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Fundamentals of Accounting
This course will enable the students to develop a conceptual understanding of the financial accounting system and their application in business.
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Course |
Learning outcome (at course level) |
Learning and teaching strategies |
Assessment Strategies |
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Course Code |
Course title |
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24EFSG116 |
Fundamentals of Accounting (Theory) |
CO31: Evaluate the accounting process and demonstrate the understanding of theoretical framework of accounting and accounting standards. CO32: Determination & computation of depreciation CO33: Developed the skills of Preparing Financial Statements and its use for the growth of business organization CO34: Apply the concept of accounting for Hire Purchase System and lease CO35: Apply the concept of Branch Accounts in preparation of accounts of inland branch CO36: Contribute effectively in course-specific interaction |
Approach in teaching: Interactive Lectures, Discussions, Tutorials, Problem solving sessions, Presentations
Learning activities for the students: Self-learning assignments, Case Study Analysis, Presentations, Group Discussions |
Continuous Assessment Test, Semester End Examinations, Quiz, Solving Numerical Problems, Assignments, Class Presentations, Individual and group projects. |
● Accounting as an information system, the users of financial accounting information and their needs.
● Qualitative characteristics of accounting information.
● Functions, advantages and limitations of accounting.
● Branches of accounting, Bases of accounting- cash basis and accrual basis.
● The nature of financial accounting principles – Basic concepts and conventions: entity, money measurement, going concern, cost, realization, accruals, periodicity, consistency, prudence (conservatism), materiality and full disclosures.
● Financial accounting standards: Concept, benefits, procedure for issuing accounting standards in India. International Financial Reporting Standards (IFRS): - Need and procedures.
● Accounting Process: From recording of a business transaction to preparation of trial balance
● Meaning and nature of depreciation
● Factors in the measurement of depreciation
● Methods of computing depreciation: straight line method and diminishing balance method
● Disposal of depreciable assets-change of method.
● Salient features of Indian Accounting Standard (Ind-AS): 2 (b)
● Capital and revenue expenditures and receipts: general introduction only.
● Preparation of financial statements of non-corporate business entities
● Accounting for Hire Purchase and Installment Systems: Calculation of interest, partial and full repossession
● Hire purchase trading (total cash price basis)
● Concepts of operating and financial lease (theory only)
● Concept of dependent branches: accounting aspects
● Debtors system, Stock and debtors’ system
● Independent branches: concept-accounting treatment: important adjustment entries
● Gupta, R.L., &Gupta, V.K.Financial accounting. Sultan Chand and sons
● Mukharjee, A., & Hanif, M. Modern accountancy. TataMc Grawhill.
● Sehgal, A., &Sehgal, D.Fundamentals of financial accounting. Taxman
● Jain, K. P. Financial accounting. Ajmera Book Company
Suggested Readings:
● Tulsian, P.C, Accountancy Tata Mc Graw Hill
● GoelD.K ,Goel R., Accountancy Arya Publications
● Maheshwari, S.N., An Introduction to Accountancy Vikash Publishers
● Ghosh, T. P., Fundamental of Accounting,Sultan Chand& Sons
e-Resources:
● https://books.google.co.in/books?id=0yYrDwAAQBAJ&printsec=copyright&redi...
● https://icmai.in/upload/Students/Syllabus 2012/Study_Material_New/Inter Paper5 Revised.pdf
Reference Journals:
● The Indian Journal of Commerce
● IUP Journal of Accounting Research
● The Chartered Accountant
Note: The candidate shall be permitted to use battery operated pocket calculator that should not have more than 12 digits, 6 functions and 2 memories and should be noiseless and cordless
