Basics of Accounting

Basics of Accounting 

Introduces the basic concepts and Terms in Accounting and systems and Branches of Accounting.

Contents of the course are as below

1. Introduction

This module covers the meaning of Accounting and few definitions in Accounting. The learner will get knowledge on Branches, Objectives, Role of Accounting in business and Process of Accounting.

2. Accounting Terms

Accounting has many terms such as Entity, Transaction, Sales, Revenues etc, we have explained these terms in this module and also we have covered the types of Assets and Liabilities with relevant examples.

3. Accounting Concepts

In this module we have covered the meaning of GAAP and many other accounting concepts such as Business Entity, Money Measurement, Going Concern, Accounting Period etc.

4. Accounting Vouchers

In this module, we have explained the meaning of Vouchers or Source document and also the types of vouchers with its formats. We have also covered the Accounting Equation and Golden rules of Accounting. Some important topics in Accounting like Journal and Ledger books is also illustrated with examples.

5. Books of Original entry

This module helps us to understand about Books of Accounting other than Journal and Ledger like Cash book, Purchase book, Purchase return book, Sales book, Sales Return book and Journal proper with relevant explanations and some illustrations.

6. Error Reconciliation

This module covers the need for Reconciliation, Causes and Preparing the Reconciliation Statement with examples and along with that, ascertaining the correct bank balance.

7. Bill of Exchange

In this module we have covered the meaning of Bill of Exchange, Parties involved in Bill of Exchange along with its features. We have also covered the types of Bill of exchange such as Documentary, Usance, Demand, Foreign bills etc.