Our experience in teaching commerce subjects, especially Accountancy, is in the form of this book in your hands. This book “Advanced Financial Accounting” is prepared for the New SEP syllabus requirements of Second Semester B.Com.
Being student friendly is the unique feature of this book. The subject matter has been presented systematically, which can enable the reader to master the topics covered, without any additional guidance. Most later provisions have been incorporated in this book.
Contents –
Chapter 1 SYSTEM OF BOOK – KEEPING
Introduction – Meaning-Limitations of Single Entry System-Difference between Single entry and Double entry system – Problems on Conversion of Single Entry into Double Entry
Chapter 2 DEPARTMENTAL ACCOUNTS
Meaning and Features of Departmental Undertaking-Examples of Department Specific Expenses and Common Expenses -Need and Bases of Apportionment of Common Expenses-Preparation of Statement of Trading and Profit and Loss in Columnar form, Statement of General Profit and Loss and Balance Sheet – Simple problems involving Inter Departmental Transfers at Cost Price (vertical form).
Chapter 3 ACCOUNTING FOR BRANCHES
Meaning of Branch Accounts -Objectives and Advantages of Branch Accounting Types of Branches – Meaning and features of Dependent Branches, Independent Branches and Foreign Branches-Methods of maintaining books of accounts by the Head Office –Debtors System- ascertainment of Profit or Loss of Branch under Debtors System – Supply of goods at Cost Price and supply of goods at Invoice Price.
Chapter 4 INSURANCE CLAIMS
Introduction – Meaning of Fire Insurance Claim – Features and Principles of Fire Insurance. Concept of Loss of Stock – Loss of Profit and Average Clause. Steps in calculation of Fire Insurance Claim – Illustrations on Computation of Claim for loss of stock (including Over valuation and Under Valuation of Stock, Abnormal Items) and application of Average Clause).
Chapter 5 EMERGING TRENDS IN ACCOUNTING
Digital Transformation of Accounting-Big Data Analytics in Accounting-Cloud Computing in accounting- Accounting with drones- Forensic Accounting- Accounting for Planet–Creative Accounting-Outsourced Accounting- Predictive Accounting (Theory Only).
