Description
Financial Accounting – I
Major : Mandatory
FYBAF Semester I
Syllabus (As per NEP 2020) w.e.f. the Academic year 2024-2025
1. Introduction to Accounting Concepts and Accounting Standards 15 Hours
♦ Brief Overview of Accounting Concepts and Conventions
♦ Meaning and Classification – Capital, Revenue : Expenditure and Receipts, Profit and Loss
♦ Accounting Standard (AS) and Ind-AS and IFRS – An Introduction, Concepts and Benefits
♦ AS-1 : Disclosure of Accounting Policies (Inclusive of Small Case Studies)
♦ AS-2 : Valuation of Inventories (Inclusive of Small Case Studies)
♦ AS-9 : Revenue Recognition (Inclusive of Small Case Studies)
♦ Meaning of Inventories
♦ Cost for Inventory Valuation
♦ Inventory Systems : Periodic Inventory System and Perpetual Inventory System Valuation : Meaning, Importance and Difference
♦ Methods of Stock Valuation as per AS-2 : (Practical Illustrations)
♦ FIFO and Weighted Average Method only
♦ Computation of Valuation of Inventory as on Balance Sheet Date : (If Inventory is taken on a Date After the Balance Sheet or Before the Balance Sheet)
2. Final Accounts of Manufacturing Concern 15 Hours
♦ Introduction and Meaning
♦ Components of Final Accounts of Manufacturing Concern (Proprietary Firm)
♦ Closing and Adjustment Entries in Final Accounts of Manufacturing Concern
♦ Preparation of Trading Account, Manufacturing Account, Profit & Loss Account and Balance Sheet
3. Departmental Accounts 15 Hours
♦ Introduction and Meaning
♦ Basic Principles of Departmental Accounts
♦ Allocation of Expenses
♦ Inter-Departmental Transfers at Cost / Invoice Price
♦ Preparation of Final Accounts
4. Accounting for Hire Purchase 15 Hours
♦ Introduction and Meaning
♦ Basic Principles of Hire Purchase Accounting
♦ Methods of Accounting for Hire Purchase
♦ Calculation of Interest
♦ Accounting for Hire Purchase Transactions by Asset Purchase Method Based on Full Cash Price
♦ Journal Entries, Ledger Accounts and Disclosure in Balance Sheet for Hirer and Vendor (Excluding Default, Repossession and Calculation of Cash Price)
Reviews
There are no reviews yet.