B.Com. Accounting & Finance
1st Semester Syllabus
Select Paper in this Semester
MJC-1 : Financial Accounting
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Unit 1: Theoretical Framework
◦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
◦Meaning
◦Characteristics and scope of Accounting
◦Function
◦Advantages and limitations of Accounting
◦Branches of Accounting
◦Basic Concepts and Conventions of Accounting
◦Accounting standards: Concept
◦Benefits and Process of formulation of Accounting Standards including Indian AS (IFRS converged standards) and IFRSs
◦Convergence Vs. adoption
◦Application of accounting standards (AS and Ind AS) on various entities in India
◦International Financial Accounting Standards (IFRS)
◦Meaning, need and scope
◦Process of issuing IFRS
Unit 2: Accounting for Depreciation, Inventory Valuation & Business Entities
◦Definition
◦Nature and concept of depreciation
◦Factors in the measurement of Depreciation
◦Methods of charging Depreciation-SLM and DBM
◦Valuation of inventory: Meaning and significance of inventory valuation
◦Methods of computing depreciation: FIFO
◦LIFO
◦Accounting for Non Corporate Business entities: Preparation of Final Accounts with adjustments
◦Accounting for Non profitable organizations
◦Preparation of Receipts and Payments Account
◦Income & Expenditure Account and Balance Sheet
◦Accounting under Single Entry System: Computation of Profit & Loss
◦Conversion of Single Entry into Double Entry
Unit 3: Accounting for Hire Purchase, Installment and Royalty
◦Hire Purchase System-Concept-Concept Transaction
◦Journal Ledger Accounts in the books of Hire Vendor and Hire Purchase including Default and Repossession
◦Installment Payment System
◦Concept
◦Transaction
◦Journal
◦Ledger
◦Accounts in the books of Credit Purchase & Seller
◦Royalty: Concept Journal
◦Ledger
◦Accounts in the books of Lessor and Lessee
Unit 4: Accounting for Inland Branches/Departments
◦Concepts of Branch System
◦Different types of Branches
◦Accounting aspects of Dependant and independent Branches
◦Stock and Debtor System
◦Final Accounts system and Wholesale Basis System
◦Departmental Accounts: Concept Departmental System
◦Preparation of Final Accounts of Departmental including Adjustments and various methods
Unit 5: Accounting for Dissolution of Partnership Firm and Insolvency
◦Concept of Dissolution of Firm: Distinction between Dissolution of Partnership & Dissolution of Firm
◦Accounting of Dissolution of the Partnership Firm including Insolvency of Partners
◦Concept of Insolvency of an Individual
◦Process of Declaration of Insolvency
◦Defined under law
◦Preparation of Statement of Affairs & Deficiency Accounts including Revised Statement of Affairs
Reference Books:
- Anthony, R. N., Hawkins, D., & Merchant, K. A. (2010). Accounting: Text and Cases. New York: McGraw-Hill Education India
- Dam, B. B., & Gautam, H. C. (2019). Financial Accounting. Guwahati: Gayatri Publications
- Horngren, C. T., & Philbrick, D. (2017). Introduction to Financial Accounting. London: Pearson Education
- Lal, J., & Srivastava, S. (2012). Financial Accounting Text & Problems. Mumbai: Himalaya Publishing House
- Monga, J. R. (2017). Financial Accounting: Concepts and Applications. New Delhi: Mayur Paperback Publishing
- Shukla, M. C., Grewal, T. S., & Gupta, S. C. (2016). Advanced Accounts. Vol.-I. New Delhi: Sultan Chand Publishing
- Maheshwari, S. N., Maheshwari, S. K., & Maheshwari, S. K. (2018). Financial Accounting. New Delhi: Vikas Publishing House Pvt. Ltd
- Sehgal, D. (2014). Financial Accounting. New Delhi: Vikas Publishing House Pvt. Ltd
- Goyal, B. K., & Tiwari, H. N. (2019). Financial Accounting. New Delhi: Taxmann Publication
- Goldwin, N., Alderman, W., & Sanyal, D. (2016). Financial Accounting. Boston: Cengage Learning
- Tulsian, P. C. (2002). Financial Accounting. Chennai: Pearson Education
- Shukla MC: Advance Accountancy Part I
- Batlibio J.R.: Double Entry System
- Shukla SM: Financial Accounting
- Guptal R.L. Advance Accountancy Part I
- Jha N.K. Basic Business Accounting, 2023, Vikas publications pvt Ltd