Fundamentals of Accounting
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Learning Objectives
On completion of this course,
you will be able to describe and explain the basic terms used in accounting
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Learning Objectives
On completion of this course, you will be able to:
- Define accounting and explain the objectives and functions of accounting
- Identify the users of accounting information
- Point out the limitations of accounting
- Describe the accounting principles including the accounting concepts and the conventions
- List out the Indian accounting standards
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Learning Objectives
On completion of this course, you will be able to:
- Identify the steps involved in the accounting process
- Classify accounts based on traditional approach and modern approach
- Apply the rules for debit and credit
- Describe how transactions are recorded in the journal
- Describe how transactions are posted in ledger accounts from the journal
- Describe how ledger accounts are balanced and how the trail balance is prepared from the balances of ledger accounts
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Learning Objectives
On completion of this course, you will be able to:
- Explain the meaning and the significance of subsidiary books
- Classify subsidiary books and prepare:
- Cash Book
- Purchases Book
- Sales Book
- Purchases Returns Book
- Sales Returns Book
- Bills Receivable Book
- Bills Payable Book
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Learning Objectives
On completion of this course, you will be able to:
- Explain the meaning of a bank reconciliation statement
- Identify the reasons for difference between the bank balance as per cash book and bank balance as per pass book
- Describe the procedure for preparing a bank reconciliation statement
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Learning Objectives
On completion of this course, you will be able to:
- Prepare trading and profit and loss account
- Draw up the balance sheet of a business
- Describe the accounting treatment of following adjustments:
- Closing stock
- Outstanding expenses
- Prepaid expenses
- Accrued income
- Income received in advance or unearned income
- Depreciation
- Bad debts
- Provision for bad debts
- Provision for discount on debtors
- Interest on capital
- Interest on drawings
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Learning Objectives
On completion of this course, you will be able to:
- Describe the meaning of the single entry system
- Describe the features, advantages, and limitations of the single entry system
- Distinguish the single entry system from the double entry system
- Prepare the statement of affairs, the statement of profit or loss and the revised statement of affairs
- Convert incomplete information into complete information and prepare the trading and profit and loss account and the balance sheet
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Learning Objectives
On completion of this course, you will be able to:
- Explain the meaning of rectification of errors
- Identify and classify accounting errors
- Describe how errors are rectified
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Learning Objectives
On completion of this course, you will be able to:
- Describe the steps involved in calculating the claim to be lodged for loss of stock
- Calculate gross profit and gross profit ratio using the trading account
- Calculate the value stock on the date of fire using the memorandum trading account
- Calculate the value of loss of stock after adjusting for the salvage value
- Calculate the amount of insurance claim to be lodged applying the average clause wherever applicable
- Ascertain the amount of insurance claim to be lodged when stock included abnormal items
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Learning Objectives
On completion of this course, you will be able to:
- Describe the meaning of a hire purchase agreement
- Identify the contents of a hire purchase agreement
- Describe the meaning of an instalment purchase agreement
- Distinguish between a hire purchase agreement and an instalment purchase agreement
- Define different terms used in a hire purchase agreement
- Describe the meaning of net cash price and net hire purchase price
- Prepare journal entries and ledger accounts in the books of hire purchaser and hire vendor
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Learning Objectives
On completion of this course, you will be able to:
- Describe the meaning of royalty and identify the cases where royalty is paid
- Explain some of the terms relating to royalty, such as minimum rent, shortworkings, and excess working
- Describe how shortworkings can recouped under fixed and fluctuating right
- Prepare necessary journal entries and ledger accounts in the books of lessee and landlord
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Learning Objectives
On completion of this course, you will be able to:
- Describe the meaning and objectives of sale or conversion of a partnership firm to a limited company
- Identify and explain the steps involved in accounting for sale/conversion of a partnership firm
- Explain different methods of calculating purchase consideration
- Identify different forms of discharging purchase consideration
- Describe how the books of the vendor firm are closed
- Prepare the incorporating entries in the books of the purchasing company
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Learning Objectives
On completion of this course, you will be able to:
- Describe the basic nature of a joint stock company as a form of business organisation
- Identify various kinds of companies based on liability of their members
- Identify the types of shares issued by a company
- Explain the accounting treatment of shares issued at par, at premium and at a discount including oversubsription
- Explain the accounting procedure for forfeiture of shares and reissue of forfeited shares under varying situations
- Compute the amounts to be transferred to capital reserve when forfeited shares are reissued
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