Financial accounting is the process of recording, summarizing, and reporting the financial transactions of an organization to external parties such as investors, creditors, and regulatory bodies. It involves the use of accounting principles and standards to prepare financial statements, which provide information about an organization’s financial position, performance, and cash flows.

Financial accounting typically involves several steps, including the collection and analysis of financial data, the preparation of financial statements such as the balance sheet, income statement, and statement of cash flows, and the communication of financial information to external users.

SECTION-A
Introduction –Nature of financial Accounting–scope–objects–limitations–Accounting concepts
and conventions
Conceptual Frame Work for preparation and presentation of financial statements–Capital,
Revenue and deferred revenue expenditure – Capital and revenue receipts
SECTION-B
Final Accounts of Sole Proprietor
Voyage Accounts– Meaning, accounting treatment in case of complete voyage & incomplete
voyage.
SECTION-C
Joint Venture – Meaning, types, determination of profits under different methods.
Consignment Accounts–Meaning, features, consignee’s commission, account sales, distinction
between joint venture & consignment, accounting treatment in the books of consignor &
consignee
SECTION-D
Departmental Accounts – Meaning–Objects–Advantages–Accounting procedure–Allocation of
expenses and incomes – Interdepartmental transfers – Provision for unrealized profit.
Branch Accounts –Features–Objects–Types of branches–Dependent branches–Account Systems –Stock and Debtors System –Independent branch –Features – Preparation of Consolidated Profit
and Loss Account and Balance sheet