6.1 BUSINESS REGULATIONS
To introduce the students to various Business Regulations and familiarize them with common issues of relevance.
UNIT 1: INTRODUCTION TO BUSINESS LAWS 06 Hrs
Introduction, Nature of Law, Meaning and Definition of Business Laws, Scope and Sources of Business Laws.
UNIT 2: CONTRACT LAWS 18Hrs
Indian Contract Act, 1872: Definition of Contract, essentials of a valid contract, classification of contracts, remedies for breach of contract.
Indian Sale of Goods Act, 1930: Definition of contract of sale, essentials of contract of sale, conditions and warrantees, rights and duties of buyer, rights of an unpaid seller.
UNIT 3: COMPETITION AND CONSUMER LAWS: 14 Hrs
The Competition Act, 2002: Objectives of Competition Act, Features of Competition Act, CAT, offences and penalties under the Act, Competition Commission of India.
Consumer Protection Act, 1986: Definition of the terms consumer, consumer dispute, defect, deficiency, unfair trade practices and services. Rights of the consumer under the Act, Consumer Redressal Agencies – District Forum, State Commission, National Commission.
UNIT 4: ECONOMIC LAWS 12 Hrs
Indian Patent Laws and WTO Patent Rules: Meaning of IPR, invention and non-invention, procedure to get patent, restoration and surrender of lapsed patent, infringement of patent, FEMA 1999: Objects of FEMA, salient features of FEMA, definition of important terms: authorized person, currency, foreign currency, foreign exchange, foreign security, offences and penalties.
UNIT 5: ENVIRONMENTAL LAW 06 Hrs
Environment Protection Act, 1986: Objects of the Act, definitions of important terms: environment, environment pollutant, environment pollution, hazardous substance and occupier, types of pollution, rules and powers of central government to protect environment in India.
∙ Prepare a chart showing sources of business law and Indian Constitution Articles having economic significance.
∙ Draft an agreement on behalf of an MNC to purchase raw materials indicating therein terms and conditions and all the essentials of a valid contract.
∙ Draft an application to the Chief Information Officer of any government office seeking information about government spending.
∙ Draft digital signature certificate.
∙ Draft a complaint to District Consumer Forum on the deficiency of service in a reputed corporate hospital for medical negligence.
∙ Collect leading cyber-crimes cases and form groups in the class room and conduct group discussion. ∙ Draft a constructive and innovative suggestions note on global warming reduction.
BOOKS FOR REFERENCE:
6.2 PRINCIPLES AND PRACTICE OF AUDITING
This subject aims at imparting knowledge about the principles and methods of auditing and their applications.
Unit 1: INTRODUCTION TO AUDITING 12 Hrs Introduction – Meaning - Definition – Objectives – Differences between Accountancy and Auditing – Types of Audit - Advantages of Auditing – Preparation before commencement of new Audit – Audit Notebook – Audit Working Papers – Audit Program, Recent Trends in Auditing: Nature & Significance of Tax Audit – Cost Audit - Management Audit.
Unit 2: INTERNAL CONTROL 10 Hrs Internal Control: Meaning and objectives. Internal Check: Meaning, objectives and fundamental principles. Internal Check as regards: Wage Payments, Cash Sales, Cash Purchases. Internal Audit: Meaning - Advantages and Disadvantages of Internal Audit – Differences between Internal Check and Internal Audit.
Unit 3: VOUCHING 12 Hrs Meaning - Definition – Importance – Routine Checking and Vouching – Voucher -Types of Vouchers – Vouching of Receipts: Cash Sales, Receipts from debtors, Proceeds of the sale of Investments. Vouching of Payments: Cash Purchases, Payment to Creditors, Deferred Revenue Expenditure.
Unit 4: VERIFICATION AND VALUATION OF ASSETS AND LIABILITIES 12 Hrs Meaning and Objectives of verification and valuation– Position of an Auditor as regards the Valuation of Assets – Verification and Valuation of different Items: Assets: Land & Building, Plant & Machinery, Goodwill – Investments - Stock in Trade. Liabilities: Bills Payable - Sundry Creditors – Contingent Liabilities.
Unit 5: AUDIT OF LIMITED COMPANIES AND OTHERS 10 Hrs Company Auditor – Appointment – Qualification - Powers - Duties and Liabilities – Professional Ethics of an Auditor. Audit of Educational Institutions – Audit of Insurance Companies- Audit of Co operative societies.
∙ Collect the information about types of audit conducted in any one Organization ∙ Visit an audit firm, write about the procedure followed by them in Auditing the books of accounts of a firm.
∙ Draft an investigation report on behalf of a Public Limited Company
∙ Record the verification procedure with respect to any one fixed asset.
∙ Draft an audit program.
BOOKS FOR REFERENCE:
6.3 INCOME TAX - II
The Objective of this subject is to make the students to understand the computation of Taxable Income and Tax Liability of individuals.
Unit 1: PROFITS AND GAINS FROM BUSINESS OR PROFESSION 16 Hrs Meaning and Definition of Business, Profession – Vocation - Expenses Expressly Allowed – Allowable Losses – Expenses Expressly Disallowed – Expenses Allowed on Payment Basis - Problems on Business relating to Sole Trader and Problems on Profession relating to Chartered Accountant, Advocate and Medical Practitioner.
Unit 2: CAPITAL GAINS 16 Hrs Basis of Charge – Capital Assets – Transfer of Capital Assets – Computation of Capital Gains – Exemptions U/S 54, 54B, 54D, 54EC, 54F– Problems on Capital Gains.
Unit 3: INCOME FROM OTHER SOURCES 10 Hrs Incomes – Taxable under the head Other Sources – Securities – Kinds of Securities – Rules for Grossing Up – Ex-Interest Securities – Cum-Interest Securities – Bond Washing Transactions – Problems on Income from Other Sources.
Unit 4: DEDUCTIONS FROM GROSS TOTAL INCOME 06 Hrs Deductions u/s: 80 C, 80 CCC, 80 CCD, 80 D, 80 G, 80 GG, 80 GGA, and 80 U. (80 G & 80 GG together should not be given in one problem)
Unit 5: SET-OFF & CARRY FORWARD OF LOSSES AND ASSESSMENT OF INDIVIDUALS 08Hrs Meaning –Provision for Set-off & Carry forward of losses (Theory only).
Computation of Total Income and Tax Liability of an Individual Assessee (Problems– in case of income from salary & house property- computed income may be given).
∙ Table of rates of Tax deducted at source.
∙ Filing of IT returns of individuals.
∙ List of Enclosures for IT returns.
BOOKS FOR REFERENCE
6.4 MANAGEMENT ACCOUNTING
The objective of this subject is to enable the students to understand the analysis and interpretation of financial statements with a view to prepare management reports for decision-making.
UNIT 1: INTRODUCTION TO MANAGEMENT ACCOUNTING 12 Hrs
Management Accounting: Meaning – Definition – Objectives – Nature and Scope– Role of Management Accountant – Relationship between Financial Accounting and Management Accounting, Relationship between Cost Accounting and Management Accounting.
Analysis of Financial Statements: Types of Analysis – Methods of Financial Analysis – Problems on Comparative Statement analysis – Common Size Statement analysis and Trend Analysis.
UNIT2: RATIO ANALYSIS 14 Hrs
Meaning and Definition of Ratio, Classification of Ratios, Uses & Limitations – Meaning and types of Ratio Analysis – Calculation of Liquidity ratios, Profitability ratios and Solvency ratios.
UNIT 3: FUND FLOW ANALYSIS 10 Hrs
Meaning and Concept of Fund – Meaning and Definition of Fund Flow Statement – Uses and Limitations of Fund Flow Statement – Differences between Cash Flow Statement and Fund Flow Statement - Procedure for preparation of Fund Flow Statement – Statement of changes in Working Capital – Statement of Funds from Operations – Statement of Sources and Applications of Funds –
UNIT 4: CASH FLOW ANALYSIS 14 Hrs
Meaning and Definition of Cash Flow Statement – Concept of Cash and Cash Equivalents - Uses of Cash Flow Statement – Limitations of Cash Flow Statement – Provisions of Ind AS-7 (old AS 3) – Procedure for preparation of Cash Flow Statement – Cash Flow from Operating Activities – Cash Flow from Investing Activities and Cash Flow from Financing Activities – Preparation of Cash Flow Statement according to Ind AS-7 (old AS 3) (Indirect Method Only).
UNIT 5: MANAGEMENT REPORTING 06 Hrs
Meaning of Management Reporting – Requisites of a Good Reporting System – Principles of Good Reporting System – Kinds of Reports – Drafting of Reports under different Situations.
∙ Collection of financial statements of any one organization for two years and preparing comparative statements
∙ Collection of financial statements of any two organization for two years and prepare a common Size Statements
∙ Collect statements of an Organization and Calculate Important Accounting Ratio’s ∙ Draft a report on any crisis in an organization.
BOOKS FOR REFERENCE