Introduction to Accounting 11 Periods
- accounting- concept, objectives, advantages and limitations, types of accounting information; users of accounting information and their needs.Qualitative Characteristics of Accounting Information. Role of Accounting in Business.
- Basic Accounting Terms- Business Transaction, Capital, Drawings. Liabilities (Non Current and Current). Assets (Non Current, Current); Fixed assets (Tangible and Intangible), Expenditure (Capital and Revenue), Expense, Income, Profit, Gain, Loss, Purchase, Sales, Goods, Stock, Debtor, Creditor, Voucher, Discount (Trade discount and Cash Discount)
Theory Base of Accounting 14 Periods
- Fundamental accounting assumptions: GAAP: Concept
- Business Entity, Money Measurement, Going Concern, Accounting Period, Cost Concept, Dual Aspect, Revenue Recognition, Matching, Full Disclosure, Consistency, Conservatism, Materiality and Objectivity
- System of Accounting. Basis of Accounting: cash basis and accrual basis
- Accounting Standards: Need, benefits, limitations, applicability; IFRS- Need
After going through this Unit, the students will be able to:
- describe the meaning, significance, objectives, advantages and limitations of accounting in the modem economic environment with varied types of business and non-business economic entities.
- identify / recognise the individual(s) and entities that use accounting information for serving their needs of decision making.
- explain the various terms used in accounting and differentiate between different related terms like current and non-current, capital and revenue.
- give examples of terms like business transaction, liabilities, assets, expenditure and purchases.
- explain that sales/purchases include both cash and credit sales/purchases relating to the accounting year.
- differentiate among income, profits and gains.
- state the meaning of fundamental accounting