FYBCOM Syllabus subject wise for Semester I & II as per Mumbai University

Accountancy & Financial Management – I

Semester I

Module 1 : Accounting Standards issued by ICAI and Inventory Valuation    (15 Lec.)
l Accounting Standards:
Concepts, Benefits, Procedures for Issue of Accounting Standards
Various AS :
AS – 1 : Disclosure of Accounting Policies
(a) Purpose (b) Areas of Policies (c) Disclosure of Policies (d) Disclosure of Change in Policies (e) Illustrations
AS – 2 : Valuation of Inventories (Stock)
(a) Meaning, Definition (b) Applicability (c) Measurement of Inventory
(d) Disclosure in Final Account (e) Explanation with Illustrations.
AS – 9 : Revenue Recognition
(a) Meaning and Scope (b) Transactions excluded (c) Sale of Goods (d) Rendering of Services (e) Effects of Uncertainties (f) Disclosure (g) Illustrations

l Inventory Valuation
Meaning of Inventories
Cost for Inventory Valuation
Inventory Systems : Periodic Inventory System and Perpetual Inventory System
Valuation : Meaning and Importance
Methods of Stock Valuation as per AS – 2 : FIFO and Weighted Average Method
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

Module 2 : Final Accounts
Expenditure : Capital, Revenue
Receipts : Capital, Revenue
Adjustment and Closing Entries
Final Accounts of Manufacturing Concerns ( Proprietary Firm)

Module 3 : Departmental Accounts
Basis of Allocation of Expenses and Incomes/Receipts
Inter Departmental Transfer : at Cost Price and Invoice Price
Stock Reserve
Departmental Trading and Profit & Loss Account and Balance Sheet

Module 4 : 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)

Semester II

1. Accounting From Incomplete Records
Problems on preparation of final accounts of Proprietary Trading Concern (conversion method)

2. Consignment Accounts
Accounting for consignment transactions
Valuation of Stock
Invoicing of goods at higher price
(Excluding Overriding commission, Normal/abnormal losses)

3. Branch Accounts
Meaning / Classification of Branch
Accounting for Dependent Branch not maintaining full books by
(a) Debtors method (b) Stock and Debtors method

4. Fire Insurance Claims
Computation of Loss of Stock by Fire
Ascertainment of Claim as per the Insurance Policy
Exclude: Loss of Profit and Consequential Loss