Financial Accounting

For Second Semester B. COM 

FINANCIAL ACCOUNTING

Objectives:

To equip the students with the skills of preparing financial statements for various type of organizations

To enable the students to acquire knowledge about financial reporting standards and to understand corporate accounting methods.

Module I

Single Entry System of Accounting: Definition – Objectives - Advantages- Limitations- Distinction between Double entry and Single entry- Types of Single entry- Determination of Profit or Loss under single entry- Statement of Affairs/ Capital comparison method- Distinction between Balance Sheet and Statement of Affairs- Distinction between Profit and loss account and Statement of Profit and Loss- Conversion method- Practical Problems.