Financial Accounting Syllabus NEP 2024 [BCOM 2ND Sem Dibrugarh University]

BACHELOR OF COMMERCE PROGRAMME (FYUGP)

DETAILED SYLLABUS OF BCOM 2ND SEMESTER

SEMESTER-II

Title of the Course: FINANCIAL ACCOUNTING

Course Code: C-2

Nature of the Course: CORE

Course Credit: 04 credits

Distribution of Marks: 80 (End Sem) + 20 (In-Sem)

COURSE OBJECTIVES:

To enable the students to acquire conceptual and practical knowledge of the Financial Accounting and to impart skills for recording various kinds of business transactions.

UNIT – I. Recording and Presentation of Accounting Transactions             (20 Marks)

CONTENTS:

Preparation of Financial Statements:    

Preparation of Trial Balance including adjustments and preparation of Financial Statements.

Financial Accounting Principles:               

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.

Financial accounting standards:               

Concept, benefits, procedure for issuing accounting standards in India. Salient features of First-Time Adoption of Indian Accounting Standard (Ind-AS), International Financial Reporting Standards (IFRS): - Need and Procedures.

UNIT – II. Accounting Process                     (20 Marks)

Accounting for Partnership Firm:             

Admission, Retirement, Death and Dissolution of Firms;

Single Entry System:      

Meaning of single entry or incomplete records and distinction between single entry v/s double entry; statement of affairs and ascertainment of profit under single entry system; conversion into double entry system – steps involved – missing figures – comprehensive problems relating to conversion.

UNIT – III. Accounting for Not-for-profit Organisation and Depreciation Accounting  (20 Marks)

Preparation of Accounts of Not-for-profit Organisation:

Introduction, Preparation of Receipts and Payment Account, Income and Expenditure Account, Balance Sheet, Distinction between Receipts and Payments account and Income and Expenditure Account, Peculiar items used in the Accounts of Non-Trading Concerns.

Depreciation Accounting:

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.

UNIT – IV. Accounting for Hire Purchase, Instalments, and Introduction to Corporate Accounting              (20 Marks)

Hire Purchase and Instalment System:  

Calculation of interest, partial and full repossession, Hire purchase trading (total cash price basis), stock and debtors’ system; Instalment Purchase System.

Introduction to Corporate Accounting: 

Meaning and Importance of Corporate accounting. Books of Accounts; legal provisions relating to books of accounts, legal provisions relating to financial statements. Report of Director’s or Board’s Report, audit of company accounts. (As per Company’s Act, 2013). Book- Building process of allotment of shares

MODES OF IN-SEMESTER ASSESMENT:                   (20 Marks)

® One Sessional Examination – 10 Marks

® Others (Any One) – 10 Marks

* Seminar Presentation on any of the relevant topics

* Assignment

Course Outcome: The course will enable the students.

1. To gain both conceptual and practical knowledge of Financial Accounting

2. To pursue advanced course on Financial Accounting

3. To get engaged in the jobs with basic accounting knowledge requirements.

Also Read: FINANCIAL ACCOUNTING CHAPTERWISE NOTES

UNIT 1

1. Preparation of Trial Balance and Preparation of Financial Statements

- Theoretical Framework - Meaning and Scope of Accounting

- Accounting Process - Journal, Ledger and Trial Balance

- Preparation of Financial Statements (Theory Notes)

- Solved Final Accounts Part 1 (Syllabus Book)

- Solved Final Accounts Part 2 (Syllabus Book)

- Final Accounts (Adjustments Watch Video Now)

2. Accounting Concepts and Conventions

3. Accounting Principles, Accounting Standard and IFRS

4. Accounting Concepts and Conventions

 

UNIT 2

Part A: Accounting for Partnership

- Admission, Retirement and Death of a Partner

- Dissolution of Partnership Firms

Part B: Accounting From Incomplete Records or Single Entry System

 

UNIT 3

Part A: Accounting for Not for Profit Organisations

Part B: Depreciation Accounting

 

UNIT 4

Part A: Hire Purchase and Installment Purchase System

Part B: Introduction to Corporate Accounting

 

Some other Important Chapters

Dissolution of Partnership Firm, Piecemeal Distribution

Consignment Accounts (Non-Hons)

Joint Venture (Non-Hons)

Royalty Accounts (Non-CBCS)

Branch Accounting

Departmental Accounting (NOT FOR DIBRUGARH UNIVERSITY)

Suggested Readings:

1. S.N. Maheshwari, and. S. K. Maheshwari. Financial Accounting. Vikas Publishing House, New Delhi.

2. Deepak Sehgal. Financial Accounting. Vikas Publishing H House, New Delhi.

3. Bhushan Kumar Goyal and HN Tiwari, Financial Accounting, International Book House

4. Goldwin, Alderman and Sanyal, Financial Accounting, Cengage Learning

5. Tulsian, P.C. Financial Accounting, Pearson Education.

6. Compendium of Statements and Standards of Accounting. The Institute of Chartered Accountants of India, New Delhi

Note: Latest edition of the text books should be used.