Semester 2

Financial accounting is a specialized branch of accounting that keeps track of a company's financial transactions. Using standardized guidelines, the transactions are recorded, summarized, and presented in a financial report or financial statement such as an income statement or a balance sheet.

COURSE OBJECTIVE: To appraise the students about the application of basic accounting knowledge in certain special business activities and to impart the skill needed for preparation of final accounts of such special business activities.

COURSE OUTCOMES:

CO 1: Students will get acquainted with the concept of special transaction like Consignment, its Features and   various terminologies used.

CO 2: They will be able to measure the different types of commission payable to consignee, and record the various aspects of consignment in the books of accounts.

    CO 3: Students will comprehend the meaning of incomplete records. They will be able to differentiate between Single Entry and Double Entry system.

CO 4: They will be adept with the procedure of conversion of incomplete records to double entry books using Net worth method/Conversion Method and ascertain profit of the firm.

CO 5: Students shall understand the meaning of Non Profit organizations and terms used in NPO’s.

CO 6: They will be able to prepare the statements required by a NPO to ascertain the Surplus or Deficit made by the organization.

     CO 7: Students will get acquainted with the meaning of Joint venture, its features, and will develop the skill of maintaining books of accounts using different methods of keeping records for JV Accounts.

     CO 8: Students will understand the meaning of Bills of Exchange, its features and Accounting treatment of bills in the books of parties concerned. Differentiate between Trade Bills and Accommodation Bills

CAREER OPPORTUNITY: After the completion of the B.Com course, a student can pursue a career in Banking, Insurance, Investments, Equity Research Analyst, Financial Accounting & Auditing, Auditing & Cost    Accounting, Company Secretarial Practice, Foreign Trade Practice &Procedures, Financial Consultancy, etc. In addition, the student can pursue higher studies.       

SCHEME OF EXAMINATION: All evaluations are conducted as per the norms of Osmania University. These are two components of evaluations: Internal – 20 Marks, External – 80 Marks
The pattern of Internal evaluation is 2 internal examinations of 15 marks each which will be averaged and 1 assignment of 5 marks, totaling 20 marks. Each Internal Assessment question paper will consist of 10 MCQ’s of ½ mark each, 10 FIB’s of ½ each and 5 short questions of 1 mark each. Pattern of semester end Final examination conducted by university – Section A – consists of 8 short answer questions (at least one from each unit), out of which 5 questions need to be answered. Each question carries 4 marks. Section B consists of 5 (one from each unit) Essay questions with internal choice.