Fundamentals Of Accounting

Introduction to financial accounting; Accounting conventions and principals; Purpose, scope, importance and limitations of accounting; Users of accounting information; Generally Accepted Accounting Principles (GAAP) and Accounting Standards (AS), The Accounting Equation; Understanding the Assets, Liabilities, Revenues and Expenses; Concepts of capital expenditure, revenue expenditure, deferred revenue expenditure, capital receipts, and revenue receipts. Nature of accounts and rules of debit and credit.

Double entry system and its advantage; Basic accounting procedure; Journal, Journalizing, Journal entries processes for accounting; Goods and Service Tax (GST) and accounting [ Ledger: meaning, utility, posting entries. Opening and Closing entries; Trial Balance,

Accounting for Depreciation, Significance and Methods, Inventory Valuation Methods and Choice of Methods. Different Types of Reserves, Accounting for Partnership Firm-Introduction, Dissolution of Partnership Firm & Its accounts, Provision for Bad Debts, Accrued, Prepaid, Outstanding and unearned income and expenditure

Recording and Classification of transactions, Preparation of Financial Statements: Preparing Trading Account and Trial balance, Profit & Loss Account, without & with adjustments and Cash Flow Statement for a Sole Proprietor. Understanding of financial statements of a Joint Stock Company as per the Companies Act 2013. Preparation of Cash flow statements

Introduction to International Financial Reporting Standards (IFRS): Need and significance. Ethical Issues in Accounting. The meaning and need for convergence of India accounting standards with IFRS; the benefits of achieving convergence with IFRSs for the economy, investors, industry, and accounting professionals. Concept and procedure of issuing Indian Accounting Standards (Ind AS); Introduction to Ind AS - 7 – Statement of Cash Flows, Ind AS 16 – Property, Plant and equipment and Ind AS 18 – Revenue Recognition;