Financial Accounting

Some of the special features of this Financial Accounting Book are:

Accountancy is mostly regarded as a difficult subject but the reader of this book will realize that it is not so, because it has been written in simple language and in most systematic order explaining each and every point at length.

Accounting Philosophy: Many developments have taken place in Accounting Philosophy and International Accounting Standard. An effort has been made to incorporate all such developments in this book.

University Examinations: This book adequately satisfies the standard of various Universities. After going through the theory, illustrations and questions of this book, one can easily solve questions of university examinations.

Acquisition of thorough knowledge of Accountancy: A candidate can solve Accountancy questions only when he has confidence and such confidence can be acquired only on the basis of real knowledge of this subject. For this purpose, suitable illustrations have been given to explain various theories, principles, rules, and procedures. Selection of practical illustrations and questions in each chapter and placing them in a systematic order is so reasonable, logical, orderly and scientific that even an ordinary student can acquire real, complete, thorough, latest and up-to-date knowledge of this subject in a very short period of time and without any exertion on his part.

In each chapter Short Answer Type Questions, Long Answer Type Questions, Objective Type Questions and Practical Problems with Answers have been given which will help the students in preparing for the examination.

Financial Accounting Syllabus For B.Com. Semester I & II of MATS University Raipur

Unit-I: Accounting: An Introduction: Development, Definition, Needs, objectives; Branches of accounting; Basic Accounting Principles, Concepts, and Conventions. Accounting Standard: International Accounting Standard only outlines, Accounting Standard in India. Accounting Transaction: Concept of Double Entry System, Concept of Capital and Revenue, Book of original records: Journal; Ledger, Sub-Division of Journal: Cashbook.

Unit-II: Final Accounts; Trial balance; Manufacturing account; Trading account; Profit & loss account; Balance sheet; Adjustment entries. Rectification of errors; Classification of errors; Location of errors; Rectification of errors; Suspense account; Effect on profit.

Unit-III: Depreciation, Provisions, and Reserves; Concept of depreciation; Causes of depreciation; Depreciation, depletion amortization, Depreciation accounting; Methods of recording depreciation; Methods for providing depreciation; Depreciation of different assets; Depreciation of Replacement cost; Depreciation policy; as per Indian accounting Standard: provisions and Reserves. Accounts of Non-Trading Institutions.

Unit-IV: Special Accounting Areas: Hire-purchase and installment purchase system; Meaning of hire-purchase contract; A legal provision regarding hire-purchase contract; Accounting for goods of substantial sale values and accounting records for small values; Installment purchase system; After-sales Service.

Unit-V: Partnership Accounts: Dissolution of a Partnership Firm; Amalgamation of Partnership Firms, Conversion of Partnership Firm into Joint Stock Company.

Financial Accounting Book Contents

1. Accounting
2. Basic Accounting Principles, Concepts, and Conventions
3. Accounting Standards In India [With International Financial Reporting Standards (IFRS)]
4. Concept of Double Entry System
5. Book of Original Records: Journal
6. Journal Entries of G.S.T
7. Sub-Division of Journal: Cash Book
8. Ledger (Including Rules of Posting)
9. Trial Balance
10. Capital and Revenue
11. Adjustment Entries
12. Final Accounts (Manufacturing Account, Trading Account, Profit & Loss Account and Balance Sheet)
13. Rectification of Errors
14. Concept and Accounting of Depreciation
15. Provisions, Reserves, and Funds
16. Accounts of Non-Trading Institutions
17. Hire-Purchase System
18. Installment Payment System
19. Dissolution of Partnership Firm – 1
20. Dissolution of Partnership Firm – 2 (with insolvency of Partner)
21. Piecemeal Distribution
22. Amalgamation of Partnership Firms
23. Conversion of Partnership Firm into Joint Stock Company and Sale of Partership Business