Principles of Accounting
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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 Principle of Accounting 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. Accounting Knowledge is here to explore and discuss the modern tools and techniques used for Accounting in systematic and logical manners.
Overall 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 Outline Principles of Accounting
Principles of Accounting 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 Statements. The course intends to enhance student’s accounting knowledge business areas like accounting for cash, inventories, plant and equipment, and different forms of business.
Here are topics design for Principles of Accounting course along with detailed explanation, supported examples, related problems and solution and much more…
Course Outlines
Course Objectives
Principles of accountancy is initial course. Main objective of this course is to understanding of basic financial statements used by business and non-business organizations.
| S.No | Course Objective Description | Taxonomy Level |
|---|---|---|
| OBJ1 | Express basic concepts and principles of accounting as applicable | 2 |
| OBJ2 | Practice different forms of business | 3 |
| OBJ3 | Recognize types of accounts along with golden rules of accounting | 1 |
| OBJ4 | Analyzing business transactions, their recording and classifying | 4 |
| OBJ5 | Preparing trial balance, adjusting entries and rectifying entries | 5 |
| OBJ6 | Illustrate merchandising and service-oriented business | 3 |
| OBJ7 | Produce accounting for cash | 3 |
| OBJ8 | Discuss Inventories and plant & equipment | 2 |
| OBJ9 | Construct Financial Statements | 6 |
| OBJ10 | Review of computerized accounting systems | 2 |
Course Learning Outcomes
| S.N | Course Learning Outcomes Description | Taxonomy Level |
|---|---|---|
| CLO1 | Demonstrate different chart of accounts | 3 |
| CLO2 | Identify accounting records and how to record transactions | 2 |
| CLO3 | Examine a reconciliation of the cash book with the bank statement | 4 |
| CLO4 | Prepare a set of financial statements for various forms of businesses and non-profit entities | 3 |
| CLO5 | Classify the books of account | 2 |
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 accounting knowledge you obtain in this course. We are sure you will not be disappointed.
Recommended Books
Jain, S. .., & Narang, K. N. (2014). Advanced Accountancy. New Delhi: Kalyani Publishers.
Maheshwari, S. N., & Maheshwari, S. K. (2009). An Introduction to Accountancy. (10th, Ed.) New Delhi: Vikas Publishing House Pvt. Ltd.
Maheshwari, S. N., & Maheshwari, S. K. (2009). Financial Accounting. (5th, Ed.) New Delhi: Vikas Publishing House Pvt. Ltd.
Mukharji, A., & Hanif, M. (2003). Financial Accounting (Vol. 1). New Delhi: Tata McGraw-Hill Publishing Co.
Narayanswami, R. (2008). Financial Accounting: A Managerial Perspective. (3rd, Ed.) New Delhi: Prentice Hall of India.
Ramchandran, N., & Kakani, R. K. (2007). Financial Accounting for Management. (2nd, Ed.) New Delhi: Tata McGraw Hill.
Sehgal, A., & Sehgal, D. (n.d.). Advanced Accountancy (Vol. I & II). New Delhi: Taxmann Publication Pvt. Ltd.
Shukla, M. C., Grewal, T. S., & Gupta, S. C. (2008). Advanced Accountancy (Vol. I & II). New Delhi: S Chand & Co.
Shukla, M. C., Grewal, T. S., & Gupta, S. C. (2008). Corporate Accounting. New Delhi: S. Chand and Co.
Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2012). Accounting Principles (10th ed.). Hoboken: John Wiley & Sons, Inc.
Williams, M., & Bettner, H. (1999). Accounting (The basic for business decisions). (11th, Ed.) USA: Irwin McGraw- Hill.
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Accounting principle