Financial Accounting 2nd Semester BU BBA SEP Notes

by indiafreenotes22/10/202430/07/2025

Unit 1 [Book]
Meaning, Objectives, Importance and Benefits of Accounting Standards	VIEW
Standard Setting Bodies:
IASB	VIEW
FASB	VIEW
ICAI	VIEW
Indian Accounting Standards Vs. International Financial Reporting System (IFRS)	VIEW
Procedure for issuing Standards in India	VIEW
Need for IFRS Convergence into Ind AS Opportunities and Challenges	VIEW
Role of Institute of Chartered Accountants of India (ICAI) in issuance of Standards	VIEW

Unit 2 [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 3 Leasing & Hire Purchase [Book]
Leasing, Elements of lease, Major Components of Lease Agreement,		VIEW
Types of Leasing		VIEW
Leasing Financial institution in India. (Theory)		VIEW
Meaning of Hire Purchase and Instalment Purchase System difference between Hire Purchase and Instalment Purchase		VIEW
Important Definitions: Hire Purchase Agreement		VIEW
Hire Purchase Price		VIEW
Hire Purchase Charges		VIEW
Net Hire Purchase Price		VIEW
Cash Price, Net Cash Price		VIEW
Calculation of Interest		VIEW
Calculation of Cash Price		VIEW
Journal Entries and Ledger Accounts in the books of Hire Purchaser (Asset Accrual Method only).		VIEW

Unit 4 [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

Unit 5 [Book]
Introduction, Meaning, Definitions and Features of Joint Venture	VIEW
Differences between Joint Venture and Partnership firm	VIEW
Accounting for Joint Ventures, illustration on Preparation of Joint Venture A/c	VIEW
illustration on Preparation of Joint Bank A/c	VIEW
illustration on Preparation of Co-Venturer’s A/c	VIEW

>>Old Syllabus Notes for 2024-25<<

Unit 1 [Book]
Meaning, Objectives, Importance and Benefits of Accounting Standards	VIEW
Standard Setting Bodies:
IASB	VIEW
FASB	VIEW
ICAI	VIEW
Indian Accounting Standards Vs. International Financial Reporting System (IFRS)	VIEW
Procedure for issuing Standards in India	VIEW
Need for IFRS Convergence into Ind AS Opportunities and Challenges	VIEW
Role of Institute of Chartered Accountants of India (ICAI) in issuance of Standards	VIEW

Unit 2 [Book]
Meaning and Features of Departmental Undertaking Accounting	VIEW
Examples of Department Specific Expenses and Common Expenses	VIEW
Need and Basis of Apportionment of Common Expenses	VIEW
Preparation of Trading in Columnar Form	VIEW
Profit and Loss Account in Columnar Form	VIEW
General Profit and Loss Account	VIEW
illustrations on inter- departments in Vertical form involving adjustment on Closing Stock, Depreciation and Inter Departmental Transfers at Cost Price	VIEW

Unit 3 [Book]
Meaning Objectives, Features, Types of Branches	VIEW
Dependent Branches	VIEW
Independent Branches	VIEW
Foreign Branches	VIEW
Methods of maintaining books of Accounts by Head office	VIEW
Debtor System, Stock and Debtors System	VIEW
Wholesale Branch System	VIEW
Final Account system	VIEW
illustrations on preparation of Dependent Branch A/c in the books of Head Office under Debtors System only	VIEW
When the goods are Supplied at Cost Price	VIEW
When the goods are Supplied at Invoice Price	VIEW

Unit 4 [Book]
Meaning, Features and Principles of Fire Insurance	VIEW
Meaning of Fire Claim, Procedure for making a Fire Insurance Claim	VIEW
Concept of Loss of Stock	VIEW
Salvage	VIEW
Average Clause	VIEW
illustrations on ascertainment of Claim Amount covering the adjustments for Over-valuation and Under-valuation of Stock and Abnormal Line of items	VIEW

Unit 5 [Book]
Introduction to Bills of Exchange Definition and Characteristics, Types	VIEW
Parties involved in Bills of exchange: Drawer, Drawee, Acceptor, Payee	VIEW
Essential elements in Bills of exchange	VIEW
Types of Endorsement Blank, Special and Restrictive endorsements	VIEW
Discounting of Bills	VIEW
Acceptance, Payments, Negotiability and Transferability, Dishonour and Noting	VIEW

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