Financial Accounting

Paper Code: 
24CATG101
Credits: 
4
Contact Hours: 
60.00
Max. Marks: 
100.00
Objective: 

Course Objectives: 

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

Course Outcomes (COs):

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,

Reading

assignments; Solving

Questions.

 

Learning

activities

for the

students:

Self-learning

assignments, Case Study analysis, Presentation,

  

Class test, Semester end examinations, Quiz, Solving problems, Assignments, Presentation, 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-
o Separate set of Books maintained
o 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

E-content:
• 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.

Academic Year: 
2024-2025
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