Financial Accounting

Paper Code: 
COM 101
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

 

COM 101

Financial Accounting

CO 1:Construct the skills of identification and uses of different Accounting Standard.

CO 2:Analyze the technique or skill of Preparing Financial Statements and its uses for the growth of Organization.

CO 3:Appraise the Students to prepare Joint Venture Accounts and relate the features of a Joint Venture, Methods of keeping accounts, Conversion of Consignment into Joint Venture.

CO 4:Develop the habits of Students to Understand the Concept of Consignment Account and How to Prepare a Consignment Accounts.

CO 5: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.

 

8.00
Unit I: 
Introduction to Accounting Standard

• Financial accounting standards: concept, benefits, procedure for issuing accounting standards in India.
• Need for a global standard,
• IFRS (concept only).
• Basic introduction of: AS 1 Disclosure of Accounting Policies
• AS 2 Valuation of Inventories
• AS 3 Cash Flow Statement
• AS 29 Provisions, Contingent Liabilities and Contingent Assets

8.00
Unit II: 
Preparation of Final Accounts

• Trading and Profit and Loss Account (With Adjustment)
• Balance Sheet

10.00
Unit III: 
Joint Venture Accounts

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

10.00
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

9.00
Unit V: 
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
• Recent Trends of Accounting:
• Theoretical concepts of Green Accounting,
• Carbon Credit Accounting,
• Forensic Accounting

Essential Readings: 

• Financial Accounting-R.L Gupta, V.K Gupta( Sultan Chand& Sons)
• Modern Accountancy-A Mukharjee, M Hanif. (Tata Mc- Graw-Hill)
• Fundamentals of Financial Accounting- Dr Ashok Sehgal, Dr Deepak Sehgal (TaxMann’s)
• Financial Accounting- Jain, Khandelwal Pareek (Ajmera Book Company)
• Accountancy- PC Tulsian (Tata Mc- Graw-Hill)
• Accountancy-DK Goel, Rajesh Goel(Arya Publications)
• An Introduction to Accountancy- S.N Maheshwari (Vikash Publishers)
• Fundamental of Accounting-Dr T P Ghosh, (Sultan Chand& Sons)

Academic Year: 
2021-2022
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