Kakatiya University FINANCIAL ACCOUNTING
B.COM FIRST YEAR SYLLABUS
from the academic year 2008 – 2009
.UNIT1: Introduction to Accounting:
Need for Accounting – definition, features, objectives, functions, systems and bases and scope of accounting - Book keeping and Accounting - Branches of Accounting - Advantages and limitations-basic terminology used- – Accounting concepts and conventions.
Accounting Process-Accounting cycle-Accounting equation-classification of accounts-rules of double entry book keeping – identification of financial transactions- Journalizing –Posting to Ledgers, Balancing of Ledger Accounts –- Computerized Accounting: Meaning and Features-Advantages and disadvantages of computerized Accounting Creating of an Organization - Grouping of accounts – Creation of Accounts – creation of inventory-creation of stock groups-,stock categories, units of measurement-stock items-entering of financial transactions-types of vouchers-voucher entry-editing and deleting of vouchers-voucher numbering-customization of vouchers
UNIT 2: Subsidiary Books and Bank Reconciliation Statement
Sub Division of Journal-Preparation of Subsidiary Books including different types of cashbooks- simple cashbook, cashbook with cash and discount columns, cashbook with cash, discount and bank columns, cashbook with cash and bank columns and petty cash book. Preparation of sales register, purchase register, journal proper, debit note register, credit note register, and different cash books including interest and discount transactions using computers.
Bank Reconciliation Statement- Need - Reasons for difference between cash book and pass book balances - problems on favorable and over draft balances - Ascertainment of correct cash book balance. Preparation of bank reconciliation statement using computers
UNIT 3: Trial Balance, Final Accounts; Errors and
Trial Balance: meaning, objectives, methods of preparation - Final Accounts: Meaning, features, uses and preparation of Manufacturing, Trading Account, Profit & Loss Account and Balance Sheet-Adjusting and Closing entries. Preparation of trial balance, trading, profit and loss account, processing of year ending and closing the books, adjusting and closing entries and balance sheet using computers
Errors and their Rectification - Types of Errors - Rectification before and after preparations of final Accounts - Suspense Account- Effect of Errors on Profit. Rectification of errors using computers.
UNIT 4: Consignment and Joint Ventures:
Consignment - Features, Terms used Proforma invoice - Account sale Delcredere commission -Accounting treatment in the books of the consignor and the consignee - Valuation of consignment stock - Normal and abnormal Loss - Invoice of goods at a price higher than the cost price.
Joint ventures -features-difference between joint venture and consignment, Accounting Procedure – Methods of keeping records for Joint venture accounts-method of recording in co ventures books-separate set of books method .
UNIT 5: Depreciation - Provisions and Reserves:
Meaning of Depreciation - Causes- objects of providing for depreciation -Factors affecting depreciation - Accounting Treatment- Methods of providing depreciation - Straight line method - Diminishing Balance Method.
Provisions and Reserves - Reserve Fund – Different Types of Provisions and Reserves.
1. Principles and Practice of Accounting R.L. Gupta & V.K. Gupta Sulthan Chand &sons
2. Accountancy – I-S.P. Jain & K.L Narang, Kalyani Publishers
3. Accountancy – I-Tulasian , Tata Mcgraw Hill Co
4. Financial Accounting – Dr.V.K.Goyal, Excel Books
5. Introduction to Accountancy-T.S.Grewal , S.Chand and CO
6. Accountancy – I-Haneef and Mukherjee, Tata Mcgraw Hill co
7. Advanced Accountancy – Arulanandam, Himalaya publishers
8. Advanced Accountancy-I - S.N.Maheshwari & V.L.Maheswari,Vikash Publishing co.
9. Ashok Banarjee-Financial Accounting, Excel
10. Warren- Financial Accounting, Cengage
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