Accounting helps the decision-makers of a company to make effective choices, by providing information on the financial status of the business. Today, accounting is used by everyone and a good understanding of it is beneficial to all. Accountancy act as a language of finance. To understand accounting efficiently it is important to understand the different aspects of accounting i.e. Economic Events, Identification, Measurement, Recording, and Communication, and Interested Users of Information. The course mainly focuses on the theoretical framework of Accounting, Accounting Process, Preparation of Financial Statements, Understanding and Interpretation of Financial Statements that helps the different stakeholder to understand and interpret the financial position of business in a very transparent and fair manner. This course also focuses on the emerging need of computer accounting in the present business environment as the use of technology helps in accuracy, reliability and security of financial information on the basis of which policy decisions are taken.
Course Objectives:
The objectives of the IGNOU course BCOC-131, Financial Accounting, are to:
Provide a theoretical framework for accounting
Teach the accounting process
Help students understand and interpret financial statements
Highlight the importance of computer accounting in business
