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Principles of Accounting_Minor 2023-27 (1)

This document outlines a course on Principles of Accounting, covering fundamental concepts, principles, and conventions of accounting. Students will learn to record transactions, prepare trial balances, and understand financial statements, including cash books and bank reconciliation statements. The course consists of five units, focusing on various accounting topics and includes suggested readings and examination schemes.

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Sagnik Das
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16 views2 pages

Principles of Accounting_Minor 2023-27 (1)

This document outlines a course on Principles of Accounting, covering fundamental concepts, principles, and conventions of accounting. Students will learn to record transactions, prepare trial balances, and understand financial statements, including cash books and bank reconciliation statements. The course consists of five units, focusing on various accounting topics and includes suggested readings and examination schemes.

Uploaded by

Sagnik Das
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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COM Principles of Accounting L T P C

Version1.0 Contact Hours-60 3 1 0 4


Pre-requisites/Exposure Basics of Accounting
Co-requisites
Course Objectives
01 This course will enable the students to have knowledge about the basics of accounting with
concepts, principles and conventions.
02 The students of this course will learn recording of transactions in journal, posting it to ledger and
checking the authenticity of records by preparing trial balance.
03 The students of this course will learn depreciation accounting required in the preparation of
financial statements.
04 The course will help the students in understanding the method of preparation of cashbook and
Bank Reconciliation Statement.
05 The students of this course will have the ability to prepare Financial Statements of different forms
of business entities.
CourseOutcomes
On completion of this course the students will be able to:

CO1 Discuss the basics of accounting with concepts, principles and conventions.

CO2 Record transactions in journal, post it to ledger and check the authenticity of records by preparing
trial balance.
CO3 Apply the knowledge of depreciation accounting in preparation of financial statements.

CO4 Prepare cash book and evaluate there as on so of difference between cashbook and passbook
balance and prepare Bank Reconciliation Statement.
CO5 Prepare Financial Statements of different forms of business entities.

CourseDescription
Financial Accounting refers to information describing the financial resources, obligations, and
activitiesof an economic entity. The term financial position is used to describe an entity’s financial
resources and obligations at one point of time, and the term results of operations is used to describe its
financial activities during the year. The course focuses on detailed understanding of accounting
information system, accounting concepts, accounting principles, accounting cycle, recording of
transactions, and financial statement concepts.
CourseContents
Unit-1 Introduction (6 L)

Meaning and Characteristics of Accounting ,Objectives of Accounting, Book keeping & Accounting,
Accounting Concepts, Principles and Conventions, Accounting terminology, Capital and revenue Receipt &
expenditure, GAAP, Accounting Standards concepts and objectives, Indian Accounting Standards and
International Financial Reporting standards concepts and objectives, Accounting Equation.
Unit-2 Journal, Ledger and Trial Balance (20L)

Double entry system, Classification of Accounts –Traditional & Modern


Journal: Introduction, Terms and expression associated with Journal, format, Casting and carry forward,
Simple and compound Journal entry, recording of entries in Journal with narration; Opening entry.
Ledger: Meaning, Utility, Format, Posting-Simple, Compound and Opening entries, balancing of
Accounts.
Trial Balance: Introduction, methods, Preparation of Trail Balance with additional Information,
Redrafting of Trail Balance.
Unit-3 Cash Book and Bank Reconciliation Statement (8 L)
Cash Book: Introduction, types of cash book-single column, double and triple column, Bank overdraft,
more than one Bank account, contra entries.
Bank Reconciliation Statement: Meaning, Need & Importance, Reason for difference in Cash
Book and Bank Book, method of preparing BRS-favorable and Unfavorable balance is
given,Preparation of BRS when extract of cash Book and pass book is given, Amended
Cash book concept; Practical steps for preparation of Bank Reconciliation Statement.
Unit-4 Depreciation (6 L)
The nature of depreciation - The accounting concept of depreciation - Factors in the measurement
ofdepreciation - Methods of computing depreciation: straight line method and diminishing balance
method –Disposal of depreciable assets- change in method of charging depreciation-Accounting for
depreciation: Asset-depreciation, Asset-provision.
Unit-5 Final Accounts (20L)
Preparation of Financial Statements: Sole Proprietorship business entities from a Trial Balance–
Manufacturing, Trading, P/L A/c and Balance Sheet.
SuggestedReadings:
TextBooks:
1. Sukla, Grewal, Gupta: Advanced Accountancy, Vol. I,S.Chand
2. Sehgal &Sehgal,AdvancedAccountancy,Vol.I,TaxmanPublication
3. Hanif & Mukherjee, Financial Accounting, TMH
ReferenceBooks:
4. Tulsian, Financial Accounting, Pearson
5. Mukherjee and Mukherjee, Financial Accounting Volume I, Oxford Publication
ModesofExamination:Assignment/Quiz/Project/Presentation/WrittenExam
ExaminationScheme:
Components Internal End Total
Term
Weightage(%) 50 50 100

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