Financial Accounting
Subject Overview
Financial Accounting is where every B.Com student builds their core accounting foundation — and it's the single most-referenced paper throughout the degree. It starts with the accounting cycle (journal, ledger, trial balance) and financial statement preparation for sole proprietors and partnerships, then moves into more specialized areas: Joint Venture and Consignment accounts, Royalty accounts, Voyage accounts, and Departmental and Branch accounting. The later units — particularly Branch Accounts with the Stock and Debtors System — tend to be where students need the most practice, since they involve multi-step calculations rather than just conceptual understanding. This 6-credit paper's concepts directly carry into Cost Accounting, Corporate Accounting, and Management Accounting in later semesters.
Unit-wise Syllabus
4 units — click WhatsApp below to get the full notes for each
Unit 1: Accounting basics, GAAP & financial statements
Accounting cycle, journal, ledger, trial balance, GAAP, financial statements of sole proprietor and partnership
Unit 2: Joint Venture, Royalty & Consignment accounts
Joint venture profit methods, royalty accounts, consignment accounts, consignee's commission, account sales
Unit 3: Voyage & Departmental accounts
Complete and incomplete voyage accounts, departmental accounts, apportionment of expenses, interdepartmental transfers
Unit 4: Branch accounts & consolidated statements
Dependent and independent branches, stock and debtors system, consolidated profit & loss and balance sheet