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. Familiarize with role of accounting software and its application in a business organization.

Course Outcomes (COs).

Course Outcome (at course level)

Learning and teaching strategies

Assessment Strategies

On completion of this course, the students will:

CO27.Understand the Basic Terminology of Book Keeping & Accountancy.

CO28.Develop skills of Preparing the Trading, Profit & Loss A/c & Balance Sheet of the Organization.

CO29. Develop the skills of Preparation of Accounts from Incomplete Records and its uses.

CO30.Categorize different typeof Accounting Software.

CO31.Assess& gain hands-on practice on 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.

 

9.00
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

 

9.00
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

 

 

9.00
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

 

9.00
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.

 

9.00
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, KhandelwalPareek( 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

 

 E-RESOURCES:

  • https://books.google.co.in/books?id=0yYrDwAAQBAJ&printsec=copyright&redir_esc=y#v=onepage&q&f=false       
  • https://icmai.in/upload/Students/Syllabus-2012/Study_Material_New/Inter-Paper5-Revised.pdf

 JOURNALS:

  • The Indian Journal of Commerce
  • https://academic.oup.com/journals/?login=false
  • IUP Journal of Accounting Research
  • The Chartered Accountant

 

Academic Year: 
2022-23
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