This course will enable the students to develop a conceptual understanding of functional accounting systems and their application in business.
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Learning outcome (at course level) |
Learning and teaching strategies |
Assessment Strategies |
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Course Code |
Course title |
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25CATG113 |
Functional Accounting (Theory)
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CO13: Analyze the various aspects of royalty accounts and apply them in practice CO14: Compare and contrast departmental accounts, apply different methods of allocating departmental expenses and ascertaining departmental profit. CO15: Apply the concept of accounting for Hire Purchase System CO16: Understand the accounting of dependent & independent branches CO17: Estimate claims under fire insurance policies, loss of stock and loss of profit CO18: 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.
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Class test, Semester end examinations, Quiz, Solving problems in tutorials, Assignments, Presentation, Individual and group projects. |
● Meaning of Minimum Rent, Short Working, Excess Working, Recoupment of Short Workings
● Accounting in the books of Lessee and Lessor
● Meaning and advantages of Departmental Accounting
● Allocation of Departmental Expenses
● Distinction between Departmental Accounts and Branch Accounts
● Cost Based Transfer Price, Market Based Transfer Price
● Ascertainment of Departmental Profit
● Accounting for Hire Purchase and Installment Systems : Calculation of interest, partial and full repossession
● Hire purchase trading (total cash price basis), stock and debtors system
● Concept of dependent branches: accounting aspects
● Debtors system, Stock and debtors’ system, Branch final accounts system and Whole sale basis system.
● Independent branches: concept-accounting treatment: important adjustment entries and preparation of consolidated profit and loss account and balance sheet.
● Claims under fire insurance policies
● Claim for Loss of Stock
● Claim for Loss of Profit
● Gupta, R.L. & Gupta, V.K. Financial Accounting. Sultan Chand & Sons
● Mukharjee, A., Hanif, M. Modern Accountancy. Tata Mc- Graw-Hill
● Sehgal, A. & Sehgal, D. Fundamentals of Financial Accounting . TaxMann’s
● Jain. Khandelwal & Pareek. Financial Accounting. Ajmera Book Company
Suggested Readings:
● Ghosh, T. P. Fundamentals of Accounting. Sultan Chand & Sons.
● Goel, D. K., & Goel, R. Accountancy. Arya Publications.
● Maheshwari, S. N. An Introduction to Accountancy. Vikash Publishers.
● Tulsian, P. C. Accountancy. Tata Mc Graw Hill.
e-Resources
● https://web.s.ebscohost.com/ehost/search/basic?vid=0&sid=0c7f189a-083f-4... [2]
● https://www.scopus.com/home.uri [3]
● http://www.e-book.com.au/freebooks.htm [4]
● https://www.doaj.org/ [5]
Reference Journals::
● Business Perspectives and Research
● FIIB Business Review
● Harvard Business Review
● IUP Journal of Accounting Research
● Jindal Journal of Business Research
● Nirma University Journal of Business & Management Studies
● Oorja
● The Chartered Accountant
● The ICFAI reader
● The Indian Journal of Commerce
● Vikalpa: Journal for Decision Makers
Links:
[1] https://accountingtaxation.iisuniv.ac.in/courses/subjects/functional-accounting-theory-0
[2] https://web.s.ebscohost.com/ehost/search/basic?vid=0&sid=0c7f189a-083f-49b2-8d14-1018e9b1d9a8%40redis
[3] https://www.scopus.com/home.uri
[4] http://www.e-book.com.au/freebooks.htm
[5] https://www.doaj.org/
[6] https://accountingtaxation.iisuniv.ac.in/academic-year/2025-2026