Course Content:
Unit– I: Introduction to Accounting, Accounting system and process
Meaning, Need for accounting and accounting information system, Stakeholder using accounting information, Qualitative aspects of financial accounting, Accounting standards in India and International (outline), Branches of Accounting, Types of Business Organisations, Accounting taxonomy, Accounting concepts and conventions, Accounting concept of income and expenditure, Classification of capital and revenue- expenditure and income, accounting equation of assets equals capital and liabilities, accounting process, contingent assets and liabilities, Fictitious assets.
Unit – II: Recording transactions and Trial balance
Transactions -nature, Entry in Journal, Purchases, sales, Returns, Receivables, and payables, Inventory, Depreciation and amortizations, reserves, Intangible assets accounting, GST transactions, Entry in Ledger, Accounting accuracy through Trial balance, correction of errors.
Unit – III: Final Accounts
Preparation of Trading and Profit and Loss account, cash books, and Balance Sheet of sole trading concerns, importance of disclosures in final accounts
Unit - IV: Company Final Accounts
Introduction to company – kinds, share capital, issue of shares, schedules to accounts, Financial statements as per Companies Act- 2013, Provisions as to Preparation of Financial Statements, Preparation of Income statement and Balance sheet (horizontal and Vertical).
Green Accounting and Sustainable Reporting- Need and objectives, Sustainability reporting need and methods, data collection, analysis for sustainable reporting to improve value of business, IFRS Financial sustainability disclosure standards.
- Teacher: VIVEK VERMA