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You are here:Open notes-->Bangalore-University-->Fundamentals-of-Accounting-Notes

Fundamentals of Accounting Notes

How to study this subject

OBJECTIVE
The objective of this course is to acquaint students with the accounting concepts, tools
and Techniques influencing business organizations.

Unit 1:
INTRODUCTION TO FINANCIAL ACCOUNTING
08 Hours
Introduction – Meaning and Definition – Objectives of Accounting – Functions of Accounting –
Users of Accounting Information – Limitations of Accounting – Accounting Principles –
Accounting Concepts and Accounting Conventions. List of Indian Accounting Standards.

Unit 2:
ACCOUNTING PROCESS
12 Hours
Meaning – Process of Accounting – Kinds of Accounts – Rules - Transaction Analysis – Journal
– Ledger – Balancing of Accounts – Trial Balance

Unit 3:
SUBSIDIARY BOOKS
12 Hours
Meaning – Significance – Types of Subsidiary Books – Purchases Book – Sales Book – Purchase
Returns Book – Sales Return Book – Bills Receivable Book – Bills Payable Book – Cash Book
(Simple Cash Book, Double Column Cash Book, Three Column Cash Book and Petty Cash Book)
and Journal proper. Bank Reconciliation Statement – Preparation of Bank Reconciliation
Statement

Unit 4:
RECTIFICATION OF ERRORS
08 Hours
Meaning – Kinds of Accounting Errors and Methods of Rectification of Errors – when suspense
account is required and when suspense account is not required.

Unit 5:
FINAL ACCOUNTS OF PROPRIETARY CONCERN
10 Hours
Preparation of Trading Account, Profit & Loss Account and Balance Sheet.

Unit 6:
SINGLE ENTRY SYSTEM
10 Hours
Meaning – Features – Types – Merits – Demerits – Differences – Preparation of Opening
Statement of Affairs, Closing Statement of Affairs, Computation of Profit/Loss and revised
Statement of Affairs

SKILL DEVELOPMENT
List out the accounting concepts and conventions.
List out any ten errors disclosed by trial balance
Collect the final accounts of a proprietary concern and present it vertical form.
Prepare a Bank Reconciliation Statement with imaginary figures

BOOKS FOR REFERENCE
1) Dr. S.N. Maheswari, Financial Accounting
2) Jawaharlal & Seema Srivastava: Financial Accounting,HPH
3) BS Raman, Financial Accounting
4) Grewal and Gupta, Advanced Accounting
5) Dr. Anil Kumar, Dr. Rajesh Kumar, B. Mariyappa; Financial Accounting
6) S. P Jain and K. L. Narang ; Financial Accounting
7) R.G. Saha, Fundamentals of Accounting
8) S Jayapandian: Financial Accounting from Zero



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