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B.Com. (Accounting and Finance) Financial Accounting I Syllabus - Mumbai University

This is the FY BAF syllabus under NEP 2020, in force from the academic year 2024-25. The University still sets the earlier Choice Based syllabus below alongside it for ATKT candidates, so check which scheme your exam form names before you revise.

Financial Accounting - I Syllabus.pdf
Major · Semester 1 · FY BAF · 4 credits · 100 marks

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Syllabus for Financial Accounting - I

Major · Semester 1 · FY BAF · 4 credits · 100 marks

Introduction to Accounting Concepts & Accounting Standards

  • Brief Overview of Accounting Concepts and Conventions.
  • Meaning and Classification - Capital, Revenue: Expenditure and Receipts, Profit and Loss.
  • Accounting Standard (AS) and Ind-AS & IFRS – An Introduction, Concepts and Benefits.
  • AS – 1 Disclosure of Accounting Policies. (Inclusive of small case studies)
  • AS – 2 Valuation of Inventories. (Inclusive of small case studies)
  • AS - 9 Revenue Recognition. (Inclusive of small case studies)
  • Meaning of Inventories
  • Cost for Inventory Valuation.
  • Inventory Systems: Periodic Inventory System and Perpetual Inventory System Valuation: Meaning, Importance and Difference.
  • Methods of Stock Valuation as per AS – 2: (Practical Illustrations)
  • FIFO and Weighted Average Method only.
  • Computation of Valuation of Inventory as on Balance Sheet Date: (If Inventory is taken on a Date After the Balance Sheet or Before the Balance Sheet)

Final Accounts of Manufacturing Concern

  • Introduction and meaning.
  • Components of Final Accounts of Manufacturing Concern (Proprietary Firm).
  • Closing and Adjustment Entries in Final Accounts of Manufacturing Concern.
  • Preparation of Trading Account, Manufacturing Account, Profit & Loss Account and Balance Sheet.

Departmental Accounts

  • Introduction and meaning.
  • Basic Principles of Departmental Accounts.
  • Allocation of Expenses.
  • Inter-Departmental Transfers at Cost / Invoice Price.
  • Preparation of Final Accounts.

Accounting for Hire Purchase

  • Introduction and meaning.
  • Basic Principles of Hire Purchase Accounting.
  • Methods of accounting for hire purchase.
  • Calculation of interest.
  • Accounting for hire purchase transactions by asset purchase method based on full cash price.
  • Journal entries, ledger accounts and disclosure in balance sheet for hirer and vendor (excluding default, repossession and calculation of cash price).

Reference Books

  • 1 Introduction to Accountancy by T.S. Grewal, S. Chand and Company (P) Ltd., New Delhi
  • 2 Advance Accounts by Shukla and Grewal, S. Chand and Company (P) Ltd., New Delhi
  • 3 Advanced Accountancy by R.L Gupta and M. Radhaswamy, S. Chand and Company (P) Ltd., New Delhi
  • 4 Modern Accountancy by Mukherjee and Hanif, Tata Mc. Grow Hill and Co. Ltd., Mumbai
  • 5 Financial Accounting by Lesile Chandwichk, Pentice Hall of India Adin Bakley (P) Ltd., New Delhi
  • 6 Financial Accounting for Management by Dr. Dinesh Harsalekar, Multi-Tech. Publishing Co. Ltd., Mumbai
  • 7 Jha, Luhar & Sharma, Financial Accounting -I, Himalayan Publication, Mumbai.
  • 8 Financial Accounting by P.C. Tulsian, Pearson Publications, New Delhi
  • 9 Accounting Principles by R.N. Anthony and J.S. Reece, Richard Irwin, Inc
  • 10 Financial Accounting by Monga, J.R. Ahuja, Girish Ahuja and Ashok Shehgal, Mayur Paper Back, Noida
  • 11 Financial Accounting by Williams, Tata Mc. Grow Hill and Co. Ltd., Mumbai
  • 12 Financial Accounting by V. Rajasekaran, Pearson Publications, New Delhi
  • 13 Introduction to Financial Accounting by Horngren, Pearson Publications, New Delhi
  • 14 Financial Accounting by M. Mukherjee and M. Hanif, Tata McGraw Hill Education Pvt. Ltd., New Delhi

Reproduced from the University of Mumbai syllabus for B.Com. (Accounting & Finance) under NEP 2020, in force from the academic year 2024-25. Wording is as printed in that syllabus. Module numbering is as printed there too.

The complete syllabus

This subject is cut from the University circular for its year. Open a document here if you want the whole thing rather than a single subject.

PDF BCOM (BAF) SEM I & II (2024 25) NEP NEP 2020 syllabus, in force from 2024-25 Read full PDF Read
PDF BCOM (BAF) SEM - III & IV (2025-26) NEP NEP 2020 syllabus, in force from 2025-26 Read full PDF Read
PDF BAF SEM - IV Community Engagement Project (CEP) 2025-26 NEP NEP 2020 syllabus, in force from 2025-26 Read full PDF Read
PDF BCOM (BAF) SEM - V & VI (2026-27) NEP NEP 2020 syllabus, in force from 2026-27 Read full PDF Read
PDF BAF V & VI 2018 2019 Earlier Choice Based syllabus, still set for ATKT candidates Read full PDF Read
PDF BAF III & IV 2017 18 Earlier Choice Based syllabus, still set for ATKT candidates Read full PDF Read
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