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Accounting for Beginners (Generic Elective)
This course will enable the students to develop a conceptual understanding of the accounting system and their application in business.
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Assessment Strategies |
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Course Code |
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25GATG201 |
Accounting for Beginners (Theory) |
CO1: Execute the accounting process and demonstrate the understanding of theoretical Framework, Accounting Principles and accounting standards. CO2: Apply the concept of Measurement of business income & System of Bookkeeping. CO3: Evaluate the concept of book-keeping & apply the concept of depreciation of non-current assets. CO4: Develop the skills of preparing financial statements and its use for the growth of business organization. CO5: Develop the skills to prepare the accounts from Incomplete records. CO 6: Contribute effectively in course-specific interaction |
Approach in teaching: Interactive Lectures, Discussion, Tutorials, Problem solving sessions, Presentations Learning activities for the students: Self-learning assignments, Case Study analysis, Presentations, Group discussions
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Continuous Assessment Test, Semester End Examinations, Quiz, Solving numerical problems, Assignments, Class Presentations, Individual and group projects. |
• Theoretical Framework- Accounting as an information system, the users of accounting information and their needs.
Qualitative characteristics of accounting, information. Functions, advantages and limitations of accounting. Branches of accounting. Bases of accounting; cash basis and accrual basis.
• Accounting principles – Basic concepts and conventions: entity, money measurement, going concern, cost, realization, accruals, periodicity, consistency, prudence (conservatism), materiality and full disclosures.
• Accounting standards- Concept, benefits, procedure for issuing accounting standards in India. Salient Features of Accounting Standards, Introduction to IFRS
• Measurement of business income -Net income: the accounting period, the continuity doctrine and matching concept. Objectives of measurement. Revenue: concept, revenue recognition principles, recognition of expenses
• System of Bookkeeping – Double Entry System, Books of Prime Entry, Subsidiary books, Recording of Cash and Bank Transaction
• Accounting Process- Preparation of Ledger accounts, Preparation of Trial balance.
• Depreciation-The accounting concept of depreciation. Factors in the measurement of depreciation. Methods of computing depreciation: straight line method and diminishing balance method; Disposal of depreciable assets-change of method.
• Final Accounts- Concept of Capital, Revenue and Deferred Revenue Expenditure, Opening Entries, Closing Entries, Trading and Profit and Loss Account and Balance Sheet (without Adjustment Entries)
• 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.
• Modern Accountancy-A Mukharjee, MHanif. (Tata Mc- Graw-Hill)
• Fundamentals of Financial Accounting- Dr Ashok Sehgal, Dr Deepak Sehgal (TaxMann’s)
• Financial Accounting- Jain, Khandelwal Pareek (Ajmera Book Company)
Suggested Readings:
• Accountancy- PC Tulsian (Tata Mc- Graw-Hill)
• Accountancy-DK Goel, Rajesh Goel(Arya Publications)
• An Introduction to Accountancy- S.N Maheshwari(Vikash Publishers)
• Fundamental of Accounting-Dr T P Ghosh,(Sultan Chand& Sons)
E-Content:
● https://books.google.co.in/books?id=0yYrDwAAQBAJ&printsec=copyright&redi...
● https://icmai.in/upload/Students/Syllabus 2012/Study_Material_New/Inter Paper5 Revised.pdf
Reference Journals:
• Accounting world
• The Indian Journal of Commerce
