Monday, June 10, 2019

Dibrugarh University B.Com 1st Sem New Syllabus Under CBCS: Financial Accounting (CC-102)


CC-102: FINANCIAL ACCOUNTING (6 Credit)
Marks: 100(Internal Assessment 20+ Term-end 80)
Lectures: 45, Practical: 26 Hours, Tutorial: 7 Hrs
Objectives: The objective of this paper is to help students to acquire conceptual knowledge of the financial accounting and to impart skills for recording various kinds of business transactions.
Unit 1: (a) Theoretical Framework           3 L + 1 T

A) Accounting as an information system, the users of financial accounting information and their needs. Qualitative characteristics of accounting, information. Functions, advantages and limitations of accounting. Branches of accounting. Bases of accounting; cash basis and accrual basis.
B) The nature of financial accounting principles – Basic concepts and conventions: entity, money measurement, going concern, cost, realization, accruals, periodicity, consistency, prudence (conservatism), materiality and full disclosures.
c) Financial accounting standards: Concept, benefits, procedure for issuing accounting standards in India. Salient features of First-Time Adoption of Indian Accounting Standard (Ind- AS) 101. International Financial Reporting Standards (IFRS): - Need and procedures.
(b) Accounting Process 2 L+ 1 T
From recording of a business transaction to preparation of trial balance including adjustments. Marks: 10
(c)Computerised Accounting Systems   26 Practical Lab*
Computerised Accounting Systems:
1. Computerized Accounts by using any popular accounting software: Creating a Company; Configure and Features settings; Creating Accounting Ledgers and Groups; Creating Stock Items and Groups; Vouchers Entry;
2. Generating Reports - Cash Book, Ledger Accounts, Trial Balance, Profit and Loss Account, Balance Sheet, Funds Flow Statement, Cash Flow Statement
3. Selecting and shutting a Company; Backup and Restore data of a Company
Unit 2: (a) Business Income        6 L + 1 T
1) Measurement of business income-Net income: the accounting period, the continuity doctrine and matching concept, Objectives of measurement.
2) Revenue recognition: Recognition of expenses.
3) The nature of depreciation. The accounting concept of depreciation. Factors in the measurement of depreciation. Methods of computing depreciation: straight line method and diminishing balance method; Disposal of depreciable assets-change of method.
4) Inventories: Meaning. Significance of inventory valuation. Inventory Record Systems: periodic and perpetual. Methods: FIFO, LIFO and Weighted Average. Salient features of Indian Accounting Standard (IND-AS):2
(b) Final Accounts           7 L
Capital and revenue expenditures and receipts: general introduction only. Preparation of financial statements of non-corporate business entities                                               Marks: 20
Unit 3: Accounting for Hire-Purchase and Installment Systems, Consignment, and Joint Venture      12 L+ 1T
1) Accounting for Hire-Purchase Transactions, Journal entries and ledger accounts in the books of Hire Vendors and Hire purchaser for large value items including Default and repossession.
2) Consignment: Features, Accounting treatment in the books of the consignor and consignee.
3) Joint Venture: Accounting procedures: Joint Bank Account, Records Maintained by Coventurer of (a) all transactions (b) only his own transactions. (Memorandum joint venture account).                           Marks: 20
Unit 4: Accounting for Inland Branches  7L + 1 T
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.                 Marks: 15
Unit 5: Accounting for Dissolution of Partnership Firm  7 L
Accounting of Dissolution of the Partnership Firm Including Insolvency of partners, sale to a limited company and piecemeal distribution.                 Marks: 15
Note:
The relevant Indian Accounting Standards in line with the IFRS for all the above relevant topics should be covered.
Any revision of relevant Indian Accounting Standard would become applicable immediately.
Examination Scheme for Computerised Accounts – Practical for 15 marks.
The practical examination will be for 1hour. Theory Exam shall carry 80marks
*Internal Component of 15 Marks for Practical and 5 Marks for Attendance.
Suggested Readings:
1)      Robert N Anthony, David Hawkins, Kenneth A. Merchant, Accounting: Text and Cases. McGraw-Hil l Education, 13th Ed.2013.
2)      Charles T. Horngren and Donna Philbrick, Introduction to Financial Accounting, Pearson Education.
3)      J.R. Monga, Financial Accounting: Concepts and Applications. Mayur Paper Backs, New Delhi.
4)      M.C.Shukla, T.S. Grewal and S.C.Gupta. Advanced Accounts. Vol.-I. S. Chand & Co., New Delhi.
5)      S.N. Maheshwari, and. S. K. Maheshwari. Financial Accounting. Vikas Publishing House, NewDelhi.
6)      Deepak Sehgal. Financial Accounting. Vikas Publishing H House, NewDelhi.
7)      Bhushan Kumar Goyal and HN Tiwari, Financial Accounting, International BookHouse
8)      Goldwin, Alderman and Sanyal, Financial Accounting, CengageLearning.
9)      Tulsian, P.C. Financial Accounting, PearsonEducation.
10)   Compendium of Statements and Standards of Accounting. The Institute of Chartered Accountants of India, New Delhi. (Note: Latest edition of the text book should be used.)

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