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Financial Accounting (Book Code : C-103)
Unit – I Meaning and Scope of Accounting : Need, development and definition of accounting; Bookkeeping and accounting; Persons interested in accounting; Disclosures; Branches of accounting; Objectives of accounting.
Unit – II Accounting Principles: International accounting standards (only outlines); Accounting principles; Accounting standards in India.
Unit – III Accounting Transactions: Accounting cycle; Journal; Rules of debit and credit; Compound journal entry; Opening entry; Relationship between journal and ledger; Rules regarding posting; Trial balance; Sub-division of journal.
Unit- IV Capital and Revenue: Classification of income;Classification of expenditure;Clasification of receipts.
Unit – V Final accounts; Manufacturing account; Trading account; Profit & loss account; Balance sheet; Adjustment entries.
Unit – VI Insolvency accounts-Individual & partnership firm.
Unit – VII Branch Accounts: Dependent branch; Debtors system, Stock and debtor system; Final accounts system; Wholesale branch; Independent branch; Foreign branch.
Unit – VIII Hire- Purchase And installment purchase system; Meaning of hire-purchase contract; Legal provision regarding hire-purchase contract; Accounting records for goods of substantial sale values and accounting records for goods of small values; Instalment purchase system; After sales service.
Unit – IX Royalties Account.
Unit – X Partnership Accounts: Essential characteristics of partnership; Partnership deed; final accounts; Adjustments after closing the accounts; fixed and fluctuating capital;Goodwill;Joint life policy; Change in profit sharing ratio. Reconstitution of a partnership firm – Admission of a partner; Retirement of a partner; Death of a partner; Amalgamation of partnership firms; Dissolution of a partnership firm- Modes of dissolution of a firm; Accounting entries; Insolvency of partners; Sales of firm to a company;Gradual realization of assets and piecemeal distribution.
BCOM 1st Year Financial Accounting Short Question With Answer