Principles of Accounting (Theory)

Paper Code: 
24GBCA103
Credits: 
03
Periods/week: 
03
Max. Marks: 
100.00
Objective: 

This course will enable the students to develop a conceptual understanding of the financial accounting system and their application in business with the help of accounting software.

 

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: Apply the basic principles of Book Keeping & Accountancy.

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

CO33: Evaluate and prepare Accounts from Incomplete Records.

CO34: Identify & compare 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: Explanations, Discussion, Solving Questions, Project work

 

Learning activities for the students:

Case studies, Presentation.

Class-test, Semester end examinations, Quiz, Assignments, Presentation,

Solving problems.

 

9.00
Unit I: 

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.

9.00
Unit II: 

Preparation of Ledger accounts, Preparation of Trial balances. Preparation of Final Accounts without Adjustments 

9.00
Unit III: 

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 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 Systems.

9.00
Unit IV: 

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.

9.00
Unit V: 

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.

ESSENTIAL READINGS: 
  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)
REFERENCES: 

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

 

Academic Year: 
2024-25
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