Paper -1 Principles of Accounting Accounting – 20 Sections

Taxation and Financial Expert

Paper - 1 Principles of AccountingAccounting – 20 Sections

COURSE DESCRIPTION 

This is the first course in accounting. The course begins with the definition of accounting, types of accounting, basic concepts of accounting and covers basic accounting topics such as accounting cycle; accounts hierarchy (account classes, account groups, accounts, subsidiary accounts); journal entries related to sales, purchases, collections, payments, and expenses; posting; accounting of value added tax; payroll accounting; accounting of current assets (except inventories that will be covered in the subsequent course); trial balance, preparation of financial statements, and closing/opening entries

Theory –

  1. Welcome Lecture
  2. Introduction to Accounting
  3. Evolution of Accounting
  4. Definition of Accounting
  5. Economic Event
  6. Identification , Measurement , Recording & Communication
  7. Organization
  8. Accounting Cycle
  9. Importance of Accounting
  10. Branches of Accounting
  11. Bases of Accounting
  12. User of Accounting Information
  13. Qualitative Characteristics of Accounting Information
  14. Objective of Accounting
  15. Role Of Accounting
  16. Role of an Accountant
  1. An Introduction
  2. Features of Book Keeping
  3. Objective of Book Keeping
  4. Advantages & Limitation of Book Keeping
  5. Book Keeping vs. Accounting
  1. Transaction
  2. Capital
  3. Assets
  4. Liabilities
  5. Drawings
  6. Debtors
  7. Creditors
  8. Purchase & Purchase Returns
  9. Sales and Sales Return
  10. Voucher
  11. Invoice
  12. Revenue & Expenses
  13. Stocks
  14. Account
  1. Accounting Principles
  2. Business Entity Concept
  3. Basic Assumptions in Accounting
  4. Basic Concepts of Accounting
  5. Systems Of Accounting
  6. Fundamental Principles of Accounting
  7. Accounting Standards
  8. Case Study on Cash , Accrual , Hybrid basis
  1. Talking Head
  2. Explanation
  3. Case studies
  4. Examples
  5. Using Debit and Credit
  1. Introduction to the Traditional Approach
  2. Golden rules of Accounting
  3. Applications of Rules of Double Entry System
  4. Double Entry System
  5. Principles of Double Entry System
  6. Analysis of Transaction for Passing Accounting Entries
  1. Business Transactions and Source Document
  2. Final
  3. Cash Memo and Invoice
  4. Debit and Credit Notes
  5. Pay in Slip and Cheque
  6. Voucher
  1. Books of Original Entry
  2. Steps in Journalising
  3. Journalising Comprehensive Examples
  4. Case Study
  1. Ledger
  2. Utility of Ledger
  3. Ledger Format
  4. Ledger for Real Personal Nominal Accounts
  5. Posting and Procedures
  6. Case Studies
  7. Ledger Accounts from Opening Entry
  8. Ledger Posting from Component Entry
  1. Need and Advantages
  2. Purchase Book
  3. Case Study
  4. Sales Book
  5. Case Study
  1. Returns Books
  2. Purchase Return Book
  3. Case Study
  4. Sales Return Book
  5. Case Study
  1. Cash Book
  2. Kinds of Cash Book
  3. Single Column Cash Book
  4. Double Column Cash Book with Discount Column
  5. Double Column Cash Book with Bank Column
  6. Key Points In Cash Books
  7. Triple Column Cash Books
  1. Bill of Exchange
  2. BoE Technical Terms
  3. Bill Books
  4. Promissory Notes
  5. Parties to a Promissory Notes
  6. Difference between Bill Of Exchange and Promissory Notes
  7. Advantages of Bill of Exchanges
  8. Maturity of Bill
  9. Accounting Treatment – Drawer Books
  10. Accounting Treatment – Drawee Books
  11. Bill Of Exchange – Journal entries Problem
  12. Dishonour of a Bill
  13. Case Study
  1. Introduction
  2. Objectives of Preparing Trial Balance
  3. Methods and Formats of Trial balance
  4. Case Study
  1. Introduction
  2. Error of Principle
  3. Error of Omission
  4. Error of Commission
  5. Compensating Errors
  6. Errors and Trial Balance
  7. Steps to locate Errors
  8. Suspense Account
  9. Case Study
  1. Cash book and bank book
  2. Bank Pass Book
  3. Diffrence Between Cash Book and Pass Book
  4. Bank Reconciliation Statement
  5. Importance of BRS
  6. Causes For Disagreement
  7. Bank Overdraft
  8. Overview of BRS
  1. Introduction
  2. Stakeholders and their Information
  3. Trading and Profit Loss Account
  4. Closing Stock
  5. Trading Account – Need and format
  6. Profit And Loss Account – Need and Format
  7. Outstanding and Prepaid Expenses
  8. Prepaid Expenses
  9. Income Received in Advance
  10. Shortcuts for Final Account Adjustment
  11. Interest on Capital
  12. Interest on drawing
  13. Interest on Loan Outstanding
  14. Interest on Investment Outstanding/ Accrued
  15. Adjustments – Accrued  Income  and Income Receive in Advance
  16. Depreciation
  17. Bad Debts
  18. Provisions for Bad and Doubtful debts
  19. Provision for Discount on Debtors
  1. Introduction to Single Entry System
  2. Features of Single Entry System
  3. Introduction to Incomplete Records
  4. Limitations of Single Entry System
  5. Difference Between Single Entry and Double Entry System
  6. Methods for Finding Profits
  7. Statement of Affairs Method
  8. Conversion Method
  9. Calculation of Missing Figures
  10. Difference between Balance Sheet and Statement of Affairs
  11. Methods for Ascertaining Profit or loss
  12. Computation of Profits Under Statement of Affair Methods
  13. Ascertainment of Total Purchase
  14. Ascertainment of Total Sales
  15. Ascertainment of Credit Sales