Financial Accounting

Paper Code: 
24CATG111
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

24CATG111

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, Effective

questions,

Seminar

presentation.

  

Class test, Semester end examinations, Quiz, Solving problems in tutorials, 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 PeopleAccounting 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 good 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 financialaccounting. 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 AccountancyVikash Publishers
● Ghosh, T. P., Fundamental of Accounting,Sultan Chand& Sons

e-Resources:
● 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

Academic Year: 
2024-2025
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