Financial Accounting

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 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... epage&q&f=false

· 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: 
2025-2026
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