IIS University - International College for Girls - ICG Courses

M.Com. (Accounting and Taxation)

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Duration: 2 Years

Eligibility: B.Com. or Grad (Honours) in Economics/Management

Course Structure

Course Code	Course Title
Semester - I
MCM-121	Taxation Law & Practice
MCM-122	General Management-I
MCM-123	Economic Analysis-I
MCM-124	Research Methodology-I
Semester - II
MCM-221	Management Accounting
MCM-222	General Management-II
MCM-223	Economic Analysis-II
MCM-224	Research Methodology-II
Semester - III
MCM-321	Corporate Accounting
MCM-322	Indirect Tax Laws-I
MCM-323	Operation Research & Quantitative Techniques
MCM-324	Cost & Management Audit
MCM-325	Dissertation(Synopsis preparation)
Semester - IV
MCM-421	Advanced Financial Accounting
MCM-422	Indirect Tax Laws-II
MCM-423	Tax Planning
MCM-424	Cost Analysis & Control
MCM-425	Dissertation (Thesis presentation)

 

Course Syllabus

Semester-I

MCM-121    Taxation Law & Practice

Objective-The Objective of this course is to gain knowledge of Wealth Tax and Corporate Tax and their application

Unit  I

Wealth Tax Act and Rules: Definition of Wealth Tax, Charge and Scope of Wealth Tax, Deemed Assets, Exempted Assets, Valuation of Assets as per wealth tax act

Unit  II

Computation of Net Wealth and Wealth Tax, Procedure of Assessment, Liability for Assessment in special cases, Appeals, Revisions and References, Payment , Recovery and Refund of Wealth Tax.

Unit  III

Assessment of Companies- Detailed Study of Income Tax law and rules with reference to assessment of companies. Computation of Tax Liability. Assessment Procedure.

Unit  IV

Assessment of Co-Operative Societies- Detailed Study of Income Tax law and rules with reference to assessment of Co-Operative Societies. Computation of Tax Liability. Assessment Procedure.

Unit  V

Assessment of Non- Residents& Charitable Trust- Detailed Study of Income Tax law and rules with reference to assessment of Non-Residents and Charitable Trust. Computation of Tax Liability. Assessment Procedure.

 

MCM 122  General Management-I

Unit  I

Management: Concept, Meaning, Nature, Scope, and significance, Principles of Management, Management Functions, Roles and Skills of a manager

Unit  II

Development of Management Thought: (Brief study) Management in ancient civilizations, Management during the Medieval Period, Management during Industrial Revolution, The Period of Systematic Development of Management Schools of Management Thought

Unit  III

Planning: Concept, Types and Process; Principles of Planning, MBO Decision Making: Types and process

Unit  IV

Organizing: Concept, Types, Process and Principles, Various forms of Organizational structures and their merits-demerits, Formal and informal Organization, merits and demerits.

Unit  V

Authority and Responsibility, Delegation of Authority, Span of control, Centralization and Decentralization

 

MCM 123   Economic Analysis - I

Objective

The objective of this course is to acquaint the students with concepts and techniques used in economic theory and to enable them to apply this knowledge in business decision-making.

Unit  I

Micro Economics: Meaning and Definition, Types of Micro Economic Analysis. Role of Micro and Macro Economic Analysis in Formulation of Business Policy. Difference and Inter Dependence of Micro and Macro Economics.

Unit  II

• Cost Analysis: Real cost, Opportunity cost, Money cost, Explicit and Implicit cost. Short run cost curves and Long run cost curves
• Revenue analysis: Concept and types
• Law of Production- Meaning of Production, Law of Variable Proportions, Returns to scale, Production and Isoquants

Unit  III

• Market: Meaning, Characteristics of Market.
• Price and Output determination under: Perfect Competition, Monopoly, Discriminating Monopoly, Oligopoly (Kinked demand curve) Duopoly and Monopsony- defination and features

Unit  IV

Marginal productivity theory of distribution:- Concept, price determination in perfect & imperfect market, theory of rent.

Unit  V .Theory of Wages, Interest & Profit.

 

MCM-124   Research Methodology-I

Objective

To understand the types, tools and methods of research and develop the ability to construct datagathering instruments appropriate to the research design

Unit I

Research: Definition and concept of research, objectives of research, importance of research. Types of Research- Descriptive vs Analytical,Applied vs Fundamental, Quantitative vs Qualitative, Conceptual vs Empirical, Historical, Longitudinal Research.Research Approaches, Significance of Research.

Unit II

• Research Design: Meaning, Need and Characteristics of a good research design. Identification of a Research problem. Selection of a Research problem.
• Hypothesis- Purpose, Characteristics, Types and Criteria of Hypothesis.

Unit III

• Data gathering instruments: Observation, Interview, Questionnaires and Schedules, their construction, Technique of data collection, Scrutiny of data accuracy of measurements, testing of a questionnaire.
• Scaling Techniques: Purpose of scaling techniques, Types of scales- Nominal, Ordinal, Interval and Ratio scales.

Unit IV

• Statistics- Meaning, Importance, Limitations, Classifications and Tabulation of data, Variables- Meaning and Concept, Types of Variables. Frequency Distributions and Cumulative Frequency Distribution,
• Measure of Central Tendency- Mean, Median and Mode, Geometric and Harmonic Mean their Properties, Merits and Demerits.
• Measure of Dispersion- Range, Quartile Deviation, Mean Deviation and Standard Deviation, Coefficient of Variation.
• Skewness : (their absolute and relative measures)

Unit V

• Correlation Analysis- Definition and Concept, types and measures of studying Correlation (Karl Pearson’s coefficient of correlation, its assumptions, properties, merits and demerits, Spearman’s Rank correlation & Con-Current Deviation Method)
• Regression Analysis- Definition, Concept, Uses and Properties. Least Square Method, Regression Coefficients, Fitting of Regression lines.

 

Semester - II

MCM-221  Management Accounting

Objective-The objective of this course is to provide the students understanding of application of accounting for managerial purpose

Unit  I

• Introduction: Meaning of Management Accounting, Functions of Management Accounting, Difference between cost accounting and management accounting.
• Management of Working Capital: Concepts and Significance, Factors affecting working capital requirements, Ascertainment of working capital requirements using Operating Cycle Method, Net Current Assets or Forecasting Method, Projected Balance Sheet Method, Salient features of Tandon Committee and Chore Committee. Ratios relating to working capital. Case Study of working capital requirement for various industries.

Unit  II

• Funds Flow Analysis :Introduction, Concept of Funds, Need of Funds Flow Statement, Construction of Funds Flow Statement.
• Cash Flow Analysis: Introduction, Concept of Cash, Use of Cash Flow Analysis, Construction of Cash Flow Statement

Unit  III

• Capital Budgeting : Meaning, Importance, Kinds of Capital Budgeting Decision: Accept, Reject Decision, Mutually Exclusive Project Decision, Methods of Ranking Investment Proposals: Traditional Techniques, Discounted Cash Flow Methods, Limitations of Capital Budgeting.
• Cost of Capital: Definition and Meaning, Significance, Classification, Historical Cost and Future Cost, Specific Cost of Capital for various Sources of Finance: Cost of Debt , Cost of Preference Capital, Cost of Equity Capital, Cost of Retained Earnings, Weighted Average Cost of Capital

Unit  IV

• Financial Statement Analysis and Tool Kit of the Analyst
• Multi-Step, Horizontal, Vertical and Trend Analyses and Analytical Balance Sheet: Introduction, Objectives of Analysis, Multi -Step Income Statement, HorizontalAnalysis, Common Sized Analysis, Trend Analysis, Analytical Balance Sheet.
• Ratio Analysis: Introduction, Ratio Analysis, Classification of Ratios, Structure of Discussion of Ratios,Liquidity Ratios, Solvency Ratios, Resources Efficiency or Turnover Ratios, Profitability/ Profit Margin Ratios, Du Point Analysis, Valuation or Capital Market Ratios

Unit  V

• Basic Cost Concept, Cost Sheet,Cost Volume Profit Analysis: Break-Even Analysis, Algebraic and Graphic Methods.
• Standard Costing and Variance Analysis: Meaning of Standard Cost and Standard Costing, Advantages, Limitations and Applications, Variance Analysis- Material, Labour, Overhead and Sales Variances.
• Budgeting and Budgetary Control: Concept of Budget and Budgetary Control objectives, merits, and limitations, Functional Budgets, Fixed and Flexible Budgets, Zero Base Budget.

Note- The candidate shall be permitted to use battery operated pocket calculator that should not have more than 12 digits, 6 functions and 2 memories and should be noiseless and cordless

 

MCM 222  General Management-II

Unit  I

Staffing: Manpower planning, Job analysis-job specification,job description, Recruitment, Sources of recruitment, Selection process, Training-objectives & methods.

Unit  II

Leadership: Functions, Qualities, Leader vs. manager, Leadership theories- Trait theory, Situational behavioral theories, Leadership styles (Autocratic, Democratic, Laissez Faire)

Unit  III

Motivation: Concept, Elementary study of Motivation theories (Maslow’s-Need hierarchy, McGregor-X-Y theory, Herzberg-Motivation- Hygiene theory), Types of motivation, techniques, essentials of a good motivation plan.

Unit  IV

Coordination: Meaning, types, Principles, Techniques Communication: Meaning, Importance, Process, types, barriers, essentials of effective communication

Unit  V

Controlling: Nature of control in organizations,Types of control, Steps in the control process,Controlling Techniques, Characteristics of Good Control System, Problems and Limitations of Control, MBE

 

MCM 223  Economic Analysis - II

Objective To explain the advanced concepts of Macroeconomics and various aspects of consumption, investment function, multiplier concept and business cycle

Unit  I

• Macro Economics- Meaning, Definition, Nature, Scope, Types of Macro Economics-Macro Static, Macro Dynamic and Comparative Static .
• Says’s Law of market-Meaning assumption, explanation & criticism

Unit  II

Classical theory of Employment : Meaning ,Type of unemployment, Assumption, Explanation of classical theory of employment & criticism

Unit  III

Keynesian Theory of employment: Introduction Assumption, Explanation , Criticism 10

Unit  IV

• Consumption function –Meaning, Attributes, Factors of consumption function and Keynes Theory.
• Investment functions: Meaning ,Investment, Types of investment, Marginal efficiency of Investment ,Relationship with Rate of Investment & Investment demand, Keynes Theory of investment.

Unit  V

• Multiplier – Working of Multiplier, Assumptions of Multiplier, Leakages of Multiplier.
• Accelerator- Meaning, Principles, Multiplier-Accelerator interaction

 

MCM-224  Research Methodology-II

Objective

To understand the concept of measurement in empirical systems & its validity and reliability . To use statistical techniques for analysis of research data. To realize the applications of Businessresearch.To understand the types, tools and methods of research and develop the ability to analyze data gathered to draw precise and relevant conclusions and write it in the form of a Research report.

Unit  I

Concept of Permutation and Combinations

• Probability- Basic Concepts, Importance of Concept of Probability, Theorem of Probability (Additional Theorem and Multiplication Theorem), Conditional Probability, Bayes’ Theorem, Mathematical Expectation
• Probability Distribution: Binomial, Poisson’s and Normal.

Unit  II

Sampling- Meaning of census and sample.

• Characterstics of a good sample, Need for sample, Types of samples based on Probability and Non-Probability sampling.
• Probability Sampling- Idea of Simple Random Sampling, Stratified and Cluster sampling
• Non- Probability Sampling- Purposive and Quota sampling.

Sampling Distribution and Standard Error.

• Element of Testing a Statistical Hypothesis- Formulation of the problem, Types of Errors. Level of Significance, Test of Significance for Large and Small samples.

Unit  III

• Chi-square test- Chi-square test for population variance. Chi-Square Test ( as goodness of fit, independence of attributes using 2x2 and rxc contingency tables).
• Non-Parametric Test- Introduction, Advantages of nonparametric test, The Sign Test, A Rank Sum Test- The Mann-Whitney U test, The Kruskal Wallis Test or H Test, The Runs Test for Randomness

Unit  IV

• Analysis of Variance- Application of F-test. One-way and Two-way classification.
• Interpolation and Extrapolation: Meaning and Importance, Assumptions. Graphics Methods of Curve Fitting, Algebraic, Binomial, Langrage, Newton’s Method for advancing Difference, Newton’s Method of Divided Difference.

Unit  V

Time Series Analysis: Introduction, Utility of Time Series Analysis, Components of Time Series Analysis, Measurement of Trend: Freehand or Graphic Method, Method of Semi Averages, Methods of Moving Averages, Method of Least Square, Shifting the Trend Origin, Measurement of Seasonal Variations: Method of Simple Average, Ratio to Trend, Ratio to Moving Average Method, Link Relative Method

 

Semester - III

MCM-321  Corporate Accounting

Objective- The objective this course is to gain expert knowledge of principle and procedure of corporate accounting and their application in different practical situations.

Unit I

Internal and External Reconstruction- Alteration of Share Capital, Conversion of Fully Paid Shares into Stock and Stock into Shares, Objectives of Capital Reduction, Procedure, Accounting Arrangement

Unit II

Amalgamation- Forms of Amalgamation, Motive for Amalgamation, Calculation of Purchase Consideration, Methods of Accounting for Amalgamation: Pooling of Interests Method, Purchase Method Distinction between Pooling of Interests Method and Purchase Method, Accounting for Amalgamation (Including Inter Company Investments)

Unit III

• Liquidation: Meaning of Liquidation, Winding up by Court, Voluntary Winding Up, Preferential Payments, Preparation of Statement of Affair, Deficiency/Surplus Account, Liquidator’s Final Statement of Account, Receiver for Debenture Holder, B List of Contributories.
• Double Accounts System Including Electricity Supply Companies: Introduction, Double Account System, Final Account of Electricity Supply Companies, Accounting for Replacement, Calculation of Disposal of Surplus of Electricity Companies

Unit IV

• Accounts of Insurance Companies: Meaning of Insurance, Financial Statement of Insurance Companies, Accounts of Life Insurance Business, Accounts of General Insurance Business.
• Banking Company Accounts: Meaning of Banking, Types of Banks, Requirement as to strong financial management, Preparation and Presentation of Financial Statements of Banks, Collection of Bills of Exchanges of Customers, Discounting of Bills of Exchange of Customer, Rebate on Bills of Exchange Discounted, Classification of Assets

Unit V

Accounting for Holding Companies-Consolidated Financial Statements including inter company transactions and investments.

 

MCF-322  Indirect Tax Laws-I

Objective-The objective of this course is to gain knowledge of the provisions of Central Excise and Customs as mentioned below.

Unit  I

Central Excise Duty

• Introduction and Definitions Classification of Goods and Valuation of Excisable Goods

Unit  II

Computation of Central Excise Duty, Central Excise Duty and Small Scale Industries, Central Excise Duty-Administration and Appeal Procedure

Unit  III

Customs Duty

• Customs Act, 1962: Brief Introduction, Important Definitions, Tax Liability and Valuation of Goods

Unit  IV

Computation of Customs Duty 07

Unit  V

Customs Duty Authorities and their powers, Penalty and Prosecutions, Appeals and Revision, Procedure for Import and Export.

Note- The candidate shall be permitted to use battery operated pocket calculator that should not have more than 12 digits, 6 functions and 2 memories and should be noiseless and cordless

 

MCF-323  Operations Research and Quantitative Techniques

Objective- The objective of this course is to acquaint the students with the use of operational research &quantitative techniques in decision-making

Unit  I

• Operational Research: Basic Concepts and Definitions
• Linear Programming: Mathematical formulation of Linear Programming problems and their solution using Graphic approach and Simplex method, Duality Sensitivity analysis.

Unit  II

• Transportation: Solving the problem. Testing the optimality MODI method. Cases of unbalanced problems, Degeneracy, Maximization objective, Multiple solutions and Prohibited Routes
• Assignment: Solving the problem. Cases of unbalanced problems, multiple optimum solutions, maximization objective and unacceptable assignments

Unit  III

Net Work Analysis(Pert/CPM): Introduction, Basic Concept, Drawing a net work diagram, Concept of Critical Path, Probability Consideration under Pert, Crashing a Net Work and determining project cost trade off, scheduling a network with various constraints like manpower equipment etc.

Unit  IV

• Game Theory: Games of Pure strategy, Games of Mixed strategy, Law of Dominance, Sub Game
• Queuing Theory: Elements of Queuing theory, Single Channel Queuing Problem.

Unit  V

• Decision Theory: Maximin, Minimax, and Maximax expected pay off and regret, Expected value of Perfect Information, Decision Tree Analysis, Theory.
• Simulation- Methodology and Application of Simulation technique. Solution of elementary inventory and queuing problems by using Monte Karlo Simulation Model

 

MCF-324   Cost and Management Audit

Objective-The Objective of this course is to gain knowledge of Cost and Management Audit procedures and techniques and their application

Unit  I

Cost Audit: Meaning, Object, Advantage Cost Audit of Material, Labour and Overhead. Appointment, Rights, Duties and Liabilities of Cost Auditor under the companies Act 1956

Unit  II

Relationship between statutory financial auditor, Cost Auditor and Internal Auditor. Professional ethics and misconduct, special penal provision for cost Auditor.

Unit  III

• Preparation of the Cost Audit Programme: Evaluation of internal control system including material inventory, capacity utilization, management information system and internal audit.
• Cost Audit Report. Audit and Investigation for specify purpose. Advance Report writing with reference to specific situations and problems

Unit  IV

Management Audit: Meaning, Nature, and Scope, Qualities of Management Auditor, Concept of Efficiency Audit, Proprietary Audit and Operational Audit

Unit  V

Specific areas of Management Audit involving review of internal control, review of purchasing control, review of selling and distribution policies and programmes, review of manufacturing operations

 

MCF-325   Dissertation

Students have to select a topic of dissertation in consultation with the respective Head of the department, and prepare a synopsis. Evaluation will be done on the basis of the synopsis submitted to the respective Head of the department along witha PowerPoint presentation by the student.

 

Semester-IV

MCM-421   Advanced Financial Accounting

Objective- The objective this course is to gain expert knowledge of principle and procedure of advance accounting and their application in different practical situations.

Unit  I

• Departmental Accounts: Advantage of Departmental Accounting, Allocation of Departmental Expenses, Distinction between Departmental Accounts and Branch Accounts, Cost Based Transfer Price, Market Based Transfer Price, Ascertainment of Departmental Profit
• Branch Accounts: -Difference between Branch and Departmental Accounts,
• Dependent Branches: Method of Accounting for Branch Transactions Debtors System, Stock and Debtors System, Final Account System
• Independent Branches: Incorporation of Branch Assets and Liabilities, Abridged Incorporation Foreign Branches

Unit  II

• Accounting for Investment: Fixed Income Bearing Securities, Variable Income Bearing Securities, Accounting Arrangement of Fixed Income Bearing Security, Purchase/Sale of Investment on the Date of Payment of Interest Purchase/Sale of Investment before the Date of Payment of Interest Adjustment for Equity Shares Investment Account
• Insurance Claims-Claims under fire insurance policies, Claim for Loss of Stock, Claim for Loss of Profit

Unit  III

• Value Added Accounting-Concept and Technique, Economic Value Added, Market Value Added
• Human Resources Accounting-Concept and Methods
• Accounting for Price Level Changes: Meaning, Significance and Limitation, Various approaches and methods of accounting under changing price levels

Unit  IV

• Hire Purchase and Installment Sale Transaction: Nature of Hire Purchase Agreement, Ascertainment of Total Cash Price, Accounting Arrangement of Hire Purchase Transaction in the Books of Hire Purchaser and Hire Vendor, Hire Purchase Agreement for Goods of Small Value
• Installment Payment System: Difference between Hire Purchase System and Installment Payment System, Accounting Arrangement, In the Books of Buyer and Seller

Unit  V

• Corporate Reporting and Information Disclosures: Concept of adequate disclosures, Methods of Disclosures, Indian Company Law and Disclosure Practice, Reporting for Investor and Employees. Social Responsibility Accounts.
• Accounting Standards- Accounting Standards and Guidance Notes on Various Accounting Aspects issued by the ICAI and Advanced Problems thereon

 

MCM-422   Indirect Tax Laws-II

Objective- The objective of this course is to gain knowledge of the provisions of Service Tax and Value Added Tax as mentioned below.

Unit  I

Service Tax

• Concepts and general principles
• Charge of service tax and taxable services
• Valuation of Taxable Services
• Payment of Service Tax and Filling of Returns

Unit  II

Central Sales-Tax

• Introduction and Definitions, Inter State Sales, Declared Goods, Liability To Tax on Inter State Sales and Rates ofTax

Unit  III

Determination of Taxable Turnover and Computation of Sales Tax, Registration of Dealers, Procedure of Assesment and Collection of Tax, Penalties and Prosecution, Prescribed Forms, Liability in Special Cases, Appeals

Unit  IV

Rajasthan Value Added Tax

• Introduction and Definitions, Incidence of Tax, Levy of Tax and Exemption of Tax

Unit  V

Determination of Taxable Turnover and Computation of Tax, Registration of Dealers, Filing of Returns, Procedure of Assesment, Tax Liability, Payment, Recovery and Refund of Tax, Interest, Penalties, Prosecution and Composition, Appeals, Revision and Settlement, Value Added Tax Authorities and their Rights

 

MCM-423   Tax Planning

Objective-The objective of this course is to familiarize the students with latest provisions of Indian Tax Laws to derive maximum possible tax benefits admissible under the law.

Unit  I

Meaning of tax planning, tax avoidance and evasion of tax Object of tax planning, concept of maximization of after-tax income, concept of diversion of income and application of income.

Unit  II

Recognized methods of tax planning: Legal diversion of income, implications of the provisions of aggregation of income, getting maximum advantage of tax incentive, tax holidays, allowable deductions and reliefs, set off and carry forward of losses.

Unit  III

Specific areas of tax planning: Tax Planning in respect of capital gains, investment income and structure of salaries and perquisites Planning of income tax of an individual through specific savings and investments and effect of such planning on after tax income

Unit  IV

Tax Planning through Hindu Undivided Family and creation of trust. Tax implications in planning the legal status of business unit, partnership firm, private limited company or public limited company

Unit  V

Tax considerations in specific decisions:

• To own an asset or take on lease
• To issue share or debentures
• To employ or make partner
• Export v/s Domestic sales
• Repair of Replace

Problems arising from different concepts of income-legal, economic and accounting

 

MCM-424  Cost Analysis & Control

Unit  I

Organizations of the costing department and its integration with other departments. Installation of costing system and modificationthereof. Management control and cost information system. Performance reporting at various level of management. Process costing emphasis on inter-process profit and equivalent production

Unit  II

Standard Costing-Emphasis on Overhead Variances. Budgetary Control, Zero-base Budgeting and Performance Budgeting

Unit  III

Marginal Costing and Break-Even Analysis. Marginal Costing and Managerial Decisions -Divisional Performance and Transfer Pricing. Corporate View Point. Transfer Pricing Determination. Transfer Pricing in International Business

Unit  IV

Cost Control Accounts, Integral Accounts, Cost Reduction Programme and Planning

Unit  V

Pricing Decisions, Marketing and Distribution Decisions:Differential Pricing Lowest Bid Tender Pricing. Treatment and Control of Rejections, Defectives, Obsolescence, Wastage and Spoilage. Treatment of Research and Development costs

 

MCM-425  Dissertation

Students will have to conduct a thorough research study on the topic approved by respective Head of the department, and prepare a dissertation thesis report. Student will be evaluated on the basis of the dissertation report submitted by her for evaluation, along with a PowerPoint presentation.