Chapter 1

Introduction to Accounting

Meaning and objectives of Accounting

medium • 1 min read

Accounting information users

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Basic accounting terms

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Accounting concepts and conventions

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Accounting Standards and IFRS

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Chapter 2

Theory Base of Accounting

Double entry system

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Bases of accounting (Cash vs Accrual)

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Accounting equation

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Rules of debit and credit

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Source documents and vouchers

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Chapter 3

Recording of Transactions

Journal and Ledger

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Cash Book (Single and Double Column)

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Petty Cash Book

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Purchases and Sales Journal

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Purchases Return and Sales Return Journal

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Chapter 4

Bank Reconciliation Statement

Need and preparation

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Causes of difference

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Preparation without evaluating Cash Book

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Preparation with amended Cash Book

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Bank overdraft scenarios

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Chapter 5

Depreciation, Provisions and Reserves

Concept and causes of Depreciation

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Straight line method

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Written down value method

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Provisions vs Reserves

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Types of Reserves

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Chapter 6

Trial Balance and Rectification of Errors

Meaning and objectives of Trial Balance

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Preparation of Trial Balance

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Errors not affecting Trial Balance

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Errors affecting Trial Balance

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Suspense Account

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Chapter 7

Financial Statements of Sole Proprietorship

Meaning and objectives

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Trading and Profit & Loss Account

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Balance Sheet

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Grouping and Marshalling

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Operating profit calculation

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Chapter 8

Adjustments in Preparation of Financial Statements

Closing stock and Outstanding expenses

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Prepaid expenses and Accrued income

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Depreciation and Bad Debts

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Provision for Doubtful Debts

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Manager's commission

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Chapter 9

Accounts from Incomplete Records

Meaning and Features (Single Entry System)

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Reasons for keeping incomplete records

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Statement of Affairs method

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Conversion into Double Entry

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Ascertainment of profit/loss

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Chapter 10

Computers in Accounting

Introduction to computerised accounting

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Advantages and limitations

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Accounting Information System (AIS)

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Ready-made vs Customised software

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Spreadsheets for accounting applications

medium • 5 min read