Department Events
PRINCIPLES OF ACCOUNTING
The course will enable the students to
- Develop a conceptual understanding of financial accounting system.
- 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. |
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
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
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
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.
Use of Accounting Software Tally; Maintenance of Inventory Record; Analysis of Trial Balance & Final Accounts, result analysis of computer accounting.
- Financial Accounting-R.L. Gupta, V.K Gupta (Sultan Chand& Sons)
- Modern Accountancy-AMukharjee, MHanif. (Tata Mc- Graw-Hill)
- Fundamentals of Financial Accounting-Dr Ashok Sehgal, Dr Deepak Sehgal (TaxMann’s)
- Financial Accounting- Jain, KhandelwalPareek( Ajmera Book Company)
- Accountancy- PC Tulsian (Tata Mc- Graw-Hill)
- Accountancy-DK Goel, Rajesh Goel(Arya Publications)
- An Introduction to Accountancy- S.N Maheshwari(Vikash Publishers)
- 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: https://iupindia.in/AccountingResearch_AuditPractices.asp
