- Introduction to Accounting
- • Accounting - Meaning, Objectives, Types of Accounting Information, Advantages and Limitations.
- • Qualitative Characteristics of Accounting Information: Reliability, Relevance, Understandability and Comparability.
- • Basic Accounting Terms: Business Transaction, Capital, Drawing, Liability, Asset, Revenue, Expenditure, Expense, Income, Losses and Gains, Purchases, Sales, Stock, Debtors, Receivables, Creditors, Payables
- Theory Base of Accounting
- • Basic Assumptions: Accounting Entity, Money Measurement: Going Concern, Accounting Period.
- • Basic Principles: Duality, Verifiability and Objectivity of Evidence, Historical Cost, Revenue Recognition, Matching, Full Disclosure.
- • Modifying Principles: Materiality, Consistency, Prudence, Timeliness, and Substance over Form, Variations in accounting practices.
- • Accounting Standards: Meaning, nature and need.
- Generation of Vouchers and Recording of Transactions
- • Origin of Transactions - Source Documents and Vouchers, Preparation of Vouchers
- • Accounting Equation - Meaning and Analysis of transactions using Accounting Equation.
- • Rules of Debit and Credit: For Assets, for Liabilities, for Capital, for Revenue, and for Expense.
- • Double Entry Book Keeping, Books of Original Entry, Meaning, Format and Recording of entries; Journal, Special Purpose Books: Meaning, Utility, Format and Recording therein: Cash Book - Simple Cashbook with Bank column and Petty cashbook. Purchase Book, Sales Book, Purchase Returns Book, Sales Returns Book, Bills Receivable Book and Bills Payable Book.
- • Ledger - Meaning, Utility, Format, Posting from Journal, Cashbook and other Special Purpose Books, Balancing of accounts.
- • Bank Reconciliation Statement: Meaning, Need and Preparation with amended cash book.
- Trial Balance and Rectification of Errors
- • Trial Balance: Meaning, Objectives and Preparation.
- • Errors: Types of Errors, Errors affecting Trial Balance and Errors not affecting Trial Balance.
- • Detection and Rectification of Errors, effect on profit and loss A/c.
- • Suspense Account - Meaning, Utility, Preparation and Treatment of Suspense Account Balance.
- Depreciation, Provisions and Reserves
- • Depreciation: Meaning and Need for charging depreciation, Factors affecting depreciation, Methods of depreciation - Straight Line method, Written Down Value Method (excluding change in method), Method of recording depreciation: By charging to asset account, By creating provision for depreciation/accumulated depreciation account. Asset Disposal Account.
- • Provisions and Reserves: Meaning and Importance, Need for provision for doubtful debts, provision for discount on debtors, Difference between provisions and Reserves.
- • Types of Reserves: Revenue Reserve, Capital Reserve, General Reserve and Specific Reserve.
- Bills of Exchange
- • Bills of Exchange and Promissory Note: Definition, Features, Parties, Specimen, Distinction.
- • Important Terms: Term of Bill and Days of Grace, Date of Maturity, Bill at Sight, Negotiation, Endorsement, Discounting of bill, Dishonor of bill, Noting of bill, Insolvency of Acceptor, Retirement and Renewal of a bill.
- • Accounting Treatment of bill transactions.
- Financial Statements
- • Financial Statements: Meaning and Users.
- • Profit and Loss Account: Gross profit, Operating profit and Net profit.
- • Balance Sheet: Need, Grouping, Marshalling of Assets and Liabilities.
- • Adjustments in preparation off financial statements with respect to closing stock, outstanding expenses, prepaid expenses, accrued income, income received in advance, depreciation, bad debts, provision for bad debts, provision for discount on debtors, managers' commission, abnormal loss, goods sent for approval and in transit.
- • Preparation of Profit and Loss Account and Balance Sheet of sole proprietorship concerns.
- Financial Statement of Not-for-Profit Organization
- • Not for profit organization: Meaning and examples.
- • Receipts and Payments account, Income and Expenditure account: Meaning and Concept of Fund based accounting.
- • Preparation of Income and Expenditure account and Balance Sheet from Receipts and Payments Account with additional information.
- Computers in Accounting
- • Introduction to Computers: Meaning, Capabilities and Components of Computer System.
- • Database concepts for Accounting.
- • Retrieval of accounting information-basic queries.
Session-specific Assignments(* Condition Apply)
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