Financial Accounting

Paper Code: 
COM - 101
Credits: 
3
Contact Hours: 
45.00
Max. Marks: 
100.00
Objective: 

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

Course Outcomes (COs):

Course

Learning outcome

 (at course level)

Learning and teaching strategies

Assessment Strategies

Paper Code

Paper Title

COM - 101

Financial Accounting

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

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

CO 3. Enable Students to prepare Joint Venture Accounts-Features of a Joint Venture, Methods of keeping accounts, Conversion of Consignment into Joint Venture.

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

CO 5. 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.

 

 

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) and 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: 
  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)

 

 

 

 

 

 

 

 

 

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

 

 

 

Academic Year: 
2020-2021
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