B.COM (P) SEM-1 FINANCIAL ACCOUNTING ( BEGINNER BATCH ) (NEP) 2025 FAC

👍𝐍𝐎 𝐑𝐄𝐅𝐔𝐍𝐃 𝐏𝐎𝐋𝐈𝐂𝐘

𝐔𝐧𝐢𝐭 𝟏: Theoretical Framework and Accounting Process:

(𝐀) 𝐂𝐨𝐧𝐜𝐞𝐩𝐭𝐮𝐚𝐥 𝐅𝐫𝐚𝐦𝐞𝐰𝐨𝐫𝐤 
(i) Accounting as an information system, the users of financial accounting information
and their needs. An overview of Artificial Intelligence and Data Analytics in
Accounting.
(ii) Qualitative characteristics of accounting information. Functions, advantages and
limitations of accounting. Branches of accounting. Basis of accounting: cash basis
and accrual basis. Capital and revenue expenditures and receipts. Events
occurring after the balance sheet date, Extraordinary Items, Prior Period Items,
Accounting Estimate. Accounting Policies, Fair Value, Meaning, Recognition and
Disclosure Requirements of Provision, Contingent Liability and Contingent Asset.
(iii) Financial Accounting Principles: Meaning and need; Generally Accepted
Accounting Principles(GAPP): Entity, Money Measurement, Going Concern, Cost,
Revenue Recognition, Realization, Fundamental Accounting Assumptions,
Accruals, Periodicity, Full Disclosure, Consistency, Materiality, and Prudence
(Conservatism). Fundamental Accounting Assumptions as per AS 1.
(iv) Accounting Standards: Concept, benefits, and Process of formulation of
Accounting Standards including Ind AS (IFRS converged standards) and IFRSs;
convergence vs adoption; Application of accounting standards (AS and Ind AS) on
various entities in India. International Financial Accounting Standards (IFRS) –
meaning, need, and scope.

(𝐁) 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐢𝐧𝐠 𝐏𝐫𝐨𝐜𝐞𝐬𝐬
From the recording of a business transaction to the preparation of trial balance including
adjusting, transfer and closing entries. Application of Generally Accepted Accounting
Principles in recording financial transactions and preparing financial statements and
accounting treatment of GST.

𝐔𝐧𝐢𝐭 𝟐: Business Income, Accounting for Property, Plant and Equipment, and
Valuation of Inventory:

(a) Business income: Concept of Revenue and Business Income, Measurement of
business income; relevance of accounting period, continuity doctrine and matching
concept in the measurement of business income; Objectives of measurement of
Business income.
(b) Revenue recognition with reference to AS 9.
(c) Accounting for Property, Plant, and Equipment with reference to AS 10. Impact of
Depreciation on measurement of business income. Accounting for Intangible
Assets with reference to AS 26.
(d) Valuation of Inventory with reference to AS 2. Impact of inventory valuation on
measurement of business income by using FIFO, LIFO, and Weighted Average
Method.

𝐔𝐧𝐢𝐭 𝟑: Financial Statements of Sole Proprietorship and Not-for-Profit

Organisations:
Preparation of Financial Statements of Sole Proprietorship and Not-for-Profit
Organisations

𝐔𝐧𝐢𝐭 𝟒: Accounting for Inland Branches, Departments and Leases:

(a) Accounting for Inland Branches: Concept of Dependent branches; Branch
Accounting as per- Debtors System, Stock and Debtors‟ System
(b) Accounting for Departments (excluding Mark-up Account)
(c) Accounting for Leases with reference to AS 19

𝐔𝐧𝐢𝐭 𝟓 : Computerized Accounting Systems:

Computerized Accounting Systems: Computerized Accounts by using any popular
accounting software Creating a Company; Configure and Features settings; Creating
Accounting Ledgers and Groups; Creating Stock Items and Groups; Vouchers Entry
including GST; Generating Reports - Cash Book, Ledger Accounts, Trial Balance, Profit
and Loss Account, Balance Sheet, Cash Flow Statement. Selecting and shutting a
Company; Backup, and Restore data of a Company.