102: FINANCIAL ACCOUNTING I
Total Marks: 80
UNIT-I:
Accounting Principles and Accounting Standards: 20
Accounting
Information and their qualitative features; Generally Accepted Accounting
Principles (GAAP), their application in preparation and presentation of
financial statements; Accounting Standards-meaning, need, and advantages;
Accounting standards setting procedure in India.
UNIT-II:
Sectional and Self Balancing Ledger System: 20
Sectional and
self balancing ledger system – features and advantages; Accounting treatment of
Rectification of errors under sectional and self balancing ledger system.
UNIT-III: Hire
Purchase and Installment Purchase System: 20
Meaning,
features, advantages, disadvantages of hire purchase and installment purchase
system; Rights of hire purchaser & seller; accounting treatment, different
methods of calculation of interest; accounting treatment on default by the hire
purchaser.
UNIT-IV: Royalty
Accounts 20
Definition of
royalty; minimum rent; short workings and its accounting treatment; Accounting
for royalty transactions; Impact of strikes and lockouts; Accounting for
sub-lease.
SUGGESTED BOOKS
Financial
Accounting- Ashish Bhattacharya, Prentice Hall.
Financial
Accounting, S.N. Maheshwari, Vikash Publishing.
Financial
Accounting, B.B. Dam, H.C. Gautam,, and other, Capital Publishing.
Financial
Accounting, K.R. Das, K.M. Sinha, Lawyers Book Stall.
Advanced
Accounts, M.C. Shukla, T.S. Grewal, S.C. Gupta, S. Chand & Co.
Accountancy,
R.L. Gupta, M. Radhaswamy, Sultan Chand & Sons.
Bittiya
Hisab Vidya, Oriental Book Co.
Financial
Accounting –A dynamic Approach –B.K. Banerjee –Prentice Hall of India Private
Limited, New Delhi.
Fundamentals
of Accounting –T.P. Ghosh –Sultan Chand & Sons.
Financial
Accounting –M. Hanif, A. Mukherjee, Tata McGraw Hill.
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