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Important Topics Summary – Financial Accounting

✔ Important Theoretical Topics

● Accounting as an information system and users of accounting information
● Artificial Intelligence and Data Analytics in Accounting
● Objectives, advantages & limitations of accounting
● Branches of accounting
● Basis of accounting: Cash basis vs Accrual basis
● Qualitative characteristics of financial information
● Accounting Concepts and Accounting Principles (GAAP & IFRS)
● Accounting Standards (AS & Ind AS) – Meaning and need
● Accounting Policies, Fair Value concept
● Provisions, Contingent Liabilities, and Contingent Assets
● Extraordinary items, Prior period items, Accounting Estimates
● Revenue recognition (AS-9)
● Business income concepts
● Inventory valuation concepts (FIFO, LIFO, Weighted Average)
● Depreciation: Meaning, objectives & importance
● Inland Branch Accounting (Theory)
● Department Accounting (Theory)
● Leases – Basics as per AS-19


🧪 Important Practical Topics


● Preparation of Final Accounts with adjustments
● GST-based accounting entries and vouchers
● Measurement of business income
● Depreciation calculation (SLM & WDV)
● Inventory Valuation using:
↳ FIFO
↳ LIFO
↳ Weighted Average Method

● Preparation of Final Accounts of Sole Proprietorship
● Preparation of Final Accounts of Not-for-Profit Organisation
↳ Receipts & Payments Account
↳ Income & Expenditure Account
↳ Balance Sheet
Practical Accounting for Branches (Debtors Method)
● Departmental Accounting (including allocation and apportionment)




All the best..👍🏻