Financial Accounting Notes for B.Com 2nd Year

Financial accounting is an important subject for B.Com 2nd year students. It deals with the financial statements of a company, including balance sheets, income statements, and cash flow statements. Here are some notes for each semester:

Semester 1

1. Introduction to Financial Accounting: This chapter provides an overview of financial accounting and its importance in the business world.

2. Accounting Concepts and Conventions: This chapter covers the basic concepts and conventions of accounting, including the accounting equation, double-entry accounting, and the matching principle.

3. Accounting Standards: This chapter discusses the various accounting standards that are followed by companies to ensure accurate financial reporting.

4. Accounting Cycle: This chapter explains the accounting cycle, including the steps involved in recording transactions, preparing financial statements, and closing the books.

5. Financial Statements: This chapter covers the different financial statements prepared by companies, including balance sheets, income statements, and cash flow statements.

Semester 2

1. Accounting for Inventories: This chapter explains how companies account for their inventory, including the different methods used to value inventory.

2. Accounting for Receivables: This chapter covers the accounting for accounts receivable and bad debt expense.

3. Accounting for Fixed Assets: This chapter discusses the accounting for fixed assets, including depreciation and disposal of assets.

4. Accounting for Liabilities: This chapter explains how companies account for their liabilities, including current and long-term liabilities.

5. Accounting for Share Capital: This chapter covers the accounting for share capital, including the issuance of shares and the payment of dividends.

Overall, financial accounting is a crucial subject for B.Com 2nd year students as it provides a foundation for understanding the financial aspects of a business. By studying these notes, students can gain a solid understanding of financial accounting and its various components.