About the course

Description:

The course (BCOC-131) Financial Accounting (वित्तिय लेखाकरण) is designed to provide IGNOU students with a comprehensive understanding of the principles, practices, and applications of financial accounting. This course equips learners with the knowledge and skills necessary to prepare and interpret financial statements, enabling them to excel in both academic and professional settings.

Course Objectives
To build a strong theoretical foundation in financial accounting principles. To develop practical skills for recording, classifying, and summarizing financial transactions. To enhance understanding of advanced accounting topics such as hire purchase, branch accounting, consignment, and joint ventures. To familiarize students with computerized accounting systems and their applications.

Course Syllabus Overview

• Block 1: Theoretical Framework Introduction to financial accounting concepts, principles, and conventions. Overview of accounting standards and their significance.
• Block 2: Accounting Process Recording financial transactions using journals and ledgers. Preparation of trial balances and error rectification.
• Block 3: Final Accounts Preparation of financial statements: Profit & Loss Account and Balance Sheet. Adjustments and closing entries for accurate financial reporting.
• Block 4: Hire Purchase and Inland Branches Accounting for hire purchase transactions. Methods of maintaining accounts for inland branches.
• Block 5: Consignments and Joint Ventures Accounting for consignment transactions and their financial implications. Joint venture accounts: methods and treatments.
• Block 6: Computerized Accounting Introduction to computerized accounting systems and their advantages. Practical exposure to accounting software and digital tools.

Who Should Enroll?
This course is ideal for IGNOU students pursuing undergraduate studies in commerce or management who wish to develop a thorough understanding of financial accounting. It is also beneficial for working professionals seeking to strengthen their accounting skills.

Learning Outcomes- By the end of this course, students will:

• Grasp the theoretical and practical aspects of financial accounting.
• Be able to prepare and analyze financial statements independently.
• Develop proficiency in handling complex accounting situations such as consignment and joint ventures.
• Gain practical knowledge of computerized accounting systems, making them industry-ready.

This course is a stepping stone for a successful career in accounting, finance, and related fields.

Key Highlights:

• Principles of financial accounting
• Financial statement analysis
• Accounting for assets and liabilities