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Financial Accounting and Taxation syllabus

ACC 5018 units · 44 topicsAcademic year 2083/84
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Financial Accounting and Taxation

8 units

1. Accounting as an Information System (3 LHs)

  1. Concept of financial accounting
    1. Concept of financial accounting
  2. Financial Information
    1. Financial Information: Need and users of financial information
  3. Concept, objectives, and branches of Accounting
    1. Concept, objectives, and branches of Accounting
  4. Qualitative features of accounting information
    1. Qualitative features of accounting information
  5. Nepal Financial Reporting Standards, and accounting principles
    1. Nepal Financial Reporting Standards, and accounting principles.

2. Processing of Financial Reporting (5 LHs)

  1. Financial events
    1. Financial events: Concept, external and internal events, cash and credit events
  2. Source, Financial control systems, documents
    1. Source, Financial control systems, documents: Concept and role in recording financial transactions
  3. Debit, credit and their rules
    1. Debit, credit and their rules
  4. Recording process of accounting events
    1. Recording process of accounting events: Journal, Ledger, and trial balance.

3. Financial Statements and Analysis (7 LHs)

  1. Concept of Financial statements
    1. Concept of Financial statements, Income statement, Statement of Retained earnings, and Balance sheet, Final Account with Adjustment, Closing and Opening Entries. Concept, purpose, and usefulness of financial statement analysis
  2. Analyzing techniques
    1. Analyzing techniques: Horizontal, vertical, trend, and ratio analysis to measure and interpret the liquidity, stability, activity, profitability, productivity, and possibility. Preparation of cash flow statement (Direct Method).

4. Concept of Accounting Software (4 LHs)

  1. Introduction to computerized accounting
    1. Introduction to computerized accounting
  2. Importance and functions
    1. Importance and functions
  3. Computerized Accounting
    1. Computerized Accounting
  4. Types of Accounting software
    1. Types of Accounting software: Tally
  5. And Swastik Accounting. Components of accounting software
    1. and Swastik Accounting. Components of accounting software
  6. Modules of Accounting software
    1. Modules of Accounting software: General Ledger
    2. Inventory
    3. Accounts Receivable
    4. Accounts Payable
    5. Payroll
  7. Banking. Security Features
    1. Banking. Security Features.

5. Taxation of Income in Nepal (4 LHs)

  1. Historical background of income tax in Nepal
    1. Historical background of income tax in Nepal
  2. Features of Income Tax Act, 2058
    1. Features of Income Tax Act, 2058
  3. Definition of basic terms under Income Tax Act
    1. Definition of basic terms under Income Tax Act
  4. Classification and status of assesses (Taxpayers)
    1. Classification and status of assesses (Taxpayers): natural person and entity, resident, and non-resident, single and couple
  5. Heads and sources of income
    1. Heads and sources of income: concepts, classification: income from employment, income from business, income from investment.

6. Computation of Taxable Income (5 LHs)

  1. Calculation of income from business
    1. Calculation of income from business: Components of income from business
  2. Incomes which do not form part of income from business
    1. Incomes which do not form part of income from business
  3. Deductions allowed from income from business
    1. Deductions allowed from income from business
    2. Deductions allowed from income from business
  4. Limitations and conditions for a particular deduction. Calculation of income from employment
    1. Limitations and conditions for a particular deduction. Calculation of income from employment: Components of income from employment
  5. And Incomes that are excluded from income from employment
    1. and Incomes that are excluded from income from employment. Calculation of income from investment: Components of income from investment
  6. Incomes which do not form part of income from investment
    1. Incomes which do not form part of income from investment
  7. Limitations and conditions for a particular deduction. Deductions allowed from taxable income
    1. Limitations and conditions for a particular deduction. Deductions allowed from taxable income.

7. Value Added Tax (4 LHs)

  1. Concept of Value Added Tax (VAT)
    1. Concept of Value Added Tax (VAT)
    2. Origin of VAT
  2. Principle governing VAT
    1. Principle governing VAT
    2. Types of VAT
  3. Method of computing VAT
    1. Method of computing VAT
  4. Method of collection/realization and refund of VAT
    1. Method of collection/realization and refund of VAT
  5. Penalties and appeal
    1. Penalties and appeal
  6. Threshold limit and rate of VAT
    1. Threshold limit and rate of VAT
  7. Permanent Account Number and VAT number
    1. Permanent Account Number and VAT number
  8. Abbreviated invoice and VAT invoice
    1. Abbreviated invoice and VAT invoice.

8. e-Filing and Verification of Electronic Records (3 LHs)

  1. Concept of Inland Revenue Department and its Taxpayer portal
    1. Concept of Inland Revenue Department and its Taxpayer portal
  2. Preview of General Taxpayer Login
    1. Preview of General Taxpayer Login
  3. E-TDS Filing and TDS Certificate
    1. E-TDS Filing and TDS Certificate
  4. VAT Billing Software and Electronic VAT Invoice
    1. VAT Billing Software and Electronic VAT Invoice
  5. Online VAT Return Filing and Verification
    1. Online VAT Return Filing and Verification
  6. Online Income Tax Return Filing
    1. Online Income Tax Return Filing.