PRINCIPLES OF ACCOUNTING

Paper Code: 
GBCA 103
Credits: 
3
Periods/week: 
3
Max. Marks: 
100.00
Objective: 

The course will enable the students to

  1. Develop a conceptual understanding of financial accounting system.
  2. Familiarizewith role of accounting software and its application in business organization.

Course Outcomes (COs):

Learning Outcome (at course level)

Learning and teaching strategies

Assessment Strategies

CO 25 Understand the Basic Terminology of Book Keeping & Accountancy.

CO 26 Develop skills of Preparing the Trading, Profit & Loss A/c & Balance Sheet of the Organization.

CO 27 Develop the skills of Preparation of Accounts from Incomplete Records and its uses.

CO 28 Understand the different type of Accounting Software.

CO 29 Identify  the use of Accounting Software Tally

Approach in teaching:

Explanations,

Discussion, Solving Questions, Project work

 

Learning activities for the students:

Case studies, Presentation, Giving tasks

Class test, Semester end examinations, Quiz, Solving problems in tutorials, Assignments, Presentation, Individual and group projects.

 

11.00
Unit I: 

Basics of Bookkeeping and Accountancy- Definition and its Usefulness, Financial Accounting Principles, Concepts and Convention.

System of Bookkeeping – Double Entry System, Books of Prime Entry, Subsidiary books, Recording of Cash and Bank Transaction, Preparation of Ledger accounts, Preparation of Trial balance

10.00
Unit II: 

Final Accounts: Concept of Capital, Revenue and Deferred Revenue Expenditure, Opening Entries, Closing Entries, Adjustment Entries, Manufacturing, Trading and Profit and Loss Account (Without Adjustment) and Balance Sheet.

Adjustment of final accounts: Trading account, profit and loss account and balance sheet

10.00
Unit III: 

Preparation of Accounts from Incomplete Records (Single Entry System): Nature of Incomplete Records, Limitations of the Single Entry System, Ascertainment of Profit or Loss, Difference between Double Entry System and Single Entry System

Sectional and Self Balancing System: The Nature of Ledgers, Sectional Balancing System, Self-Balancing System

7.00
Unit IV: 

Computer accounting: Introduction to Accounting Software, use of accounting software, types of accounting software’s, accounting software: Tally: creation of company; creation of ledger account; voucher entry.

7.00
Unit V: 

Use of Accounting Software Tally; Maintenance of Inventory Record; Analysis of Trial Balance & Final Accounts, result analysis of computer accounting.

ESSENTIAL READINGS: 
  1. Financial Accounting-R.L. Gupta, V.K Gupta (Sultan Chand& Sons)
  2. Modern Accountancy-AMukharjee, MHanif.  (Tata Mc- Graw-Hill)
  3. Fundamentals of Financial Accounting- Dr Ashok Sehgal, Dr Deepak Sehgal (TaxMann’s)
  4. Financial Accounting- Jain, Khandelwal Pareek( Ajmera Book Company)
REFERENCES: 
  1. Accountancy- PC Tulsian (Tata Mc- Graw-Hill)
  2. Accountancy-DK Goel, Rajesh Goel(Arya Publications)
  3. An Introduction to Accountancy- S.N Maheshwari(Vikash Publishers)
  4. Fundamental of Accounting-Dr T P Ghosh, (Sultan Chand & Sons)

Note- The candidate shall be permitted to use battery operated calculator that should not have more than 12 digits, 6 functions and 2 memories and should be noiseless and cordless

Academic Year: 
2020-21
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