Finance and Economics

Part A: Finance and Accounts-(80 marks):

Fundamental principles and basic concept of Accounting:

1.1 Financial Accounting: Nature and scope, Limitations of Financial Accounting, Basic concepts and Conventions, Generally Accepted Accounting Principles.

1.2 Basic concepts of accounting: Single and double entry, Books of original Entry, Bank Reconciliation, Journal, ledgers, Trial Balance, Rectification of Errors, Manufacturing, Trading, Profit & loss Appropriation Accounts, Balance Sheet Distinction between Capital and Revenue Expenditure, Depreciation Accounting, Valuation of Inventories, Non-profit organisations Accounts, Receipts and Payments and Income & Expenditure Accounts, Bills of Exchange, Self Balancing Ledgers.

Part B: Economics and Governance-(120 marks):

2.1 Comptroller & Auditor General of India- Constitutional provisions, Role and responsibility.

2.2 Finance Commission-Role and functions.

2.3 Basic Concept of Economics and introduction to Micro Economics: Definition, scope and nature of Economics, Methods of economic study and Central problems of an economy and Production possibilities curve.

2.4 Theory of Demand and Supply: Meaning and determinants of demand, Law of demand and Elasticity of demand, Price, income and cross elasticity; Theory of consumer?s behaviourMarshallian approach and Indifference curve approach, Meaning and determinants of supply, Law of supply and Elasticity of Supply.

2.5 Theory of Production and cost: Meaning and Factors of production, Laws of production- Law of variable proportions and Laws of returns to scale.

2.6 Forms of Market and price determination in different markets: Various forms of markets-Perfect Competition, Monopoly, Monopolistic Competition and Oligopoly ad Price determination in these markets.

2.7 Indian Economy:

2.7.1 Nature of the Indian Economy Role of different sectorsRole of Agriculture, Industry and Services-their problems and growth.

2.7.2 National Income of India-Concepts of national income, Different methods of measuring national income.

2.7.3 Population-Its size, rate of growth and its implication on economic growth.

2.7.4 Poverty and unemployment- Absolute and relative poverty, types, causes and incidence of unemployment.

2.7.5 Infrastructure-Energy, Transportation, Communication.

2.8 Economic Reforms in India: Economic reforms since 1991; Liberalisation, Privatisation, Globalisation and Disinvestment.

2.9 Money and Banking:

2.9.1 Monetary/ Fiscal policy- Role and functions of Reserve Bank of India; functions of commercial Banks/RRB/Payment Banks.

2.9.2 Budget and Fiscal deficits and Balance of payments.

2.9.3 Fiscal Responsibility and Budget Management Act, 2003.

2.10 Role of Information Technology in Governance.

Course Content

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Part A: Finance and Accounts
Part B: Economics and Governance
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Course Includes

  • 12 Lessons
  • 51 Topics

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