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: o Documents & Books of Accounts: Invoices. Vouchers, Debit & Credit Notes, Day books, Journals, Ledgers & Trial Balance o Capital & Revenue: Expenditures & Receipts; Contingent Assets & Contingent Liabilities o 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: Methods, computation and accounting treatment of Depreciation; Change in depreciation methods

• Preparation of Final Accounts for Sole Proprietors: Preparation of Profit & Loss Account, Balance Sheet
• Partnership Accounts:
o Goodwill: Nature & Factors affecting Goodwill, Method and Valuation: Average Profit, Super Profit and Capitalization Methods, Treatment of Goodwill.
o Final Accounts of Partnership Firms, Admission of a Partner, Retirement / Death of a Partner.
o Dissolution of Partnership Firm

Introduction to Company Accounts: Issue of Shares and Debentures; Forfeiture of Shares; Re-Issue of Forfeited Shares; Redemption of Preference Shares

Auditing
o Concepts & Objectives, Principles of Auditing
o Types of Audit, Evidence in Auditing, Audit Programmes
• Audits and Auditors Reports
o Internal Audit,
o Statutory Auditor: Appointment, Qualification, Rights Duties
o Secretarial Audit, Cost Audit: An Overview
o Auditor’s Report: Meaning, Contents, Types, Qualifications