Course Outcome
- To remember parties involved in a consignment business, types of commission, the sources of income and expenditure for not-for-profit organizations, types of insurance claims, legal provisions and forms of revenue accounts for general insurance companies.
- To understand the difference between consignment and sale, accounting treatment of consignment transactions including calculation of commission and valuation of stock, accounting principles and regulations applicable to not-for-profit organizations, components of financial statements for not-for-profit organizations, process of calculation of an insurance claim, forms of revenue accounts of general insurance companies.
- To apply accounting principles to record the issue, forfeiture and reissue of shares, calculate the amount of underwriting commission, apply accounting principles to record the issue and redemption of debentures, accounting treatment for issue of bonus shares and redemption of preference shares, preparation of financial statements of joint stock companies
- To apply accounting principles to prepare various accounts in consignment business, prepare financial statements for a not-for-profit organization, Calculate the amount of insurance claims in case of fire, prepare revenue accounts for general insurance companies.
- To analyse financial impact of consignment transactions on both consignor and consignee, financial performance of a not-for-profit organization
- To evaluate effectiveness of consignment agreements, financial sustainability and viability of not-for-profit organizations.
