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Swayam Central

Financial accounting - IITMandi

By Prof. Puran Singh   |   IIT Mandi
This course is intended for first time students of financial accounting at undergraduate or graduate level or those who have been exposed to financials terms but haven’t had a chance to learn in a structured manner. Through well-curated content that progressively builds on conceptual learning, the course will enable a student to read and analyze financial statements of a business. The focus is to train the student on principles of accounting that drive preparation and presentation of financial statements. At the end of this course, a student will be able to understand how financial data is generated and how it can be converted into useful strategic information for stakeholders in a business.

INTENDED AUDIENCE
Any Interested Learners
PREREQUISITES None
INDUSTRIES  SUPPORT     : None

Learners enrolled: 972

SUMMARY

Course Status : Upcoming
Course Type : Elective
Duration : 12 weeks
Start Date : 20 Jul 2020
End Date : 09 Oct 2020
Exam Date : 17 Oct 2020
Enrollment Ends : 27 Jul 2020
Category :
  • Management Studies
  • Minor in Management
  • Level : Undergraduate/Postgraduate
    This is an AICTE approved FDP course

    COURSE LAYOUT

    Week 1: A primer on business organizations and need for accounting:
                 Lecture No:1.1 Introduction to Financial Accounting
                                     1.1.1 Definition of accounting
                                     1.1.2 Course contents
                                     1.1.3 Preparation of financial statements: Accounting cycle
                                     1.1.4 Decision making using financial statements
                                     1.1.5 Accounting: An art or a science?
                                     1.1.6 Environment of financial reporting
                 Lecture No:1.2 Company form of business
                                     1.2.1 What is a company?
                                     1.2.2 Types of companies
                                     1.2.3 Private company vs Public company
                                     1.2.4 Visuals test to identify public companies
                 Lecture No:1.3 Accounting as an information system
                                     1.3.1 Business and information requirement
                                     1.3.2 Stakeholders of a business
                                     1.3.3 Information: Tip of accounting ice-berg
                 Lecture No:1.4 Key accounting terms: Assets, Liabilities, Income, Expenses
                                     1.4.1 Four key terms in accounting
                                     1.4.2 Sources of funds
                                     1.4.3 Use of funds
                                     1.4.4 The sources vs The uses
                                     1.4.5 Types of Assets
                                     1.4.6 Types of Liabilities
                                     1.4.7 Types of Incomes
                                     1.4.8 Types of Expenses
                 Lecture No:1.5 Tutorial: Key accounting terms: Assets, Liabilities, Income, Expenses
                                     1.5.1 Identifying the category and sub category of various accounting terms 
    Week 2: Accounting equation, GAAP Principle and Fundamentals of double entry system:
                 Lecture No:1.6  Accounting equation
                                     1.6.1 What is the accounting equation?
                                     1.6.2 Working of accounting equation
                                     1.6.3 Example: accounting equation
                                     1.6.4 Summary: accounting equation
                 Lecture No:1.7 Walkthrough of Balance Sheet I
                 Lecture No:1.8 Walkthrough of Balance Sheet II
                 Lecture No:1.9 Walkthrough of Balance Sheet III
                 Lecture No:1.10 Walkthrough of Income Statement 
                 Lecture No:1.11 Generally Accepted Accounting Principles I
                                     1.11.1       Business Entity Concept
                                     1.11.2       Money Measurement Concept
                                     1.11.3       Going Concern Concept
                                     1.11.4       Accounting Period Concept
                                     1.11.5       Cost Concept
                 Lecture No:1.12 Generally Accepted Accounting Principles II
                                     1.12.1       Conservatism Concept
                                     1.12.2       Accrual Concept
                                     1.12.3       Matching Concept
                                     1.12.4       Full Disclosure Concept
                                     1.12.5       Materiality
                 Lecture No:2.0. Recap and way forward
                 Lecture No:2.1 Types of accounts
                                      2.1.1 What is an account?
                                      2.1.2 What are types of accounts?
                 Lecture No:2.2 Tutorial - Types of accounts
    Week 3: Fundamentals of double entry system and Accounting Cycle: Journal Entries I:
                 Lecture No:2.3 Debit and Credit
                                      2.3.1 Claims of business
                                      2.3.2 What is debit and credit
                                      2.3.3 Misconception about debit and credit
                 Lecture No:2.4 Tutorial - Debit and Credit
                 Lecture No:2.5 Rules of debit and credit
                                      2.5.1 Rules of Debit and Credit
                                      2.5.2 Identifying receiver and giver
                                      2.5.3 Identifying what comes in and goes out
                                      2.5.4 Identifying incomes and expenses
                 Lecture No:2.6 Entering transactions in Journal
                                      2.6.1 Format of journal
                                      2.6.2 Journalizing the transactions
                                      2.6.3 Output of journalising
    Week 4: Accounting Cycle: Journal entries II:
                 Lecture No:2.7 Tutorial: Journal entries
                 Lecture No:2.8 Key trends in journalizing
                                      2.8.1 Assets Purchased/Sold
                                      2.8.2 Liabilities Raised/ Paid back
                                      2.8.3 Expenses paid or due and Incomes received or accrued
                 Lecture No:2.9 Journalizing complex transactions
                 Lecture No:2.10 Practice Problem I
                 Lecture No:2.11 Practice Problem II
                 Lecture No:2.12 Practice Problem III
                 Lecture No:2.13 Summary: Journal entries
    Week 5: Accounting cycle: Ledger Posting:
                 Lecture No:3.0. Recap and way forward
                 Lecture No:3.1 Introduction to Ledger
                 Lecture No:3.2 Process of Ledger posting
                 Lecture No:3.3 Balancing the accounts
                 Lecture No:3.4 Debit and Credit Balances
                 Lecture No:3.5 Tutorial - Identifying balances
                 Lecture No:3.6 Practice Problem I
                 Lecture No:3.7 Practice Problem II
                 Lecture No:3.8 Practice Problem III
    Week 6: Accounting cycle: Trial Balance and Final Accounts:
                  Lecture No:4.0. Recap and way forward
                  Lecture No:4.1 Introduction to Trial Balance
                                    4.1.1 Introduction to Trial Balance
                                    4.1.2 Why Trial Balance?
                                    4.1.3 Format of Trial Balance
                  Lecture No:4.2 Preparation of Trial Balance
                  Lecture No:4.3 Practice Problem I
                  Lecture No:4.4 Practice Problem II
                  Lecture No:4.5 Errors in Trial Balance
                  Lecture No:5.0 Recap and way forward
                  Lecture No:5.1 Introduction to Final Accounts
                                    5.1.1 What are Final Accounts
                                    5.1.2 Format of Final Accounts
                                    5.1.3 Format of Balance Sheet
                  Lecture No:5.2 Tutorial - Identifying direct and indirect expenses
                  Lecture No:5.3 Tutorial - Mapping operating and non operating items to direct and indirect items
                                    5.3.1 Tutorial - Mapping Expenses and Incomes
                                    5.3.2 Visual Mapping of Expenses and Incomes
                  Lecture No:5.4 Preparation of Final Accounts
                                    5.4.1 Profit and Loss account
                                    5.4.2 Balance Sheet
                  Lecture No:5.5 Tutorial - Preparation of Final Accounts
                  Lecture No:5.6 Tutorial - Preparation of Trading Account
                  Lecture No:5.7 Tutorial - Preparation of P&L Account
                  Lecture No:5.8 Tutorial - Preparation of Balance Sheet
                  Lecture No:5.9 Practice Problem
    Week 7: Output of Accounting cycle: Final Accounts II:
                  Lecture No:5.10 Adjustments in Final Accounts
                  Lecture No:5.11 Transactions to be adjusted in Final Accounts
                  Lecture No:5.12 Tutorial - Adjustments in Final Accounts
                  Lecture No:5.13 Tutorial -Calculating Cost of Goods Sold
                  Lecture No:5.14 Tutorial -Outstanding Expenses
                  Lecture No:5.15 Tutorial - Prepaid Expenses
                  Lecture No:5.16 Validating the learning - Balance Sheet
                  Lecture No:5.17 Validating the learning - Income Statement
    Week 8: Analysis of Financial Statements:
                  Lecture No:6.0 Recap and way forward              
                  Lecture No:6.1 Introduction to Financial Statement Analysis
                                     6.1.1 Overview 
                                     6.1.2 Types of Ratios
                  Lecture No:6.2 Liquidity Ratios
                                     6.2.1 Need for Liquidity ratios
                                     6.2.2 Types of Liquidity ratios
                  Lecture No:6.3 Tutorial - Liquidity Ratios
                  Lecture No:6.4 Solvency Ratios
                                     6.4.1 Need for Solvency  ratios
                                     6.4.2 Types of Solvency ratios
                  Lecture No:6.5 Tutorial - Solvency Ratios
                  Lecture No:6.6 Profitability Ratios
                                     6.6.1 Need for Profitability  ratios
                                     6.6.2 Types of Profitability ratios
                  Lecture No:6.7 Tutorial - Profitability Ratios
                  Lecture No:6.8 Efficiency Ratios
                                     6.8.1 Need for Efficiency  ratios
                                     6.8.2 Types of Efficiency ratios
                  Lecture No:6.9 Tutorial - Efficiency Ratios
    Week 9: Analysis of Financial Statements II:
                  Lecture No:6.10 Validating the learning - Walkthrough of RIL's Annual Report
                  Lecture No:6.11 Online Resources for Financial Analysis
                  Lecture No:6.12: Practice Problem: Liquidity Position
                  Lecture No:6.13 Practice Problem – Solvency Position
                  Lecture No:6.14 Practice Problem - Profitability Position I
                  Lecture No:6.15 Practice Problem - Profitability Position II
                  Lecture No:6.16 Practice Problem – Interpretation of Ratios
    Week 10: Cash Flow Statement:
                   Lecture No:7.0 Recap and way forward
                   Lecture No:7.1 Types of Cash Flows
                                     7.1.1 Inflows and Outflows
                                     7.1.2 Types of cash flows
                   Lecture No:7.2 Tutorial - Types of cash flows
                   Lecture No:7.3 Walkthrough of Cash Flow Statement of RIL
                   Lecture No:7.4 Profit and Loss Appropriation Account
                   Lecture No:7.5 Cash flows from Operating Activities
                   Lecture No:7.6 Tutorial - Changes in working capital
                   Lecture No:7.7 Tutorial - Cash flows from Operating Activities
                   Lecture No:7.8 Tutorial - Cash flows from Operating Activities
    Week 11: Cash Flow Statement II:
                   Lecture No:7.9: Cash flows from Investing Activities
                   Lecture No:7.10: Tutorial - Cash flows from Investing Activities
                   Lecture No:7.11 Cash flows from Financing Activities
                   Lecture No:7.12 Tutorial - Cash flows from Financing Activities
                   Lecture No:7.13 Preparing Cash Flow Statement
                   Lecture No:7.14 Identifying hidden information
                                      7.14.1      Provision of tax
                                      7.14.2      Purchase or sale of fixed assets
                                      7.14.3      Provision of dividend
                  Lecture No:7.15 Practice Problem
    Week 12: CVP Analysis & Inventory Control
                    Lecture No:8.1 Need of Break Even Analysis
                                      8.1.1        Need of Break Even Analysis
                                      8.1.2        Application of BEA
                                      8.1.3        Cost Volume Profit Analysis
                    Lecture No:8.2 Understanding the nature of costs
                    Lecture No:8.3 Contribution Margin
                                       8.3.1       Contribution
                                       8.3.2       Contribution per Unit
                                       8.3.3       Contribution Margin
                    Lecture No:8.4 Tutorial - Contribution
                    Lecture No:8.5 Break Even Point
                                       8.5.1        Break Even Point/ Level, Sales and Capacity
                                       8.5.2        Break Even point Calculator
                    Lecture No: 8.6 Tutorial - Break Even Point
                    Lecture No: 8.7 Tutorial - Break Even Point
                    Lecture No: 8.8 Visualizing the Break Even Point
                    Lecture No: 8.9 Tutorial - Break Even Analysis
                    Lecture No: 8.10 Case - Break Even Analysis
                    Lecture No:9.1 Theoretical foundation for economic order quantity
                    Lecture No:9.2 Tutorial 
                    Lecture No:9.3 ABC analysis
                    Lecture No:9.4 Tutorial
                    Lecture No:9.5 Stock accounting: LIFO, FIFO
                    Lecture No:9.6 Tutorial

    BOOKS AND REFERENCES

    1. R. Narayanaswamy, Financial Accounting – A Managerial Perspective, PHI, latest edition
    2. P. C. Tulsian, Financial Accounting, Tata McGraw Hill, latest edition

    INSTRUCTOR BIO

    Prof. Puran Singh

    IIT Mandi
    Dr. Puran Singh is Assistant Professor of Finance at Indian Institute of Technology, Mandi in Himachal Pradesh. He has over a decade of experience working with financial statements in varied capacities that range from an analyst to an instructor. He has years of experience in teaching courses on Financial and Accounting to undergraduate, graduate and executive levels. He holds a PhD in Finance from University Business School, Panjab University, Chandigarh. He has worked with organizations that include Indian School of Business, BITS-Pilani and IIT Mandi Catalyst.

    COURSE CERTIFICATE

    •The course is free to enroll and learn from. But if you want a certificate, you have to register and write the proctored exam conducted by us in person at any of the designated exam centres.
    •The exam is optional for a fee of Rs 1000/- (Rupees one thousand only).
    Date and Time of Exams: 17 October 2020, Morning session 9am to 12 noon; Afternoon Session 2pm to 5pm.
    •Registration url: Announcements will be made when the registration form is open for registrations.
    • The online registration form has to be filled and the certification exam fee needs to be paid. More details will be made available when the exam registration form is published. If there are any changes, it will be mentioned then.
    •Please check the form for more details on the cities where the exams will be held, the conditions you agree to when you fill the form etc.

    CRITERIA TO GET A CERTIFICATE:
    • Average assignment score = 25% of average of best 8 assignments out of the total 12 assignments given in the course.
    • Exam score = 75% of the proctored certification exam score out of 100
    •Final score = Average assignment score + Exam score

    YOU WILL BE ELIGIBLE FOR A CERTIFICATE ONLY IF AVERAGE ASSIGNMENT SCORE >=10/25 AND EXAM SCORE >= 30/75.
    •If one of the 2 criteria is not met, you will not get the certificate even if the Final score >= 40/100.
    • Certificate will have your name, photograph and the score in the final exam with the breakup.It will have the logos of NPTEL and IIT Madras. It will be e-verifiable at nptel.ac.in/noc
    •Only the e-certificate will be made available. Hard copies will not be dispatched.

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