-its-analysis
Case Studies
Case Study Prepare Financial Statements Using the Adjusted Trial Balance https://opentextbc.ca/principlesofaccountingv1openstax/chapter/prepare-financial-statements-using-the-adjusted-trial-balance/
Case Studies
Case Study on Amazon Financial Statement
Our Main Teachers
Working as an Associate Professor (Finance) in the School of Management, Centurion University, and Management, Bhubaneswar. Completed MBA from Kanchipuram University in 1998 with specialization in Finance and done Ph.D. entitled “The Impact of Inflation on Business Performance under Conditions of Limited Financial Disclosure: Case of Firms Operating in India”. Have 15 years of teaching […]