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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 ZeroOfficial Notes
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