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ACCOUNTS

1. Introduction to Accounting

  • Meaning and Scope of Accounting
  • Objectives of Accounting
  • Principles of Accounting
  • Types of Accounts: Real, Personal, and Nominal Accounts
  • Accounting Terminology: Assets, Liabilities, Capital, Revenue, Expenses, etc.

2. Theory Base of Accounting

  • Accounting as an Information System
  • Basic Accounting Terms
  • Accounting Principles (GAAP – Generally Accepted Accounting Principles)
  • Accounting Standards in India
  • Concepts of Accounting: Business Entity, Money Measurement, Going Concern, Dual Aspect, Cost Concept, Accrual Concept, Matching Concept

3. Recording of Transactions – Journal

  • Journalizing of Business Transactions
  • Rules of Debit and Credit
  • Journal Entries for Simple Transactions
  • Compound Journal Entries
  • Types of Accounts

4. Ledger and Trial Balance

  • Ledger: Definition, Structure, and Posting
  • Types of Accounts in the Ledger
  • Balancing of Accounts
  • Trial Balance: Meaning and Importance
  • Preparation of Trial Balance

5. Bank Reconciliation Statement

  • Meaning and Importance of Bank Reconciliation
  • Causes for Difference Between Cash Book and Bank Statement
  • Preparing a Bank Reconciliation Statement
  • Adjusting the Cash Book and Pass Book Balances

6. Subsidiary Books

  • Purpose and Need for Subsidiary Books
  • Types of Subsidiary Books:
    • Cash Book (Single Column, Double Column, and Triple Column)
    • Purchase Book
    • Sales Book
    • Purchase Returns Book
    • Sales Returns Book
    • Journal Proper

7. Trial Balance and Errors

  • Errors in Accounting
  • Types of Errors: Omission, Commission, and Compensating Errors
  • Detecting Errors Using the Trial Balance
  • Rectification of Errors

8. Financial Statements

  • Concept of Financial Statements
  • Trading Account, Profit & Loss Account, and Balance Sheet
  • Preparation of Trading and Profit & Loss Account
  • Preparation of Balance Sheet
  • Adjustment Entries in Final Accounts

9. Depreciation

  • Meaning of Depreciation
  • Causes of Depreciation
  • Methods of Depreciation:
    • Straight Line Method
    • Written Down Value Method
  • Accounting for Depreciation

10. Accounts of Non-Profit Organizations

  • Features of Non-Profit Organizations
  • Receipts and Payments Account
  • Income and Expenditure Account
  • Balance Sheet of Non-Profit Organizations