Financial Accounting 1st Semester BU B.Com SEP Notes

Last updated on 20/10/2024 1 By indiafreenotes
Unit 1 [Book]
Introduction, Meaning and Definition of Accounting Objectives of Accounting VIEW
Accounting Principles VIEW
Accounting Concepts and Accounting Conventions VIEW
Accounting Process VIEW
Journal VIEW
Ledger VIEW
Trial Balance VIEW
Adjusting entries VIEW
Debit Notes and Credit Notes VIEW
Accounting Equation VIEW
Simple Problems on Accounting equation and adjusting entries Only VIEW

 

Unit 2 [Book]
Introduction, Meaning Sale of Goods for Approval or Returned VIEW
Relevance and Common Industries for Sale of goods for Approval or Return VIEW
Revenue recognition Principles, Conditions for Revenue recognition VIEW
Accounting Treatment:
Initial Recognition (Recording the Shipment) VIEW
Revenue Recognition (on Goods approval) VIEW
Reversing entries (Goods returned) VIEW

 

Unit 3 [Book]
Consignment Accounts, Introduction, Meaning of Consignment VIEW
Consignment Vs Sales VIEW
Consignor and his Responsibilities VIEW
Consignee and his Responsibilities VIEW
Commission: Ordinary Commission, Del-credere Commission and Over-riding commission, illustration on Commission VIEW
Calculation of Consignment Stock Value under Cost price and Invoice price VIEW
Accounting for Consignment Transactions and Events (Include Treatment of Normal and Abnormal Loss, Cost Price and Invoice Price) VIEW
Illustration in the books of Consignor only VIEW

 

Unit 4 [Book]
Royalty Accounts Introduction, Meaning, Definition, Types VIEW
Differences between Rent and Royalty VIEW
Terms Used in Royalty, Lessor, Lessee, Short Workings VIEW
Irrecoverable Short Workings VIEW
Recoupment of Short Workings VIEW
Methods of Recoupment of Short Workings VIEW
Preparation of Royalty Analysis Table (Excluding Government Subsidy) VIEW
Journal Entries and Ledger Accounts in the books of Lessee only VIEW
i) With Minimum Rent Account VIEW
ii) Without Minimum Rent Account under fixed and Floating Recoupment methods VIEW
Problems including Strikes and Lockouts, but excluding Sub-lease VIEW

 

Unit 5 [Book]
Introduction, Meaning of Fire Insurance Claim, Features and Principles of Fire Insurance VIEW
Concept of Loss of Stock, Loss of Profit and Average Clause VIEW
Steps in Calculation of Fire Insurance Claim VIEW
illustrations on Computation of Claim for Loss of Stock (including Over Valuation and Under Valuation of Stock, Abnormal Items and application of Average Clause) VIEW