Fundamentals of Accounting & Auditing

Theoretical Framework

Meaning and Scope of Accounting; Accounting Concepts; Accounting Principles, Conventions and Standards - Concepts, Objectives, Benefits; Accounting Policies; Accounting as a Measurement Discipline - Valuation Principles, Accounting Estimates

Accounting Process

Documents & Books of Accounts- Invoice, Vouchers, Debit & Credit Notes, Day books, Journals, Ledgers and Trial Balance; Capital and Revenue- Expenditures and Receipts; Contingent Assets and Contingent Liabilities; Rectification of Errors

Bank Reconciliation Statement

Meaning; Causes of difference between Bank Book Balance and Balance as per Bank Pass Book /Bank Statement; Need of Bank Reconciliation Statement; Procedure for Preparation of Bank Reconciliation Statement

Depreciation Accounting

Brief of various Methods; Computation and Accounting Treatment of Depreciation (Straight line and Diminishing Balance Method); Change in Depreciation Methods

Preparation of Final Accounts for Sole Proprietors

Preparation of Profit & Loss Account; Balance Sheet

Partnership Accounts

Goodwill - Nature of Goodwill and Factors Affecting Goodwill; Methods of Valuation - Average Profit, Super Profit and Capitalization Methods; Treatment of Goodwill; Final Accounts of Partnership Firms - Admission of a Partner, Retirement/Death of a Partner, Dissolution of a Partnership Firm; Joint Venture and Consignment Account

Introduction to Company Accounts

Issue of Shares and Debentures; Forfeiture of Shares; Re-Issue of Forfeited Shares; Redemption of Preference Shares

Accounting for Non-Profit Organizations

Receipt and Payment Accounts; Income and Expenditure Accounts

Computerized accounting environment

Basic Utility of SAP, TALLY, ERP

Auditing

Concepts and Objectives; Principles of Auditing; Types of Audit; Evidence in Auditing; Audit Programmes

Audits and Auditor’s Reports

Internal Audit; Statutory Auditor- Appointment, Qualification, Rights and Duties;

Secretarial Audit

An Overview; Cost Audit- An Overview; Reporting - Types, Meaning, Contents, Qualifications