Principles of Accounting (Theory)

Paper Code: 
24GBCA103
Credits: 
03
Periods/week: 
03
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: 

Course

Learning outcome

(at course level)

Learning and teaching strategies

Assessment Strategies

Course Code

Course

Title

24GBCA 103

Principles of Accounting (Theory)

 

CO31.Understand the Basic Terminology of Book Keeping & Accountancy.

CO32.Develop skills of Preparing the Trading, Profit & Loss A/c & Balance Sheet of the Organization.

CO33. Develop the skills of Preparation of Accounts from Incomplete Records and its uses.

CO34.Categorize different type of Accounting Software.

CO35.Assess & gain hands-on practice on Accounting

Software Tally

CO36 Contribute effectively in course-specific interaction

Approach in teaching: Interactive Lectures, Discussion, Reading assignments, Demonstration.

 

Learning activities for the students: Self learning assignments, Effective questions, Seminar presentation

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: 

SUGGESTED TEXT BOOKS

  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: 

SUGGESTED REFERENCE BOOKS

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:

  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: https://academic.oup.com/journals/?login=false
  2. IUP Journal of Accounting Research: https://iupindia.in/AccountingResearch_AuditPractices.asp

 

Academic Year: 
2024-25
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