Financial Accounting (Minor) Bihar B.Com First Semester

Unit

Topics to be Covered

No. of Lectures

1

Theoretical Framework

a)       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.

b)       Basic Concepts and Conventions of Accounting,

c)       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.

10

2

Preparation of Journal, Ledger and Trial Balance

Meaning of Journal Ledger and Trial Balance, Preparation of Subsidiary Books- Cash Book, Purchase Book, Sales Book, Bills Receivable Book, Bills Payable Book

5

3

Accounting For Depreciation, Inventory Valuation and Business Entities

a)       Definition, Nature and Concept of Depreciation. Factors in the Measurement of Depreciation, Methods of Charging Depreciation- SLM and DBM.

b)       Valuation of Inventory: Meaning and Significance of Inventory, Methods of Computing Depreciation: FIFO, LIFO.

c)       Accounting For Non Corporate Business Entities:

Preparation of Final Accounts With Adjustments.; Accounting For Non Profitable Organisations; Preparation of Receipts and Payments Accounts, Income and Expenditure Account and Balance Sheet; Accounting under Single Entry System: Computation of Profit and Loss, Conversion of Single Entry Into Double Entry.

15

Total

30