Unit 1: Starting the Accounting Adventure
Introduction, context setting, objectives, accounting definition and roles, accounting process chart,
branches, finance vs. accounting, bookkeeping relationship, accounting systems (double and single
entry), accounting principles, assumptions, fundamental principles, accounting standards, IFRS and
Ind-AS, accounting equation, effect on balance sheet, assessments, quizzes, workbook, assignments.
Unit 2: Recording Transactions
Debit and credit definitions, impact on accounting equation, significance in accounts, golden rules,
journalizing steps, simple and compound entries, discounts, ledger features and posting, bills of
exchange, purchase and sales return books, subsidiary books, cash book preparation, petty cash book,
Rectification of Errors.
Unit 3: Reconciliation and Error Correction
Bank reconciliation statements (BRS), reasons for cash book and
pass book differences, trial balance preparation, error types and
rectification, suspense accounts, capital, revenue, and deferred
expenditures, depreciation methods, amortization concepts,
provisions and reserves, assessments, quizzes, workbook,
assignments.
Unit 4: Tax Fundamentals
Taxation importance, types (direct and indirect), tax laws, taxable vs.
non-taxable income, deductions, exemptions, corporate taxation,
individual income tax returns, tax-saving investments, compliance
requirements, record keeping, penalties, tax audits, GST registration
and compliance, GST returns, international GST implications,
investment taxation, assessments, quizzes, workbook, assignments.
Unit 5: Financial Statements
Types of financial statements, trading account format, profit and loss
account, net profit/loss calculation, balance sheet preparation (with
and without adjustments), cash flow statement (direct and indirect
methods), financial analysis tools, comparative and common size
statements, financial ratios, Analysis of Companies Ratios and its
interpretation
