UG Semester 1 MJC Commerce Syllabus: All the universities of Bihar are running a 4-year graduation, Choice Based Credit System (CBCS) or in common language it can also be called semester system which is being run under NEP 2020. Lalit Narayan Mithila University (LNMU) Darbhanga, Patna University, Purnia University, Magadh University, Patliputra University, Bhagalpur University,VKSU Ara, BRABU Muzaffarpur, JPU, etc. 1st semester examination is being conducted on time in many universities and in many it is also late. The question paper pattern and syllabus of Major Course (MJC) subject is same for all.
CBCS Graduation 1st Semester will have Major (MJC), Minor (MIC), MDC. AEC, SEC, VAC papers. In this article, you will find the syllabus of MJC-1 Commerce: Financial Accounting. Sometimes Major Subject is also Written/Searched as Honours.
In this Article you will get the following syllabus :
- Semester 1: Major Course (MJC) -1 Commerce Syllabus (Account and Finance)
👉Click Here to Download All Subjects Syllabus PDF (Semester 1 to 8 )
UG Syllabus Semester-I Major Course (MJC)- Commerce
MJC-1 Financial Accounting
UNIT 1:
Theoretical Framework
- (a)Accounting as an, information system, the users of financial accounting information and their needs. Qualitative characteristics of accounting information Functions, advantages and limitations of accounting. Branches of accounting Bases of accounting: cash basis and accrual basis. Meaning, Characteristics and scope of Accounting, Function, advantages and limitations of Accounting, Branches of Accounting
- (b)Basic Concepts and Conventions of Accounting,
- (c)Accounting standards: Concept, benefits and Process of formulation of Accounting Standards including Indian AS (IFRS converged standards) and IFRSs; convergence Vs. adoption; Application of accounting standards (AS and Ind AS) on various entities in India. International Financial Accounting Standards (IFRS)- meaning, need and scope; Process of issuing IFRS
UNIT 2:
Accounting for Depreciation, Inventory Valuation & Business Entities
- (a)Definition, nature and concept of depreciation. Factors in the measurement of Depreciation, Methods of charging Depreciation- SLM and DRM
- (b) Valuation of inventory. Meaning _ and significance of inventory valuation, Methods of computing depreciation: FIFO, LIFO.
- (c))Accounting tor Non Corporate Business entities: Preparation of Final Accounts with adjustments.; Accounting for Non profitable organizations; Preparation of receipts and Payments Account, Income & Expenditure Account and Balance Sheet; Accounting under Single Entry System: Computation of Profit & Loss, Conversion of Single Entry into Double Entry.
UNIT 3:
Accounting for Hire Purchase, Installment and Royalty
- a) Hire Purchase System-Concept- Concept Transaction, Journal Ledger Accounts in the books of Hire Vendor and Hire Purchase including Default and Repossession.
- b) Installment Payment System - Concept, Transaction, Journal, Ledger, Accounts in the books of Credit Purchase & Seller.
- c) Royalty: Concept Journal, ledger, accounts in the books of Lessor and Lessee.
UNIT 4:
Accounting for Inland Branches/Departments
- (a) Concepts of Branch System, different types of Branches, accounting aspects of Dependant and independent Branches, Stock and Debtor System, Final Accounts system and Wholesale Basis System.
- (b) Departmental Accounts: Concept Departmental System, Preparation of Final Accounts of Departmental including Adjustments and various methods
UNIT 5:
Accounting for Dissolution of Partnership Firm and Insolvency:
- (a)Concept of Dissolution of Firm: Distinction between Dissolution of Partnership & Dissolution of Firm. Accounting of Dissolution of the Partnership Firm including Insolvency of Partners,
- (b)Concept of Insolvency of an Individual, Process of Declaration of Insolvency, Defined under law, Preparation of Statement of Affairs & Deficiency Accounts including Revised Statement of Affairs
Suggested Readings/Books: (You can take any book from this list (for better preparation))
- 1. Anthony, R. N., Hawkins, D, & Merchant, K. A. (2010). Accounting: Text and Cases. New York: McGraw-Hill Education India
- 2. Dam, B. B., & Gautam, H. C. (2019). Financial Accounting. Guwahati: Gayatri Publications
- 3. Horngren, C. T., & Philbrick, D. (2017). Introduction to Financial Accounting. London: Pearson Education. Lal,J & Srivastava, S. (2012). Financial Accounting Text & Problems Mumbai: Himalaya Publishing House.
- 4. Monga, J. R. (2017). Financial Accounting: Concepts and Applications. New Delhi: Mayur Paperback Publishing.
- 5. Shukla, M. C., Grewal, T. S., & Gupta, S. C. (2016). Advanced Accounts. Vol.-I. New Delhi: Sultan Chand Publishing
- 6. Maheshwari, S. N., Maheshwari, S. K., & Maheshwari, S. K. (2018). Financial Accounting New Delhi: Vikas Publishing House Pvt. Lld.
- 7. Sehgal, D. (2014). Financial Accounting. New Delhi: Vikas Publishing House Pvt. Ltd.
- 8. Goyal, B. K, & Tiwari, H, N. (2019). Financial Accounting. New Delhi: Taxmann Publication,
- 9. Goldwin, N., Alderman, W., & Sanyal, D. (2016). Financial Accounting. Boston: Cengage Learning.
- 10. Tulsian, P. C. (2002). Financial Accounting. Chennai: Pearson Education.
- 11. Shukla MC: Advance Accountancy Part I
- 12. 12Batlibio JR.:Double Entry System
- 13. 13Shukla SM: Financial Accounting
- 14, 14Guptal R.L. Advance Accountancy Part I
- 15. Jha N.K. Basic Business Accounting, 2023, Vikas publications pvt ltd
or you can simply go for S.CHAND PUBLICATION BOOKS/THAKUR PUBLICATIONS BOOK/SBPD PUBLICATION BOOKS
ONLINE ORDER/BUY LINK (1st Semester Book) :
👆Just to pass the university exams you can order the book online from the link given above
Question Paper Pattern for Final exam or End Semester exam or External Exam (MJC, MIC, MDC)
The question paper shall consist of three parts (70 Marks):-
- *Part A (10 X 2 = 20 marks):- Compulsory - consisting of ten objective/multiple choice type (MCQs) - each carrying two marks
- *Part B (4 X 5 = 20 Marks):- Short answer type - Four questions to be answered out of six questions each carrying five marks
- *Part C (10 x 3 = 30 Marks) :- Long answer type - Three questions to be answered out of five questions - each carrying ten marks
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