Accounting

Paper Code: 
FSG 111
Credits: 
03
Contact Hours: 
45.00
Max. Marks: 
100.00
Objective: 

 

Course Objectives:

The objective of this course is to develop a conceptual understanding of financial accounting system and their application in business.

Course Outcome(COs):

Course

Learning Outcome

 (at course level)

Learning and teaching strategies

Assessment Strategies

Paper Code

Paper Title

 

FSG 111

Financial Accounting

The students will be able to

CO1Develop the skills of identification and uses of different Accounting Standard.

   CO2. Understand the technique or skill of      Preparing Financial Statements and its         uses for the growth of Organization.

   CO3. Enable Students to prepare Joint         Venture Accounts-Features of a Joint              Venture, Methods of keeping accounts,          Conversion of Consignment into Joint            Venture.

    CO4.Enable Students to Understand the     Concept of Consignment Account and            How to Prepare a Consignment Accounts.

   CO5. Enable & Develop the skills among       the Students to prepare Accounts from         Incomplete Records.

 

Approach in teaching:

Interactive Lectures, Discussion, Tutorials, Reading assignments, Practical Cases, Power point presentation and Solving Questions.    

 

Learning activities for the students:

Self learning assignments, Effective questions, Seminar presentation, Giving tasks, Live practical problems analysis

 

Class test, Semester end examinations, Quiz, Solving problems in tutorials, Assignments, Presentation, Individual and group projects.

 

10.00
Unit I: 
UNIT I

Preparation of Final Accounts
Concept of Capital, Revenue and Deferred Revenue Expenditure, Opening Entries, Closing Entries, Adjustment Entries, Manufacturing, Trading and Profit and Loss Account (With Adjustment) and Balance Sheet.

8.00
Unit II: 
UNIT II

Preparation of Accounts from Incomplete Records (Single Entry System):
Nature of Incomplete Records, Limitations of the Single Entry System, Ascertainment of Profit or Loss, Difference between Double Entry System and Single Entry System

10.00
Unit III: 
UNIT III

Joint Venture Accounts-Features of a Joint Venture, Methods of keeping accounts, Conversion of Consignment into Joint Venture

10.00
Unit IV: 
UNIT IV

Consignment Accounts-Accounting for consignment in the books of consignor and consignee, Normal Loss and Abnormal Loss of good sent on consignment, Accounting for Goods sent on consignment at mark up price, Valuation of Closing Stock, Del Creder Commission and Bad Debts

7.00
Unit V: 
UNIT V

Sectional and Self Balancing System: Nature of Ledgers, Sectional Balancing System and Self Balancing System with related practical problem
Recent Trends of Accounting: Theoretical concepts of Green Accounting, Carbon Credit Accounting, Robotic Accounting, Forensic Accounting

Essential Readings: 

1. Financial Accounting-R.L Gupta, V.K Gupta( Sultan Chand& Sons)
2. Modern Accountancy-A Mukharjee, M Hanif. (Tata Mc- Graw-Hill)
3. Fundamentals of Financial Accounting- Dr Ashok Sehgal, Dr Deepak Sehgal (TaxMann’s)
4. Financial Accounting- Jain, Khandelwal Pareek( Ajmera Book Company)

References: 

1. Accountancy- PC Tulsian (Tata Mc- Graw-Hill)
2. Accountancy-DK Goel, Rajesh Goel(Arya Publications)
3. An Introduction to Accountancy- S.N Maheshwari(Vikash Publishers)
4. Fundamental of Accounting-Dr T P Ghosh,(Sultan Chand& Sons)

Academic Year: 
2020-2021
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