Principles and Practice of Accounting
The bedrock of accounting — double entry, final accounts, partnership accounts, and company accounts as per ICAI Foundation syllabus.
Your Success Path
Theoretical Framework & Accounting Concepts
Unit 1Nature and scope of accounting · Generally Accepted Accounting Principles (GAAP) · Accounting standards and their importance
The Accounting Process & Trial Balance
Unit 2Journal entries, ledger posting, and balancing · Subsidiary books and cash book · Trial balance — errors revealed and concealed
Bank Reconciliation Statement
Unit 3Need and preparation of BRS · Causes of difference — timing vs errors · Adjusted cash book method
Inventories
Unit 4Cost of inventory — AS 2 · FIFO and weighted average methods · Lower of cost and NRV
Depreciation, Provisions and Reserves
Unit 5SLM and WDV methods · Change of method and accounting treatment · Types of provisions and reserves
Bills of Exchange and Promissory Notes
Unit 6Discounting, endorsement, and dishonour · Accommodation bills · Journal entries for all bill transactions
Consignment and Joint Venture Accounts
Unit 7Consignment — del credere agent · Valuation of unsold stock on consignment · Joint venture — memorandum and separate set of books
Hire Purchase and Instalment Sale
Unit 8Hire purchase vs instalment sale distinction · Interest calculation — annuity and sum of digits · Accounting in books of vendor and buyer
Partnership Accounts
Unit 9Profit sharing, goodwill, admission and retirement · Dissolution — piecemeal and lump sum · Garner vs Murray rule
Company Accounts
Unit 10Issue of shares at par, premium and discount · Forfeiture and reissue of shares · Debenture issue and redemption
Analysis of Financial Statements
Unit 11Common-size and comparative statements · Ratio analysis — liquidity, profitability, solvency · Cash flow statement basics (AS 3)