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Part A: Financial Accounting - I

Unit 1: Introduction to Accounting Online Notes  Page 1 Page 2

Accounting- meaning, objectives, Accounting as source of information, internal and external users of Accounting information and their needs.

Qualitative characteristics of Accounting information-reliability, relevance, understand-ability and comparability.

Basic Accounting Terms - Asset, Liability, Capital, Expense, Income, Expenditure, Revenue, Debtors, Creditors, Goods, Cost, Stock, Purchase, Sales, Profit, Loss, Gain,Voucher, Discount, Transaction, Drawings.

 Unit 2: Theory Base  of Accounting

Accounting Principles - meaning and nature

Accounting Concepts: Entity, Money Measurement, Going Concern, Accounting Period,Cost Concept, Dual Aspect, Revenue Recognition (Realisation), Matching, Accrual,Full Disclosure, Consistency, Conservatism, Materiality

Accounting Standards- Concept

Process of accounting-from recording of business transactions to preparation of trial balance.

Bases of Accounting - Cash Basis, Accrual Basis

 Unit 3: Recording of Business Transactions

Voucher and Transactions: Origin of Transactions-Source Documents and Vouchers, preparation of Accounting vouchers; Accounting Equation Approach - Meaning and Analysis of transactions using Accounting Equation, Rules of Debit and Credit.

Recording of Transactions: Books of original entry - Journal, Special Purpose Books: i) Cash Book - Simple, Cashbook with Bank column and Petty Cashbook, ii) Purchases Book, Sales Book, Purchase Returns Book, Sales Returns Book; Ledger-meaning, utility, format; posting from Journal and Subsidiary books; Balancing of Accounts.

Bank Reconciliation Statement: Meaning, Need and Preparation, Corrected Cash Book Balance

 Unit 4: Trial Balance and Rectification of Errors Online Notes Page 1

Trial Balance: meaning, objectives and preparation.

Errors: Types of Errors: Errors of omission, commission, principles and compensating errors affecting Trial Balance; errors not affecting Trial Balance.

Detection and Rectificition of Errors (One Sided and Two Sided); use of Suspense Account.

 Unit 5: Depreciation, Provisions and Reserves Online Notes Page 1

Depreciation: Meaning and need for charging depreciation, factors affecting depreciation, methods of depreciation-Straight Line method, Written Down Value method (excluding change in method), Method of recording depreciation-charging to asset account, creating provision for depreciation/accumulated depreciation account; Treatment of disposal of asset.

Provisions and Reserves: meaning, importance, difference between Provisions and Reserves, types of Reserves: Revenue Reserve, Capital Reserve, General Reserve, Specific Reserve and Secret Reserves.

 Unit 6: Accounting for Bills  of Exchange Transactions Online Notes Page 1 Page 2

Bills of exchange and Promissory Note: definition, features, parties, specimen and distinction.

Important Terms: Term of Bill, Days of Grace, Date of Maturity, Bill at Sight, Negotiation, Endorsement, Discounting of Bill, Dishonour, Retirement and Renewal of a Bill.

Accounting treatment of trade bills.

Accomodation bills : concept and elementary accounting treatment. 

Part B: Financial Accounting - II

 Unit 7: Financial Statements

Financial statements: meaning and users.

Capital Expenditure, Revenue expenditure and Deferred Revenue Expenditure

Trading and Profit and Loss Account: Gross Profit, Operating and net profit.

Balance Sheet: need, grouping and marshalling of Assets and Liabilities. Vertical and Horizontal Presentation of Financial Statements.

Preparation of Trading and Profit & Loss Account and Balance Sheet of sole proprietorship.

Adjustments in preparation of financial statements with respect to closing stock, outstanding expenses, prepaid expenses, accrued Income, Income received In advance, depreciation bad debts, provision for doubtful debts, provision for discount on debtors, manager's commission.

 Unit 8: Accounts from incomplete records Online Notes Page 1 Page 2 Page 3

Incomplete records : meaning, uses and limitations. Ascertainment of profit/loss by statement of affairs method, conversion method.

 Unit 9: Computers in Accounting

Introduction to Computer and Accounting Information System (AIS)

Applications of computers in accounting: - Automation of   accounting process,  designing  accounting  reports,  MIS reporting, data exchange with other information systems

Comparison of accounting processes in manual and computerized accounting, highlighting advantages and limitations of automation

Sourcing of accounting system: readymade and customized and tailor-made accounting system. Advantages and disadvantages of each option.

 Unit 10: Accounting and Database System

Accounting and Database Management System

Concept of entity and relationship: entities and relationships in an Accounting System: designing and creating simple tables, forms, queries and reports in the context of Accounting System.

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