FINANCIAL ACCOUNTING CC102

BBA/MBA Integrated Part -I-Sem-I (NEP)
FINANCIAL ACCOUNTING
CC102
Course Outcomes
1. Identify the application of various principles and practice of Accounting in preparation of accounting statements.
2. Demonstrate the knowledge on the process of accounting cycle.
3. Apply the knowledge of systematic maintenance of books of accounts to real life business.
4. Estimate Annual Financial statements of Sole proprietorship and Company form of business.
Total Hours of Teaching : 60
Lecture(3)-Tutorial(1)-Practical(0)
/Week : 04
Credit Points : 04
Total Marks:100
Theory : 60
Internal : 40
Syllabus Contents:
Unit: I
Introduction to Accounting
Accounting system and process Meaning, Need for accounting and accounting information system, Stakeholder using accounting information, Qualitative aspects of financial accounting, Accounting standards in India and International (outline), Branches of Accounting, Types of Business Organizations, Accounting taxonomy, Accounting concepts and conventions, Accounting concept of income and expenditure, Classification of capital and revenue- expenditure and income, accounting equation of assets equals capital and liabilities, accounting process, contingent assets and liabilities, Fictitious assets.
15 Hours
Unit: II
Recording Transactions and Trial balance
Transactions -nature, Entry in Journal, Purchases, sales, Returns, Receivables, and payables, Inventory, Depreciation and amortizations, reserves, Intangible assets accounting, GST transactions, Entry in Ledger, Accounting accuracy through Trial balance, correction of errors.
15 Hours
Unit: III
Final Accounts
Preparation of Trading and Profit and Loss account, cash books, and Balance Sheet of sole trading concerns, importance of disclosures in final accounts
15 Hours
Unit: IV
Company Final Accounts
Introduction to company – kinds, share capital, issue of shares, schedules to accounts, Financial statements as per Companies Act- 2013, Provisions as to Preparation of Financial Statements, Preparation of Income statement and Balance sheet (horizontal and Vertical). Green Accounting and Sustainable Reporting- Need and objectives, Sustainability reporting need and methods, data collection, analysis for sustainable reporting to improve value of business, IFRS Financial sustainability disclosure standards.
15 Hours
Note: Relevant case studies based on the above units should be discussed in the class.
Suggested Assignment:
1.
Visit any local grocery shop or professional firm and record the list of books maintained there.
2.
Prepare a flow chart of accounting journey from financial transaction to Balance sheet and comment on it.
3.
Visit any Sole Proprietorship concern and study GST Transactions process and know about tax documents etc. and prepare report on it.