Fundamentals of Accounting

Course Description:Accounting is a foundational element of business linked to providing control, stability, and accountability to a company’s finances and thus is likely to be in demand always. It is a field driven by analytics and analytical interpretations, and the information derived from such functions provides a business with a record of its financial health and stability. Thus knowledge of accounting will not only promote participants to become able wealth managers but also wealth creators and hence the course connects very well to the mandate of the School and the University.

The course is designed to impart a basic understanding of the fundamentals of both financial as well as cost accounting concepts. The first half of the course attempts to generate a basic understanding of accounting concepts and how to read and interpret the ‘financial insides of a business organization. The second half of the course focuses on the fundamentals of cost accounting and how costs behave in businesses. Thus the course equips the participants with necessary accounting fundamentals which are necessary for her/him both as an external as well as internal end-user of the accounting information in any organization.

The course, carrying 4 credits, comprise the following modules.

• Unit 1: Basic Accounting Concepts
• Unit 2: The Accounting mechanics
• Unit 3: How to read a Balance Sheet
• Unit 4: How to read an Income Statement
• Unit 5: How to read a cashflow Statement
• Unit 6: Analyzing financial Statements
• Unit 7: Cost Accounting concepts and Cost behavior
• Unit 8: Traditional Cost management systems
• Unit 9: Cost Volume Profit Analysis
• Unit 10: Relevant cost in decision making
• Unit 11: Budgeting & Standard Costing
• Unit 12: Contemporary Issues

Assessment Pattern (Tentative)