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Accounting

The document provides an overview of accounting and business concepts, including types of businesses, users of accounting information, and the role of ethics. It covers fundamental accounting principles, financial statements, the recording process, and the accounting cycle, along with methods for profit determination. Additionally, it discusses partnership and company accounts, including goodwill and financial statements for limited liability companies.

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Ali Chand
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29 views1 page

Accounting

The document provides an overview of accounting and business concepts, including types of businesses, users of accounting information, and the role of ethics. It covers fundamental accounting principles, financial statements, the recording process, and the accounting cycle, along with methods for profit determination. Additionally, it discusses partnership and company accounts, including goodwill and financial statements for limited liability companies.

Uploaded by

Ali Chand
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Annexure-13-B, Page # 29 of 212

Introduction to Accounting and Business : Nature of Business and Accounting,


Types of Businesses, Types of Business Organization, Users of Accounting Information, Role
of Ethics in Business, Role of Accounting in Business, Profession of Accounting
Fundamental Accounting Concepts, Principles and
Policies: The Business Entity Concept, The Reliability (or Objectivity) principle, Historical
Cost Convention, Substance Over Form, The Fair Value Principle, The Going-Concern
Assumptions, The Realization Principle, The Matching Principle,
Money Measurement ( Stable Dollar Assumption ), Materiality
Financial Statements: Business Transactions and The Accounting Equation, Effects of
Business Transactions on Accounting Elements, Set of Financial Statements, Definition of
Income Statement, Components of Income Statement :
Revenues, Expenses, Gains and Losses, Accounting for Revenues and Expenses Statement of
Owner’s Equity, Definition of Balance Sheet, Components of Balance Sheet: Assets,
Liabilities, Equity, Statement of Cash Flows,Operating, Investing and Financing Activities,
Direct Method, Interrelationships Among Financial Statements
The Recording Process: Accrual Basis and Cash Basis of Accounting, Chart of
Accounts, Phases in Accounting Cycle, Account and its Recording Process, Types of
Accounts – Permanent and Temporary, Double Entry Book Keeping System, Rules of Debit
and Credit
Accounts from incomplete records: single entry system,
profit determination under single entry system, profit determination under net-worth method
and conversion method
Accounts from incomplete records: profit determination underconversion method
Completing the Accounting Cycle: Flow of Accounting
Information, Journalizing and Posting, Closing Entries, PostClosing Trial Balance, Adequate
Disclosure and Types of Information to be Disclosed,
Completing the Accounting Cycle: Income Statement,
Statement of Owner’s Equity, Balance Sheet, Illustrations and Questions Partnership and
company account: an introduction, goodwill for sole trader and partnership,
Partnership and company account: Revaluation of partnership assets, partnership
dissolution
Partnership and company account: An introduction to the financial statements of
limited liability companies, Partnership and company account: Purchase of existing
partnership and sole traders’ businesses

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