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 procedures and techniques 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 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 Objectives

  • The objective of Principles of Accounting course is to introduce the language of business and to train the students for the preparation of financial statements.
  • Develop a thorough understanding of accounting records and how to record transactions in them.
  • Develop an ability to apply accounting concepts, principles and practices.
  • Be able to prepare a set of financial statements for various forms of businesses.
  • To develop an understanding of how decisions made by an entity impact the results reported on the financial statements.
  • To develop critical independent thinking and problem-solving skills.

 

Course Outline

The course is an introduction to the accounting basics 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 statements.

Here are topics design for Principles of Accounting course along with detailed explanation, supported examples, related problems and solution and much more…


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. Post Closing Trial Balance

20. Accounting Worksheet

 

This website makes an excellent companion to any standard text book, or it can be used as a stand-alone. It is designed to present the subject in an easy simple, straight-forward and approachable manner. The authors have worked hard to keep the website update.

Good luck in this course. We hope you enjoy the experience and that you put to good use throughout a lifetime of success the knowledge you obtain in this course. We are sure you will not be disappointed

 

Reference Books

  • Accounting Principles, Weygandt, Kieso, Kimmel, 8th Edition published by Wiley
  • Modern Accountancy, Mukherjee & Hanif, Volume I Second Edition
  • Accounting the Basic for Business Decisions, Meigs William. Eleven Editions
  • Advance Accounting, R L Gupta, Eleventh Edition
  • Advance Accounting, M C Shukla, T S Grewal & S C Gupta, Volume I

 

>> Principles of Accounting MCQs

>> Principles of Accounting Problems and Solutions


 

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