Financial Accounting

Paper Code: 
AAF 115
Credits: 
4
Contact Hours: 
60.00
Max. Marks: 
100.00
Objective: 

Course Outcomes

Learning and teaching strategies

Assessment Strategies

On completion of this course, the students will be able to:

CO24: Understanding the need and objectives of Accounting standards.        

CO25: Develop skills in Recording Transactions and Events of Business.

CO26: Generalize skills among the students in the field of preparation of financial statements and the uses of Results.             

CO27: Make Consolidated Financial Statements & Preparation of Accounts from Incomplete Records.                    

CO28: Facilitates preparation, analysis and interpretation of financial statements and ratios.

CO29: Analyze the techniques of charging depreciation, preparation of BRS and rectification in books of accounts.

Explanations, Discussion, Solving Questions, Project, Field Trip, Field activities, Presentation, Giving tasks

Class test, Semester end examinations, Quiz, Solving problems in tutorials, Assignments, Presentation, Individual and group projects.

 

12.00
Unit I: 

Introduction                                                                                                                    

  • Accounting standards and its relevance; Financial Reporting context and purpose, important elements of financial reports; Financial Statements and its scope and purpose for external reporting, users’ and stakeholders’ needs.
  • Regulatory framework: legislation and regulation, reasons, limitations, duties and responsibilities of those charged with governance.
  • Characteristics of financial information; uses and principles of double-entry and accounting systems, including maintenance of accounting records and sources of accounting information; ledger accounts, books of prime entry, and journals

 

12.00
Unit II: 

Recording of transactions and Balancing the ledger                                                     

  • Related to sales and purchases, cash, inventory
  • Non-current assets, Acquisition & Depreciation; non-current disposal and Revaluation; Accruals and prepayments; Receivables and payables; Provisions and contingencies; Capital structure and finance costs, Control accounts and reconciliations; Bank Reconciliations Statement.

 

12.00
Unit III: 

 Preparation of Trial Balance & Financial Statements: Preparation of trial balance; Correction of errors; Suspense accounts

Statements of financial position; Statements of profit or loss account and Incomplete Records

12.00
Unit IV: 

Statement of Cash Flows and Interpretation of financial statements

12.00
Unit V: 
  • Consolidated Statement of Financial Position and Consolidated statement of Profit & Loss associates.                                                                                                                 

 

 

Essential Readings: 
  • Financial Accounting-R.L Gupta, V.K Gupta( Sultan Chand& Sons)
  • Fundamentals of Financial Accounting- Dr Ashok Sehgal, Dr Deepak Sehgal (TaxMann’s)
  • Financial Accounting- Jain, Khandelwal Pareek (Ajmera Book Company)

 

References: 

·       Accountancy- PC Tulsian (Tata Mc- Graw-Hill)

·       Accountancy-DK Goel, Rajesh Goel(Arya Publications)

 

e- RESOURCES:

·       Elibrary.in.pearson.com

·       https://drive.google.com/drive/folders/1dPicIdXgoBCO_Xs_GAH1vqfVJ2jVm4h1?usp=sharing

·       https://resource.cdn.icai.org/66493bos53751-cp3-u2.pdf

                                                                                                                                  

JOURNALS

·       The Indian Journal of Commerce

·       https://academic.oup.com/journals/?login=false

IUP Journal of Accounting Research

Academic Year: 
2022-2023
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