Shantiniketan Women’s College,
Nina Towers,
Opp Telephone Exchange
Erragadda,
Hyderabad (A.P.)
Phone: 040 - 23811554
Fundamentals of Accounting

Objective:

To develop conceptual understanding of the fundamentals of financial accounting system.

Contents

1.Theoretical Framework

i. ) Meaning and Scope of accounting
ii). Accounting Concepts, Principles and Conventions
iii). Accounting Standards- concepts, objectives, benefits
iv). Accounting Policies
v). Accounting as a measurement discipline- valuation principles, accounting estimates.

2.Accounting Process

Books of Accounts leading to the preparation of Trial Balance, Capital and revenue expenditure, Capital and revenue receipts, Contingent assets and contingent liabilities, Fundamental errors including rectifications thereof.

3.Bank Reconciliation Statement

4.Inventories

Basis of inventory valuation and record keeping.

5. Depriciation accounting

Methods, computation and accounting treatment of depreciation, Change in depreciation methods.

6. Preparation of Final Accounts for Sole Proprietors

7.Accounting for Special Transactions

a). Consignments
b). Joint Ventures
c). Bills of exchange and promissory notes
d). Sale of goods on approval or return basis.

8. Partnership Accounts

Final accounts of partnership firms- Basic concepts of admission, retirement and death of a partner including treatment of goodwill.

9. Introduction to Company Accounts

Issue of shares and debentures, forfeiture of shares, re-issue of forfeited shares, redemption of preference shares.

 
 
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