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Financial Accounting [1]

Paper Code: 
25CATG101
Credits: 
4
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

 

 

 

 

 

 

 

 

 

 

25CATG

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
  • 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: 
  • 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

 

Academic Year: 
2025-2026 [2]

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Source URL: https://business.iisuniv.ac.in/courses/subjects/financial-accounting-10

Links:
[1] https://business.iisuniv.ac.in/courses/subjects/financial-accounting-10
[2] https://business.iisuniv.ac.in/academic-year/2025-2026