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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.
Course Contents
Meaning and Scope of Accounting: Meaning of Accounting, Procedural Aspects of Accounting, Evolution of Accounting as a Social Science, Objectives of Accounting, Functions 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
Books Of Accounts Leading to The Preparation of Trial Balance, Journal Entries, Double Entry System, Advantage of Double Entry System, 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 Liabilities, Errors Including Rectifications Thereof.
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
Concepts of Depreciation, Objectives for Providing Depreciation, Methods for Providing Depreciation, Accounting for Depreciation
Meaning, Basis and Technique of Inventory Valuation, Inventory Recording System, Stock Taking
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
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.
Teaching Methods
The general teaching pedagogy includes class lectures, group discussions, case studies, guest lectures, research work, project work, assignments (theoretical and practical), tutorials and examinations (written and verbal), depending upon the nature of the topics. The teaching faculty will determine the choice of teaching pedagogy as per the need of the topics.