Financial Accounting

Paper Code: 
24CATG101
Credits: 
04
Contact Hours: 
60.00
Max. Marks: 
100.00
Objective: 

This course will enable the students to develop a conceptual understanding of the financial accounting system and their application in business.

 

 

 

 

 

 

 

 

 

Course Outcomes: 

 

Course

Learning outcome

(at course level)

Learning and teaching strategies

Assessment Strategies

Course Code

Course title

24CATG 101

Financial Accounting

(Theory)

 

CO1: Develop an understanding of theoretical framework of accounting standards and application of basic accounting standards

CO2: Prepare accounts of Non Trading Institutions & Professionals

CO3: Determine performance of joint venture by applying various methods.

CO4: Apply the concept of consignment accounts

CO5: Apply the concept of Investment accounts and develop an understanding of recent trends in Accounting

CO6: Contribute effectively in course-specific interaction

Approach

in

teaching:

Interactive

Lectures,

Discussion,

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.

 

12.00
Unit I: 
Accounting Standards
  • Financial accounting standards: Introduction, concept & benefits
  • 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
12.00
Unit II: 
Accounting for Non-Trading Institutions & Professional People
  • Preparation of Receipt & payment Account
  • Preparation of Income & Expenditure Account
  • Preparation of Balance Sheet     

 

12.00
Unit III: 
Joint Venture Accounts
  • Features of Joint Venture
  • Methods of Keeping Accounts-
    • Separate set of Books maintained
    • Separate set of Books not maintained             

           

 

12.00
Unit IV: 
Consignment Accounts
  • Accounting for consignment in the books of consignor and consignee
  • Normal Loss and Abnormal Loss of goods sent on consignment,
  • Accounting for Goods sent on consignment at mark-up price
  • Valuation of Closing Stock
  • Del Creder Commission and Bad Debts

 

 

12.00
Unit V: 
Accounting for Investments and recent trends in accounting
  • Fixed Income bearing Securities, Variable Income Bearing Securities
  • Accounting Arrangement of fixed income bearing securities
  • Purchase / sale of Investment on the date of payment of interest
  • Purchase/ sale of Investment before the date of payment of interest
  • Recent Trends of Accounting: Theoretical concepts of Green Accounting, Carbon Credit Accounting & Forensic Accounting

 

Essential Readings: 
  • Gupta, R.L., &Gupta, V.K.Financial accounting. Sultan Chand and sons
  • Mukharjee, A., & Hanif, M. Modern accountancy. TataMcGrawhill.
  • Sehgal, A., &Sehgal, D.Fundamentals of financial accounting. TaxMan
  • Jain, K. P. Financial accounting. Ajmera Book Company
References: 

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-Content:

 

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.

 

Academic Year: 
2024-2025
  • Printer-friendly version
  • PDF version