FUNDAMENTALS OF ACCOUNTING

By | September 30, 2021
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B Com (General and Computer Applications) SEMESTER-I

DOMAIN SUBJECT: COMMERCE

Semester-wise Syllabus under CBCS (w.e.f. 2020-21 Admitted Batch)

COURSE1A: FUNDAMENTALS OF ACCOUNTING

Learning Outcomes:

At the end of the course, the student will able to

  • Identify transactions and events that need to be recorded in the books of
  • Equip with the knowledge of accounting process and preparation of final accounts of sole trader.
  • Develop the skill of recording financial transactions and preparation of reports in accordance with
  • Analyze the difference between cash book and pass book in terms of balance and make reconciliation.
  • Critically examine the balance sheets of a sole trader for different accounting
  • Design new accounting formulas & principles for business

SYLLABUS:

Unit-I – Introduction

Need for Accounting – Definition – Objectives, – Accounting Concepts and Conventions – GAAP – Accounting Cycle – Classification of Accounts and its Rules – Book Keeping and Accounting – Double Entry Book-Keeping – Journalizing – Posting to Ledgers, Balancing of Ledger Accounts (including Problems).

Unit-II: Subsidiary Books:

Types of Subsidiary Books – Cash Book, Three-column Cash Book- Petty Cash Book (including Problems).

Unit-III: Trial Balance and Rectification of Errors:

Preparation of Trial balance – Errors – Meaning – Types of Errors – Rectification of Errors – Suspense Account (including Problems)

Unit-IV: Bank Reconciliation Statement:

Need for Bank Reconciliation – Reasons for Difference between Cash Book and Pass Book Balances- Preparation of Bank Reconciliation Statement – Problems on both Favorable and Unfavorable Balance (including Problems).

Unit -V: Final Accounts:

Preparation of Final Accounts: Trading account – Profit and Loss account – Balance Sheet – Final Accounts with Adjustments (including Problems).

References:

  1. Ranganatham G and Venkataramanaiah, Fundamentals of Accounting, S Chand Publications
  2. S.Reddy& A. Murthy, Financial Accounting, Margham Publications
  3. S N Maheswari and SK Maheswari, Financial Accounting, Vikas Publications
  4. R L Gupta & V K Gupta, Principles and Practice of Accounting, Sultan Chand & Sons
  5. P. Jain & K.L Narang, Accountancy-I, Kalyani Publishers
  6. Tulasian, Accountancy -I, Tata McGraw Hill
  7. K.Goyal, Financial Accounting, Excel Books
  8. Arunjothi, Fundamentals of Accounting; Maruthi Publications
  9. Prof E Chandraiah : Financial Accounting Seven Hills International Publishers

Suggested Co-Curricular Activities:

  • Bridge Course for Non-commerce Students
  • Practice of Terminology of Accounting
  • Quiz, Word Scramble
  • Co-operative learning
  • Seminar
  • Co-operative learning
  • Problem Solving Exercises
  • Matching, Mismatch
  • Creation of Trial Balance
  • Visit a firm (Individual and Group)
  • Survey on sole proprietorship and prepare final accounts of concern
  • Group Discussions on problems relating to topics covered in syllabus
  • Examinations (Scheduled and surprise tests)
  • Any similar activities with imaginative thinking beyond the prescribed syllabus