Financial Accounting Syllabus

Course Description

This course includes both theoretical as well as practical concept of financial accounting so that students can understand working principle of financial accounting and hence can use the concept in developing application related to financial sector.

Course Objectives

The general objective of this course is to develop conceptual understanding of the fundamentals of financial accounting system.

1. Theoretical Framework

teaching hours: 4 hrs

Meaning and Scope of Accounting: Meaning of Accounting, Procedural Aspects of Accounting, Sub-Fields of Accounting, Users of Accounting Information, Relationship of Accounting with Other Disciplines, Limitation of Accounting, Role of Accountant in the Society.

Accounting Concepts, Principles and Conventions: Accounting Concepts, Principles & Conventions-an Overview, Qualitative Characteristics of Financial Statements, Fundamentals Accounting Assumptions.

Accounting Standards: Concepts, Objectives, Benefits & An Overview of Nepal Accounting Standards

Accounting Policies: Meaning, Selection of Accounting Policies and Changes in Accounting Policies

2. Accounting Process

teaching hours: 10 hrs

Books of Accounts Leading to The Preparation of Trial Balance, Journal Entries,Double Entry System, Advantage of Double Entry Syatem, Concepts of Transaction and Events, Classification of Accounts, Golden Rules of Accounting, Advantages of Journal, Ledger, Trial Balance, Subsidiary Books Including Cash Books, Capital and Revenue Expenditures and Receipts, Contingent Assets and Contingent Liabilites, Errors Including Rectifications Thereof. 

3. Bank Reconciliation Statement

teaching hours: 4 hrs

Introductions, Ascertaining the Causes of Differences of Bank Balance in Bank, Column of the Cash -Book and in Pass- Book, Procedure for Reconciling the Cash- Book Balance with the Pass-Book Balance, Importance of Bank Reconciliation Statement

4. Depreciation Accounting

teaching hours: 4 hrs

Concepts of Depreciation, Objectives for Providing Depreciation, Methods for Providing Depreciation, Accounting for Depreciation.

5. Inventories

teaching hours: 4 hrs

Meaning, Basis and Technique of Inventory Valuation, Inventory Recording System, Stock Taking

6. Preparation of Final Accounts for Sole Proprietors

teaching hours: 6 hrs

Concept of Closing Entries in respect of Trading and Profit & Loss Account, Concept of Accrual Basis of Accounting, Matching Concept and Dual Aspects, Concept on Manufacturing Account, Preparation of Balance Sheet, Arrangement and Classification of Assets and Liabilities.

7. Introduction to Company Accounts

teaching hours: 9 hrs

Meaning of Company, Salient Features of Company, Types of Company, Preparation of Financial Statements, Share Capital and its types, Debentures and its types, Distinction between Debentures and Shares, Issue of Shares and Debentures, Redemption of Preference Shares

Laboratory Works 

Laboratory works should be carried out using any accounting packages (such as Tally, Fact etc.) to implement the concepts discussed in the above mentioned topics.