Financial Accounting NEP Syllabus

Financial Accounting – B-COM 1st Semester NEP Syllabus 2021 Bangalore City University

Financial Accounting NEP Syllabus

Unit 1: Theoretical Framework of Accounting

Introduction – Meaning and Scope of Accounting – Objectives of Accounting – Importance of Accounting – Function of Accounting – Terminologies used in Accounting – Users of Accounting Information – Accounting Process – Basis of Accounting : Cash Basis and Accrual Basis – Branches of Accounting- Principles of Accounting – Concepts & Conventions – Accounting Standards – Indian Accounting Standards (IND AS).

Unit 2: Financial Statement of Sole Proprietors

Introduction – Meaning of Sole Proprietor – Meaning of Financial Statements – Manufacturing and non-manufacturing Entities: Financial Statements of Manufacturing Concerns – Statement of Manufacture – Statement of Trading and Profit and Loss – Balance Sheet. Financial Statement of Non-manufacturing Concerns, Statement of Profit and Loss and Balance Sheet.

Unit 3: Consignment Accounts

Introduction – Meaning of Consignment – Consignment vs Sales-Pro-forma Invoice – Accounts Sales-Types of Commission – Accounting for Consignment Transaction & Events in the books of Consignor and Consignee – Treatment of Normal & Abnormal Loss. – Valuation of Closing Stock – Goods sent at cost price and Invoice Price – Problem

Unit 4: Royalty Accounts

Introduction – Meaning – Terms used in royalty agreement: Lessee, Lessor, Minimum Rent – Short Workings – Recoupment of Short Workings – Accounting treatment in the books of Lessee and Lessor – Journal Entries and Ledger Accounts including minimum rent account.

 Unit 5: Emerging Trends in Accounting

Digital Transformation of Accounting – Big Data Analytics in Accounting – Cloud Computing in Accounting – Green Accounting – Human Resource Accounting, Inflation Accounting, Database Accounting (Theory Only).