Accounting for Managers

Teacher

Dr. Pramod Kumar Patjoshi

Category

Core Courses

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Course Name: Accounting for Managers

Accounting for Managers

 

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.

Learning 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 analyse common business management decisions such as pricing a product and services.

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

https://www.youtube.com/watch?v=cT1KOvJ-izA

Session 2

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

Session 5

Session 6

Session 7

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

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

https://corporatefinanceinstitute.com/resources/knowledge/accounting/financial-statements-example-amazon-case-study/

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

https://www.slideshare.net/vikasvadakara/depreciation

https://www.youtube.com/watch?v=6SY8s1_OEro

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

https://www.youtube.com/watch?v=9ruxEEf_xZM

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

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

https://www.youtube.com/watch?v=ul8FaQUDyPg&t=232s

Session 27

Preparation of Trading Account, Profit & Loss Account, Balance Sheet in Excel

https://www.youtube.com/watch?v=tPmxNXHl-nY

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

https://www.youtube.com/watch?v=Xy-yDw0gsgc

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

Session 36

Preparation of Cost Sheet

Practice Problem

https://www.youtube.com/watch?v=PBGGa1v4JrY&t=5s

Session 37

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

https://www.youtube.com/watch?v=TJ4gadZnZq4

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 Studies

Case Study Prepare Financial Statements Using the Adjusted Trial Balance https://opentextbc.ca/principlesofaccountingv1openstax/chapter/prepare-financial-statements-using-the-adjusted-trial-balance/

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    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 […]