PATTERN OF QUESTION PAPER
| TYPE OF QUESTIONS | MARKS PER QUESTION | NO. OF QUESTIONS | TOTAL |
| MCQs, Short Answer | 1 | 8 | 8 |
| Short Notes | 4 | 5 (Attempt Any four) | 16 |
| One Question from Unit 1 (T/P – Last Year Trial Balance) | 6 | 1 | 6 |
| One Question From Unit 1 (T/P – Depreciation) | 10 | 1 | 10 |
| Practical Problems or Long Answer Type Questions | 10 | 4 | 40 |
| Total | 80 | ||
B.Com. (Hons.): (CBCS)
Semester - I
C 101 - Financial Accounting Syllabus (6 Credits)
Full Marks: 100 (Internal Assessment 20 + 80 End-Term)
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.
Contents:
Unit 1: (a) Theoretical Framework 5 L + 1 T
1. 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.
2. 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.
3. 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. Hours
Computerised 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; Generating Reports-Cash Book, Ledger Accounts, Trial Balance, Profit and Loss Account, Balance Sheet, Fund Flow Statement, Cash Flow Statement, Selecting and shutting a Company; Backup and Restore data of a Company.
Unit II: (a) Business Income 5 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.
(b)Final Accounts 6 L + 1 T
Capital and revenue expenditures and receipts: general introduction only. Preparation of financial statements of non-corporate business entities. Marks: 25
Unit III: Accounting for Hire Purchase and Installment Systems 9 L+ 1 T
Calculation of interest, partial and full repossession, Hire purchase trading (total cash price basis), stock and debtors system; Concepts of operating and financial lease (theory only) Marks: 15
Unit IV: Accounting for Inland Branches 9 L + 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 V: Accounting For Dissolution of the Partnership Firm 9 L + 1 T
Accounting of Dissolution of the Partnership Firm Including Insolvency of partners, sale to a limited company and piecemeal distribution Marks: 15
Note:
1. The relevant Indian Accounting Standards in line with the IFRS for all the above topics should be covered.
2. Any revision of relevant Indian Accounting Standard would become applicable immediately.
3. Examination Scheme for Computerised Accounts – Practical for 15 marks. The practical examination will be for 1hour.
4. Theory Exam shall carry 80 marks
Suggested Readings:
1. Robert N Anthony, David Hawkins, Kenneth A. Merchant, Accounting: Text and Cases. McGraw-Hill Education, 13th Ed.2013.
2. Charles T. Horngren and Donna Phil brick, 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. Gupta R.L. Radhaswamy. M, Financail Accounting, Sultan Chand and Sons, NewDelhi.
7. Jawhar Lal & S. Srivasatav, B.Com-Financail Accounting, Himalaya Publishing House.
8. Tulsian, P.C. Financial Accounting, Pearson Education.
9. S.P. Jain and K.L. Narang, Financial Accounting, Kalyani Publishers.
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