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

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.

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

Auditor’s Report: Meaning, Contents, Types, Qualifications