Commerce

Course Outcomes:

 At the end of the course, the student will be able to learn

Fundamentals of Accounting

• Identify transactions and events that need to be recorded in the books of accounts.
• Equip with the knowledge of accounting process and preparation of final accounts of sole trader.
• Develop the skill of recording financial transactions and preparation of reports in accordance with GAAP.
• Analyze the difference between cash book and pass book in terms of balance and make reconciliation.
• Critically examine the balance sheets of a sole trader for different accounting periods.
• Design new accounting formulas & principles for business organizations.
• Understand the concept of consignment and learn the accounting treatment of the various aspects of consignment.
• Analyze the accounting process and preparation of accounts in consignment and joint venture.
• Distinguish Joint Venture and Partnership and to learn the methods of maintaining records under Joint Venture.
• Determine the useful life and value of the depreciable assets and maintenance of Reserves in business entities.
• Design an accounting system for different models of businesses at his own using the principles of existing accounting system.

Business Organisation and Management

• Understand different forms of business organizations.
• Comprehend the nature of Joint Stock Company and formalities to promote a Company.
• Describe the Social Responsibility of Business towards the society.
• Critically examine the various organizations of the business firms and judge the best among them.
• Design and plan to register a business firm. Prepare different documents to register a company at his own.
• Articulate new models of business organizations.

Business Environment

• Understand the concept of business environment.
• Define Internal and External elements affecting business environment.
• Explain the economic trends and its effect on Government policies.
• Critically examine the recent developments in economic and business policies of the Government.
• Evaluate and judge the best business policies in Indian business environment.
• Develop the new ideas for creating good business environment.

Business Economics

• Describe the nature of economics in dealing with the issues of scarcity of resources.
• Analyze supply and demand analysis and its impact on consumer behaviour.
• Evaluate the factors, such as production and costs affecting firm’s behaviour.
• Recognize market failure and the role of government in dealing with those failures.
• Use economic analysis to evaluate controversial issues and policies.
• Apply economic models for managerial problems, identify their relationships, and formulate the decision making tools to be applied for business.

Banking Theory and Practice

• Understand the basic concepts of banks and functions of commercial banks.
• Demonstrate an awareness of law and practice in a banking context.
• Engage in critical analysis of the practice of banking law.
• Organize information as it relates to the regulation of banking products and services.
• Critically examine the current scenario of Indian Banking system.
• Formulate the procedure for better service to the customers from various banking innovations.

Corporate Accounting

• Understand the concept of Non-profit organizations and its accounting process
• Comprehend the concept of single-entry system and preparation of statement of affairs
• Familiarize with the legal formalities at the time of dissolution of the firm
• Prepare financial statements for partnership firm on dissolution of the firm.
• Employ critical thinking skills to understand the difference between the dissolution of the firm and dissolution of partnership

Business Statistics

• Understand the importance of Statistics in real life
• Formulate complete, concise, and correct mathematical proofs.
• Frame problems using multiple mathematical and statistical tools, measuring relationships by using standard techniques.
• Build and assess data-based models.
• Learn and apply the statistical tools in day life.
• Create quantitative models to solve real world problems in appropriate contexts.

Marketing

• Develop an idea about marketing and marketing environment.
• Understand the consumer behavior and market segmentation process.
• Comprehend the product life cycle and product line decisions.
• Know the process of packaging and labeling to attract the customers.
• Formulate new marketing strategies for a specific new product.
• Develop new product line and sales promotion techniques for a given product.
• Design and develop new advertisements to given products.

Advanced Accounts

• Understand the Accounting treatment of Share Capital and aware of process of book building.
• Demonstrate the procedure for issue of bonus shares and buyback of shares.
• Comprehend the important provisions of Companies Act, 2013 and prepare final accounts of a company with Adjustments.
• Participate in the preparation of consolidated accounts for a corporate group.
• Understand analysis of complex issues, formulation of well-reasoned arguments and reaching better conclusions.
• Communicate accounting policy choices with reference to relevant laws and accounting standards.

Cost and Management Accounting

• Understand various costing methods and management techniques.
• Apply Cost and Management accounting methods for both manufacturing and service industry.
• Prepare cost sheet, quotations, and tenders to organization for different works.
• Analyze cost-volume-profit techniques to determine optimal managerial decisions.
• Compare and contrast the financial statements of firms and interpret the results.
• Prepare analysis of various special decisions, using relevant management techniques.
• Acquire the complete knowledge of the tax evasion, tax avoidance and tax planning.

Income Tax

• Understand the provisions and compute income tax for various sources.
• Grasp amendments made from time to time in Finance Act.
• Compute total income and define tax complicacies and structure.
• Prepare and File IT returns of individual at his own.
• Understand the legal environment of business and laws of business.
• Highlight the security aspects in the present cyber-crime scenario.
• Apply basic legal knowledge to business transactions.

Auditing

• Understand the various provisions of Company Law.
• Engage critical thinking to predict outcomes and recommend appropriate action on issues relating to business associations and legal issues.
• Integrate concept of business law with foreign trade.
• Understanding the meaning and necessity of audit in modern era
• Comprehend the role of auditor in avoiding the corporate frauds
• Identify the steps involved in performing audit process
• Determine the appropriate audit report for a given audit situation
• Apply auditing practices to different types of business entities
• Plan an audit by considering concepts of evidence, risk and materiality

Goods Service Tax (GST)

• Understand the basic principles underlying the Indirect Taxation Statutes.
• Examine the method of tax credit. Input and Output Tax credit and Cross Utilization of Input Tax Credit.
• Identify and analyze the procedural aspects under different applicable statutes related to GST.
• Compute the assessable value of transactions related to goods and services for levy and determination of duty liability.
• Develop various GST Returns and reports for business transactions in Tally.