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Accounting is a means of communicating the results of business operations to various parties interested in or connected with the organization. Accounting is the language of business . It is associated not only with business with every body who is interested in keeping an account of money received and money spent.
Note: on course work every lecture should be complemented by an appropriate activity examples: practical problem collection of accounting data from sole proprietors, preparation of accounting records of a sole trader
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Module I
Introduction of accounting •Origin •meaning, definition-need importance-functions - limitations-accounting principles-Generally accepted accounting principles-accounting equation- double entry system.
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Module II
Recording transactions •journal-ledger-trial balance-cash book (single column bank column, and with discount column) - bank reconciliation statement
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Module III
Accounting for depreciation-meaning-importance-methods of providing depreciation (Straight line, diminishing, annuity)-reserves and provisions
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Module IV
Final accounts of sole trader- manufacturing, trading, and profit and loss account and balance sheet
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Module V
Bill of exchange •meaning, definition- importance promissory note-recording bill transaction (honouring, dishonouring, discounting)
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Reference
Core text: Business accounting- Jain and Narang Reference text Advanced accounting -Jain and Narang Advanced Accountancy, MA Arulanandam and KS Raman, Himalaya Publications, Mumbai
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