BASIC Accounting

About Course

Paper Code: 510105	Marks: 100	Credits: 3	Class Hours: 45 hrs.
Paper Title	BASIC Accounting

Course Content

Chapter-1 Introduction
Meaning and Definition of Accounting, Steps in the Accounting Process, Objectives of Accounting, Users of Accounting Information, Distinction between Book Keeping and Accounting, Generally Accepted Accounting Principles, Relationship of Accounting with Other Disciplines.

Chapter-2 Accounting Equation:
Elements of Accounting Equation, Items Affecting Owner’s Equity, Business Transactions, Transaction Analysis Using the Accounting Equation, Financial Statements, Practical Problems.

Chapter-3 Recording Process:
Double Entry System, The Accounting Cycle, Steps in the Recording Process, The Account and Its Classifications. The Rules of Debit and Credit, Expansion of the Basic Accounting Equation, Journal, Ledger, Trial Balance, Practical Problems.

Chapter-4 Accounting for Merchandising Operations
Merchandising Operations, Operating Cycle, Perpetual and Periodic Inventory Systems, Merchandising Transactions, Debit Memorandum and Credit Memorandum, Trade Discounts, Cash Discounts, Shipping Terms and Freight Costs, Journal Entries for Merchandising Transactions, Net Price Method of Recording Merchandising Transactions, Cost Flow Assumptions, Determining Cost of Goods Sold under Periodic Inventory System, Income Statement of a Merchandising Company, Practical Problems.

Chapter-5 Special Journals
Special Journal-Sales Journal, Cash Receipts Journal, Purchases Journal, Cash Payments Journal, Effects of Special Journal on General Journal, Advantages of Special Journals, Subsidiary Ledgers, Advantages of Subsidiary Ledgers, Control Accounts, Posting to Subsidiary Ledgers, Practical Problems.

Chapter-6 Adjustment Process
Accounting Period, Bases of Accounting, Adjusting Entries, The Need for Adjusting Entries, Situations that Require Adjusting Entries, Types of Adjusting Entries, Accounting for Bad Debts, Adjusted Trial Balance, Closing Entries, Post-Closing Trial Balance, Reversing Entries, Practical Problems.

Chapter-7 Worksheet
Worksheet, Objects, Nature and Benefits of a Worksheet, Steps in Preparing a worksheet, Forms of a Worksheet, Preparing Worksheet for a Service Company, Preparing Financial Statements from a Worksheet, Preparing Adjusting Entries and Closing Entries from a Worksheet, Preparing Worksheet for a Merchandising company, Practical Problems.

Chapter-8 Financial Statements
Income Statement, Forms of Income Statement, Limitations of Income Statement, Owner’s Equity Statement, Classified Balance Sheet, Practical Problems.

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About Course

Course Content

Chapter-1 Introduction
Meaning and Definition of Accounting, Steps in the Accounting Process, Objectives of Accounting, Users of Accounting Information, Distinction between Book Keeping and Accounting, Generally Accepted Accounting Principles, Relationship of Accounting with Other Disciplines.

Chapter-2 Accounting Equation:
Elements of Accounting Equation, Items Affecting Owner’s Equity, Business Transactions, Transaction Analysis Using the Accounting Equation, Financial Statements, Practical Problems.

Class Brief

Class-1 Requirments 1-7

Class-2 Requirements 8-13

Class-3 Requirements 13-26

Chapter-3 Recording Process:
Double Entry System, The Accounting Cycle, Steps in the Recording Process, The Account and Its Classifications. The Rules of Debit and Credit, Expansion of the Basic Accounting Equation, Journal, Ledger, Trial Balance, Practical Problems.

Class Brief

Class-1 Requirement 1-2

Class-2 Requirement 3

Class-3 Requirement 4

Class-4 Requirement 5

Class-5 Requirements 6-7

Class Brief

Class-1 Requirement 1-2

Class-1 Requirement 1-2 Solve Class-2

Class-2 Requirement 3-5

Class-3 Requirements 6-12

Class-4 Requirements 13-20

Class Brief

Class Brief

Class-3 Requiremnet-3

Class-4 Requirement 4-7

Adjustement Quize

Class-1 Requirement 1-3 Solve Class

Class-1 Requirement 1-3 Solve Class-1

Class-1 Requiremnet 1-3 Solve Class-2

Class-2 Requirement 4-5

Class-3 Requirement -6

Chapter-8 Financial Statements
Income Statement, Forms of Income Statement, Limitations of Income Statement, Owner’s Equity Statement, Classified Balance Sheet, Practical Problems.

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About Course

Course Content

Chapter-1 Introduction Meaning and Definition of Accounting, Steps in the Accounting Process, Objectives of Accounting, Users of Accounting Information, Distinction between Book Keeping and Accounting, Generally Accepted Accounting Principles, Relationship of Accounting with Other Disciplines.

Chapter-2 Accounting Equation: Elements of Accounting Equation, Items Affecting Owner’s Equity, Business Transactions, Transaction Analysis Using the Accounting Equation, Financial Statements, Practical Problems.

Class Brief

Class-1 Requirments 1-7

Class-2 Requirements 8-13

Class-3 Requirements 13-26

Chapter-3 Recording Process: Double Entry System, The Accounting Cycle, Steps in the Recording Process, The Account and Its Classifications. The Rules of Debit and Credit, Expansion of the Basic Accounting Equation, Journal, Ledger, Trial Balance, Practical Problems.

Class Brief

Class-1 Requirement 1-2

Class-2 Requirement 3

Class-3 Requirement 4

Class-4 Requirement 5

Class-5 Requirements 6-7

Class Brief

Class-1 Requirement 1-2

Class-1 Requirement 1-2 Solve Class-2

Class-2 Requirement 3-5

Class-3 Requirements 6-12

Class-4 Requirements 13-20

Class Brief

Class Brief

Class-3 Requiremnet-3

Class-4 Requirement 4-7

Adjustement Quize

Class-1 Requirement 1-3 Solve Class

Class-1 Requirement 1-3 Solve Class-1

Class-1 Requiremnet 1-3 Solve Class-2

Class-2 Requirement 4-5

Class-3 Requirement -6

Chapter-8 Financial Statements Income Statement, Forms of Income Statement, Limitations of Income Statement, Owner’s Equity Statement, Classified Balance Sheet, Practical Problems.

Student Ratings & Reviews

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Chapter-1 Introduction
Meaning and Definition of Accounting, Steps in the Accounting Process, Objectives of Accounting, Users of Accounting Information, Distinction between Book Keeping and Accounting, Generally Accepted Accounting Principles, Relationship of Accounting with Other Disciplines.

Chapter-2 Accounting Equation:
Elements of Accounting Equation, Items Affecting Owner’s Equity, Business Transactions, Transaction Analysis Using the Accounting Equation, Financial Statements, Practical Problems.

Chapter-3 Recording Process:
Double Entry System, The Accounting Cycle, Steps in the Recording Process, The Account and Its Classifications. The Rules of Debit and Credit, Expansion of the Basic Accounting Equation, Journal, Ledger, Trial Balance, Practical Problems.

Chapter-8 Financial Statements
Income Statement, Forms of Income Statement, Limitations of Income Statement, Owner’s Equity Statement, Classified Balance Sheet, Practical Problems.