Principles of Accounting

Principles of Accounting is an entry level course for business, finance and management science students. Accounting is very interesting subject and considered most important area in Management Sciences. Normally this subject considered as very highly specialized area, but it is not true in real sense. Because, illiterate persons also doing accounting principles and procedures unconsciously in their own informal businesses by using unsystematic ways and means. Accountancy Knowledge is here to explore and discuss the modern tools and techniques used for Principles of Accounting in systematic and logical manners.

The objective of this course is to familiarize students with accounting basics and to develop the ability to evaluate and use accounting data in order to take effective business decisions. This course is an introduction to the basic concepts and principles of accounting as applicable to both merchandising and service-oriented business. Major emphasis is laid on analyzing business transactions, their recording and preparing of end results through trial balance and adjusting entries leading to periodic Financial Statement. The course intends to enhance student’s knowledge of Accounting.

Course Outlines


1. Accounting Basics


2. Types of Business


3. Types of accounts


4. Accounting Equation 


5. Accounting Variation Proforma


6. Accounting Cycle       


7. Golden Rules of Accounting 


8. Journal Entry


9. General Ledger


10. Trial Balance                             


11. Rectification of Errors


12. Books of Accounts     


13. Cash Book     


14. Bank Reconciliation Statement


15. Adjusting Entries                        


16. Adjusted Trial Balance


17. Financial Statement


18. Closing Entries


19. Accounting Worksheet