Basic Accounting
Subject Overview
Basic Accounting gives IT students the accounting literacy needed for business applications — accounting concepts and the double-entry system, journal/ledger/trial balance preparation, final accounts and bank reconciliation, and capital sourcing with computer applications in accounting. A 4-credit core theory paper.
Unit-wise Syllabus
4 units — click WhatsApp below to get the full notes for each
Unit 1: Basic accounting concepts
Background, importance and scope of accounting, types and classification of accounts, basic terms (capital, income, expenditure, assets, liabilities), accounting equation, double entry system, generally accepted accounting principles
Unit 2: Journal, ledger and trial balance
Recording entries in the journal with narration, posting from journal to ledger, purchase book/sales book/cashbook basics, need and objectives of trial balance, types of errors, trial balance preparation
Unit 3: Final accounts and bank reconciliation
Final accounts without adjustments, bank transactions, preparation of a simple bank reconciliation statement
Unit 4: Capital sourcing and computer applications
Sources of raising working capital and long-term capital in corporate undertakings, application of computers in accounting