Teaching hours and Assessment Pattern of Financial Accounting

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  1. No. of sessions of 90 minutes – 30
  2. No. of sessions of 90 minutes per week – 2
  3. Continuous Assessment – 40 I A
  4. Semester End Examination – 60 I A
  5. Total marks – 100
  6. Duration of theory paper – 3 hours
  7. No. of credits – 2

 

The topics covered in Unit 1 are as follows:

Meaning and Scope of Accounting:

  1. Need,
  2. Development and definition,
  3. Book keeping and accounting,
  4. Persons interested in accounting,
  5. Disclosures,
  6. Branches of accounting,
  7. Objectives of accounting.

Accounting Transactions:

  1. Accounting cycle,
  2. Journal,
  3. Journal proper,
  4. Opening and closing entries,
  5. Relationship between journal and ledger,
  6. Rules regarding posting,
  7. Trial balance,
  8. Subsidiary books,
  9. Bank reconciliation statement.

Accounting Standards:

AS 1 : Disclosures of accounting policies:

  1. Meaning of accounting policies
  2. Purpose
  3. Different policies
  4. Areas of policies
  5. Disclosure of policies
  6. Disclosure of change in policies
  7. Simple illustrations.

AS 6: Depreciation accounting-

  1. Meaning,
  2. Definitions,
  3. Importance,
  4. Factors,
  5. Useful life of a depreciable asset,
  6. Estimating useful life,
  7. Additions,
  8. Residual value,
  9. Methods,
  10. Disclosure of surplus,
  11. Change in method,
  12. Simple illustrations.

AS 9: Revenue Recognition:

  1. Meaning and scope,
  2. Transactions excluded,
  3. Sale of goods,
  4. Rendering of services,
  5. Effect of uncertainties,
  6. Disclosure,
  7. Simple illustrations.

AS 10: Accounting for fixed assets:

  1. Meaning
  2. Definitions
  3. Importance
  4. Cost of fixed assets
  5. Self constructed fixed assets
  6. Non-monetary consideration
  7. Improvements, repairs, additions and extensions
  8. Revaluation
  9. Sale or retirement
  10. Valuation of fixed assets in special cases
  11. Special types of fixed assets
  12. Disclosure.

The topics covered in Unit 2 are as follows:

A.

1) Expenditure:

  1. Classification of expenditure, capital, revenue and deferred revenue
  2. Expenditure: Distinction between capital expenditure and revenue expenses
  3. Unusual expenses: Effect of error, critical tests.

2) Receipts:

  1. Capital receipt,
  2. Revenue receipt,
  3. Distinction between capital receipts and revenue receipts.

3) Profit or Loss:

  1. Revenue profit or loss,
  2. Capital profit or loss.

Depreciation Accounting:

Practical problem based on accounting treatment by provision for depreciation using SLM and RBM methods.

The topics covered in Unit 3 are as follows:

  1. Trial Balance and Final Accounts of a Sole Proprietor:
  2. Introduction to trial balance and final accounts of a sole proprietor.
  3. Rectification of errors.
  4. Preparation and Presentation of Final Accounts in Horizontal Form
  5. Manufacturing Account: Trading Account : Profit and Loss Account: Balance Sheet

The topics covered in Unit 4 are as follows:

  1. Accounting in Computerized Environment
  2. An overview of computerized environment
  3. Features of computerized accounting system
  4. Concept of grouping of accounts
  5. Codification of accounts
  6. Maintaining the hierarchy and ledgers
  7. Accounting packages and consideration of them in selection.

 

The list of reference books of Financial Accounting is as follows:

  1. An introduction to financial accounting – Andrew Thomas, McGraw Hill
  2. Financial Accounting : a managerial emphasis – Ashok Banerjee, Excel Books
  3. Financial Accounting – Weugamt, Keiso, Kimmel
  4. Accounting theory : an introduction – L.S.S. Porwal, Tata McGraw Hill
  5. Elements of accounts – T.S. Grewal, S. Chand and Co.
  6. Business Accounting – Frank Woods, Pitman Publication
  7. Advanced Accountancy – R.L. Gupta & M. Radhaswamy, S. Chand & Co. (P) Ltd., New Delhi
  8. Accounting Standards – Institute of Chartered Accountants of India, New Delhi
  9. Financial Accounting for Managerial Texts and Cases – Dr. Dinesh D. Harsolikar, Multi-Tech Publishing Co. Ltd., New Delhi
  10. Indian Accounting Standards and US GAAP – Ashish Bhattacharya, Tata McGraw Hill and Co. Ltd., New Delhi
  11. Financial Accounting – Warren, Thomson Learning
  12. Company Accounting Standards – Shrinivasan Anand, Taxman
  13. Financial Accounting – J.R. Monga, Girish Ahuja, Mayur Paper Back.

FA

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