Department Events
PRINCIPLES OF ACCOUNTING
Course Objectives:
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 business organization.
Course Outcomes (COs):
Course Outcome (at course level) | Learning and teaching strategies | Assessment Strategies |
|---|---|---|
The students will: CO27.UnderstandtheBasicTerminologyofBookKeeping&Accountancy. CO28.Develop skills of Preparing the Trading, Profit & Loss A/c & Balance Sheet of the Organization. CO29.DeveloptheskillsofPreparation of Accounts from Incomplete Records and its uses. CO30.Categorise different type of 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. |
Introduction to Accounting – Meaning & Definition Concepts, Need, Objectives, Advantages & Limitations.
Basic Accounting Terms, Accounting Principles or Concepts and Conventions.
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 balances.
Preparation of Final Accounts without Adjustments
Preparation of Final Accounts With Adjustments (Closing Stock, Prepaid Expenses, Outstanding Expenses, Accrued Incomes, Unearned Incomes, Depreciation on Non Current Assets, Interest on Capital, Interest on Drawings and Bad Debts)
Preparation of Final Accounts With Adjustments (Closing Stock, Prepaid Expenses, Outstanding Expenses, Accrued Incomes, Unearned Incomes, Depreciation on Non Current Assets, Interest on Capital, Interest on Drawings and Bad Debts)
Computer and Accounting: the Inter Relationship, Application of Computer in Accounting and Accounting Information System (Executive Support System, Management Information System, Decision Support System and Transaction Processing System) and Introduction and Purpose of Accounting Information System.
Introduction to Accounting Software, uses of accounting software, types of accounting software’s, Sourcing of Accounting Software; Readymade, Customized and Tailor Made Software’s. Use of Accounting Software Tally with GST: Creation of company; creation of ledger account; voucher entry Trial Balance and Preparations of Financial Statements.
1. Financial Accounting- R.L.Gupta, V.K. Gupta (Sultan Chand & Sons)
2. Modern Accountancy- A.Mukharjee, M.Hanif.(Tata Mc-Graw-Hill)
3. Fundamentals of Financial Accounting- Dr.Ashok Sehgal, Dr Deepak Sehgal (Tax Mann’s)
4. Financial Accounting- Jain, Khandelwal, Pareek (Ajmera Book Company)
SUGGESTED READINGS:
1. Accountancy-P.C.Tulsian (TataMc-Graw-Hill)
2. Accountancy-D.K.Goel, Rajesh Goel (Arya Publications)
3. An Introduction to Accountancy-S.N. Maheshwari (Vikash Publishers)
4. Fundamental of Accounting- Dr.TP 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:
1. https://books.google.co.in/books?id=0yYrDwAAQBAJ&printsec=copyright&redir_esc=y#v=onepage&q&f=false
2. https://icmai.in/upload/Students/Syllabus-2012/Study_Material_New/Inter-Paper5-Revised.pdf
JOURNALS:
1. The Indian Journal of Commerce
2. https://academic.oup.com/journals/?login=false
3. IUP Journal of Accounting Research
4. The Chartered Accountant
