Fundamentals of Accounting

Fundamentals of Accounting

Instructional Hours-72

Credit-3 

Accounting is the language of business. It communicates the results of the operations of an organisation to the parties interested in it. This course aims to familiarise the students with the basic principles and practices in business

Objective

To familiarise the students with the basic accounting principles and practices in business. 

Modules

MODULE-1  ( 15 Hours) 

  • Accounting
  • Introduction
  • Meaning
  • Bookkeeping and Accounting
  • Objectives of Accounting
  • Accounting Principles
  • Concepts and Conventions
  • Double Entry System
  • Books of Accounts
  • Accounting Equation
  • Golden Rule of Accounting

MODULE-2  (15 Hours) 

  • Journal
  • Meaning
  • Journalising
  • Journal Entry
  • Simple and Compound Entries
  • Opening Entry.

MODULE-3 (22 Hours) 

  • Ledger
  • Form of an Account
  • Posting
  • Balancing of Accounts
  • Subdivision of Journals
  • Purchase book
  • Sales Book
  • Cashbook (simple, triple column)
  • Petty Cashbook.

MODULE-4 (8 Hours) 

  • Trial Balance
  • Meaning
  • Objects
  • Preparation 

MODULE-5 (12 Hours) 

  • Final Accounts
  • Trading and Profit and Loss Account
  • Balance Sheet (without adjustments) 

Suggested Readings 

  • RL Gupta and M Radhaswamy - Advanced Accountancy-.Sultan Chand Publishers
  • PC Tulsian. Advanced Accountancy-S Chand Publications
  • S Kr. Paul- Fundamentals of Accounting - New Central Agency
  • M.C.Shukla and T.S. Grewal- Advanced Accounting, S Chand Publication
  • Jain and Narang- Fundamentals of Accounting, Kalyani Publishers
  • B S Raman – Financial Accounting- United Publishers