K. J.
SOMAIYA COLLEGE OF ARTS AND COMMERCE
(Autonomous)
VIDYAVIHAR, MUMBAI-77
Re-accredited by NAAC with ‘A’ grade and CGPA: 3.33
College with Potential for Excellence by UGC
(Affiliated to University of Mumbai)
SYLLABUS
AND
SCHEME OF EXAMINATION
Program: B. Com (Third Year)
Subject: Financial Accounting & Auditing
SEM - VI
As per
CHOICE BASED CREDIT & GRADING SYSTEM
(75-25 Marks Pattern)
(With effect from the Academic Year: 2021-2022)
K J Somaiya College of Arts and Commerce (Autonomous), Vidyavihar, Mumbai -400077 1
1. Name of the Programme : B. Com
2. Course Title: Financial Accounting
3. Code of the Course : UBCOMTSVI.1
4. No. of Credits : 04
5. No. of lectures : 60
6. No. of lectures per week : 04
Preamble
The course is introduced to make the student aware of facets of corporate accounting in
addition to routine accounting, book-keeping & record maintenance principles, methodology
and practical exposure. Also, enhance the analytical ability & help in informed decision
making and make them employable in MSME organization or enable them to independently
engage in accounting assignments for MSME clients.
The Course Objective
- To introduce students Financial Accounting for typical corporate business dealing
- To enable student to prepare Financial Statements & understand the Cash Flow of various
business & other transaction
Course Outcomes
CO 1- Students will know the concept of Winding Up of company and some of legal
provisions under Companies Act relating to the same, computation & accounting of Winding
Up transaction. Students should be able to compute & account for transactions related to
Winding Up and & prepare Liquidator’s Statement & Final Accounts post Winding Up of
company.
CO 2- Students will know the fundamentals of Cash Flow & its preparation as Accounting
Standards. Students should be able to prepare Cash Flow Statement computing Cash Flow
from various activities direct / indirect method.
CO 3- Students will recognize foreign transactions and impact & accounting of gain / loss
due to fluctuation in foreign currency.
CO 4 - Students will know fundamentals of emerging accounting concepts relating to
Corporate Social Responsibility, Human Resource, Environmental Accounting, Solar Energy
Accounting & Crowd Funding.
K J Somaiya College of Arts and Commerce (Autonomous), Vidyavihar, Mumbai -400077 2
Modules Title
1 Winding up of companies and preparation of liquidator’s statement
15 Lectures
2 Cash Flow Statement (Direct & Indirect Method) 20 Lectures
3 Accounting for Foreign Currency Transactions 10 Lectures
“In relation to purchase and sale of goods, services and assets and loan and
credit transactions.”
Computation and treatment of exchange differences.
4 Emerging Accounting Fields (Only Theory) 15 Lectures
CSR, Human Resource, Environmental Accounting, Solar Energy
Accounting, Crowd Funding
K J Somaiya College of Arts and Commerce (Autonomous), Vidyavihar, Mumbai -400077 3
Scheme of Examination (Internal)
1) Class test – Online exam 20 Marks
2) Active participation 05 Marks
Sample Questions:
1. Payment for patent is treated in cash flow as __________ activity
- operating - financing
- investing - all of this
2. Accounting of Foreign Currency transactions is governed by ___________
- AS - 11 - AS - 12
- AS - 13 - AS - 14
3. Environmental accounting, also called ______
- green accounting - Conservation of Environment
- 1 and 2 both - None of this
K J Somaiya College of Arts and Commerce (Autonomous), Vidyavihar, Mumbai -400077 4
Scheme of Examination (External)
Maximum Marks: 75
Questions to be set: 05
Duration: 2 ½ Hrs.
All Questions are Compulsory Carrying 15 Marks each.
Q. 1 Objective Questions* 15 Marks
A) Sub Questions to be asked 10 and to be answered any 08
B) Sub Questions to be asked 10 and to be answered any 07
(*Multiple choice / True or False / Match the columns, Fill
in the blanks)
Q.2 Full Length Practical Question 15 Marks
OR OR
Q.2 Full Length Practical Question 15 Marks
Q.3 Full Length Practical Question 15 Marks
OR OR
Q.3 Full Length Practical Question 15 Marks
Q.4 Full Length Practical Question 15 Marks
OR OR
Q.4 Full Length Practical Question 15 Marks
Q.5 A) Theory questions 8 Marks
B) Theory questions 7 Marks
OR
Q.5 Short Notes
To be asked 05 15 Marks
To be answered 03
Note: Full length practical question of 15 marks may be divided into two sub questions of 08
and 07 marks
K J Somaiya College of Arts and Commerce (Autonomous), Vidyavihar, Mumbai -400077 5
Recommended Readings List
1. Ainapure, Financial Accounting, Manan Prakashan
Reference List:
1. Amitabh Mukherjee & Mohammad Hanif (2006), “Modern Accountancy”, Tata
McGraw Hill
2. M C Shukla & T S Grewal (2002), “Advanced Accounting”, S. Chand & Co. Ltd.
3. P.C. Tulsian (1998), “Financial Accounting”, Tata McGraw Hill
4. R.L. Gupta & M. Radhaswamy (1996), “Advanced Accountancy”, S. Chand & Sons
K J Somaiya College of Arts and Commerce (Autonomous), Vidyavihar, Mumbai -400077 6
COMPOSITION OF SUBJECT BOARD 2020/21
Head of Department Dr. Deelip Palsapure
Head of Commerce department
K. J. Somaiya college of Arts & Commerce,
Autonomous
Faculty from the department Dr. Mayuresh Mule
CA Ketaki Ketkar
Subject Expert (Nominated by Vice- CA Uday Shetty
chancellor) Associate Professor, RDAV College, Bhandup
Subject Expert (Nominated by Academic CA. (Dr.) Varadraj Bapat
Council) Faculty of Finance, SJM School of Mgt.
Dr. Shital Mandhare
Assistant Professor, SNDT, Mumbai
Industry Representative Prof. Issac Jacob
SISMR, Vidyavihar
Student Alumnus Mr. Chetan Patil
M.Com. Part II
Ms. Divya Panchal
M.Com. Part II
K J Somaiya College of Arts and Commerce (Autonomous), Vidyavihar, Mumbai -400077 7
