FUNDAMENTALS OF ACCOUNTING

FULLY SOLVED BOOK LASY 5 YEARS PAPERS SOLVED PLUS GUESS

FUNDAMENTALS OF ACCOUNTING

OBJECTIVE
The objective of this subject is to acquaint students with the accounting concepts, tools and techniques
influencing business organizations.
Unit 1: INTRODUCTION TO FINANCIAL ACCOUNTING 
Introduction – Meaning and Definition – Objectives of Accounting – Functions of Accounting – Users of
Accounting Information – Limitations of Accounting – Accounting Principles – Accounting Concepts and
Accounting Conventions. Accounting Standards –List of Indian Accounting Standards.
Unit 2: ACCOUNTING PROCESS 
Meaning – Process of Accounting – Kinds of Accounts – Rules - Transaction Analysis – Journal – Ledger –
Balancing of Accounts – Trial Balance – Problems.
Unit 3: SUBSIDIARY BOOKS 
Meaning – Significance – Types of Subsidiary Books – Purchases Book – Sales Book – Purchase Returns
Book – Sales Return Book – Bills Receivable Book – Bills Payable Book – Cash Book (Simple Cash Book,
Double Column Cash Book, Three Column Cash Book and Petty Cash Book) and Journal proper. Bank
Reconciliation Statement – Preparation of Bank Reconciliation Statement.
Unit 4: FINAL ACCOUNTS OF PROPRIETARY CONCERN 
Preparation of Profit& Loss Account and Balance Sheet(Vertical form).
Unit 5: SINGLE ENTRY SYSTEM 
Meaning – Features – Types – Merits – Demerits – Differences between single entry and double entry
systems – Preparation of Opening Statement of Affairs, Closing Statement of Affairs, Computation of
Profit/Loss and Revised Statement of Affairs. Conversion of single entry to double entry system