Guahati University Financial Accounting Syllabus B.com 1st sem FYUGP Syllabus As Per New NEP Pettern
Semester I
Course Name: Financial Accounting
Existing based syllabus: UGCBCS
Course level: 100 to 199
Credit: 4
Total Marks: 100
Unit 1: Theoretical Framework (12 Classes) (20 Marks)
i. 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.
ii. The nature of financial accounting principles : entity, money measurement, going concern, cost, realization, accruals, periodicity, consistency, prudence (conservatism), materiality and full
disclosures.
iii. Accounting Standards: Concept, needs and objectives; procedure for issuing Accounting Standards in India. Salient features of First-Time Adoption of Indian Accounting Standard (Ind-AS) 101. Salient features of Indian Accounting Standards Ind AS 1, 2, 16 and AS 9. International Financial Reporting Standards (IFRS): - Need and procedures of Issue.
Unit 2: Measurement of Business Income (12 Classes) (20 Marks)
i. Measurement of business income-Net income, Application of accounting period, continuity
doctrine and matching concept in the measurement of net income. Objectives of measurement.
ii. Capital and revenue expenditures and receipts
iii. Revenue recognition: Recognition of income and expenses as per AS 9
iv. Inventory Valuation: Meaning and Significance.
Unit 3: Final Accounts (12 Classes) (20 Marks)
Preparation of financial statements of non-corporate business entities: Sole proprietorship and
Partnership firms.
Unit 4: Hire-Purchase, Instalment Systems and Branches (12 Classes) (20 Marks)
i. Accounting for Hire-Purchase and Instalment Systems: Meaning, features, advantages and
disadvantages of Hire Purchase and Instalment Systems, Rights of Hire Purchaser and Hire Vendor, Journal entries and preparation of ledger accounts excluding default and repossession.
ii. Accounting for Branches: Meaning, Needs and Objectives of Branch Accounting. Systems of dependent Branch Accounting and their Accounting Treatments (Only debtors system, stock and
debtors system).
Unit 5: Computerised Accounting System (12 Classes) (20 Marks)
Computerised Accounting Systems: Meaning, components, and advantages, Difference between
manual and computerised accounting, Various types of Accounting packages/software and their advantages and disadvantages; Tally 9 and its features, working on TALLY. Simple Practical Problems.
Suggested Readings:
1. Robert N Anthony, David Hawkins, Kenneth A. Merchant, Accounting: Text and Cases. McGraw- Hill Education, 13th Ed. 2013.
2. Charles T. Horngren and Donna Philbrick, Introduction to Financial Accounting, Pearson
Education.
3. J.R. Monga, Financial Accounting: Concepts and Applications. Mayur Paper Backs, New
Delhi.
4. M.C.Shukla, T.S. Grewal and S.C.Gupta. Advanced Accounts. Vol.-I. S. Chand & Co., New
Delhi.
5. B. B. Dam, H C Gautam and others, Financial Accounting, Gayetri Publications, Guwahati
6. K. R. Das & K. M. Sinha. Financial Accounting
7. S.N. Maheshwari, and. S. K. Maheshwari. Financial Accounting. Vikas Publishing
House, New Delhi.
8. Deepak Sehgal. Financial Accounting. Vikas Publishing H House, New Delhi.
9. Bhushan Kumar Goyal and HN Tiwari, Financial Accounting, International Book House
10. Goldwin, Alderman and Sanyal, Financial Accounting, Cengage Learning.
11. Tulsian, P.C. Financial Accounting, Pearson Education.
12. Compendium of Statements and Standards of Accounting. The Institute of Chartered
Accountants of India, New Delhi
Note: The latest edition of the text books should be used.
Course objective: To provide students with a foundational understanding of financial accounting principles and practices used in preparing and presenting financial statements.
Learning outcome: By the end of the course, students will be able to record, classify, and summarize financial
transactions, prepare financial statements in accordance with accounting standards, and analyze basic financial information for decision-making purposes.
No. of Contact Classes: 60
Course Designer: Prof. Prashanta Sharma, Dr. Upasana Borpujari, Gauhati University,
prs@gauhati.ac.in, upasna.borpujari@gmail.com
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