University of Mumbai, Maharashtra, Accounting and Finance Semester 3, Business Economics - II Syllabus

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Unit - 1 Overview of Macroeconomics

Unit – 1
Introduction
1.1 Macroeconomics Meaning Scope and Importance
1.2 Circular flow of aggregate income and expenditure and its Importance closed and open economy models
1.3 The Measurement of National Product Meaning and Importance of National Income Accounting conventional and Green GNP and NNP concepts National Income and Economic Welfare.
1.4 Trade Cycles Features and Phases
1.5 Classical Macroeconomics Say’s law of Markets Features Implications and Criticism

Unit - 2 Money, prices and Inflation

Unit – 2
Money Prices and Inflation

Unit - 3 Introduction to Public Finance

Unit 3SYBAF

3.1 MEANING AND SCOPE OF PUBLIC FINANCE
3.2 THE SCOPE OF PUBLIC FINANCE
3.3 MAJOR FISCAL FUNCTION
3.4 PRINCIPLE OF MAXIMUM SOCIAL ADVANTAGE.

Unit - 4 Public revenue, Public Expenditure and Debt

Unit 4SYBAF
4.1 PUBLIC REVENUEthe income of the authorities via all sources is called public earnings or public revenue.
4.3 ECONOMIC EFFECTS OF TAXATION
4.5 PUBLIC EXPENDITURE
4.7 CLASSIFICATION OF PUBLIC EXPENDITUREClassification of Public expenditure refers to the systematic arrangement of exceptional objects on which the authorities incurs expenditure.Different economists have regarded at public expenditure from different point of view. The following classification is a based totally on these special views.1. Functional Classificationsome economists classify public expenditure on the basis of features for which they are incurred. The government performs quite a number functions like defence social welfare agriculture infrastructure and industrial development. The expenditure incurred on such features fall underneath this classification. These functions are further divided into subsidiary functions. This variety of classification provides a clear notion about how the public dollars are spent.2. Revenue and Capital ExpenditureRevenue expenditure are cuttingedge or consumption expenses incurred on civil administration defense forces public health and education upkeep of authorities machinery. This type of expenditure is of habitual type which is incurred 12 months after year.On the other hand capital expenses are incurred on constructing long lasting assets like highways multipurpose dams irrigation projects buying machinery and equipment. They are nonordinary type of charges in the form of capital investments. Such expenditures are anticipated to enhance the productive ability of the economy.3. Transfer and NonTransfer ExpenditureA.C. Pigou the British economist has classified public expenditure as Transfer expenditureNontransfer expenditureTransfer Expenditure Transfer expenditure relates to the expenditure towards which there is no corresponding return.Such expenditure consists of public expenditure on National Old Age Pension SchemesInterest paymentsSubsidiesUnemployment allowancesWelfare advantages to weaker sections etc.By incurring such expenditure the authorities does no longer get anything in return but it provides to the welfare of the people in particular belong to the weaker sections of the society such expenditure basically outcomes in redistribution of money incomes within the society.NonTransfer ExpenditureThe nontransfer expenditure relates to expenditure which results in creation of earnings or output.The nontransfer expenditure consists of improvement as well as nondevelopment expenditure that results in advent of output immediately or indirectly.Economic infrastructure such as power transport irrigation etcSocial infrastructure such as education public welfare and health internal regulation and order and defense and on public administration
4.13 PUBLIC DEBT

Unit - 5 Fiscal Management and Financial Administration

Unit 5
SYBAF
5.1 FISCAL POLICY
5.2 OBJECTIVES OF FISCAL POLICY
5.3 LIMITATIONS OF FISCAL POLICY IN INDIA
5.4 COUNTERCYCLICAL FISCAL POLICY
5.5 DISCRETIONARY FISCAL POLICY
5.6 THE CONCEPT OF SOUND FINANCE OR BALANCED BUDGET APPROACH
5.7 BUDGET
5.8 UNION CENTRAL BUDGET
5.9 FISCAL RESPONSIBILITY AND BUDGET MANAGEMENT ACT FRBMA

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Other Subjects of Semester-3

Taxation - ii (direct taxes paper- i)

Cost accounting (methods of costing) – ii

Information technology in accountancy - i

Business law (business regulatory framework) - ii

Financial accounting (special accounting areas) - iii

Auditing (techniques of auditing and audit procedures) - ii