Subject Code: - BVBFSI-104

Title of the Subject: - Fundamentals of Accounting

No. of Credits: - 3 Credits (45 Hours)

Objective of the course: -

To familiarize and develop an understanding of the basic concepts and principles of Accounting
and fundamentals of Financial Accounting system

Detailed Syllabus

Unit Contents of the Syllabus Number of

Lectures
1 Meaning and Framework of Accounting 10
 Accounting- Meaning, Objectives and Functions
 Book-keeping-Meaning and Objectives
 Distinction between Book keeping and Accounting
 Accounting Concepts, Principles,  Conventions
 Accounting Policies
 Fundamental Accounting Assumptions
 Accounting as a Measurement Discipline – Valuation Principles,
Accounting Estimates- Examples
 Indian Accounting Standards-Introduction with examples
2 Accounting Process 12
 Documents , Books of Accounts
 Single Entry Accounting System
 Double entry system, Classification of Accounts and Golden
rules
 Invoice, Vouchers, Debit & Credit Notes, Day books, Journals,
Ledgers/ Registers and Trial Balance
 Capital and Revenue:  Expenditures and Receipts- Examples
 Contingent Assets and Contingent Liabilities
 Rectification of Errors
 Depreciation -Meaning, Methods and Accounting treatment
 Valuation of Stock
3 Bank Reconciliation Statement 12
 Meaning of Bank Reconciliation Statement and its Importance
 Bank Pass Book / Statement of Account/ Bank Statement
 Causes of difference between Balance as per bank column of
Cash Book and Bank Pass Book / Bank Statement and the
procedure for Bank Reconciliation
4 Financial Statements 11
 Introduction to Revised Schedule VI Balance Sheet
  Preparation and Reading of Profit & Loss Account and Balance
Sheet - Exercise

Learning Outcomes:

1. Students develop conceptual understanding of the Basics of accounting

2. Students learn about how debits and credits are determined from transactions and events and
recording it in books of accounts.
3. Students understand the purpose of preparing Bank Reconciliation Statement (BRS) and its
utility.
4. Students know aboutwhat is schedule VI balance sheet and the final outcome of the
accounting process and its utility.

Suggested Text Books: -

1. T. P. Ghosh, A. Banerjee & K.M. Bansal Principles and Practice of Accounting, Galgotia
Publishing Company.
2. P. C. Tulsian Financial Accounting, Sultan Chand & Company.
3. R. Narayanaswamy Financial Accounting – A Managerial Prospective; PHI Learning Pvt.
Ltd.
4. Ashish K. Bhattacharyya Essentials of Financial Accounting; PHI Learning Pvt. Ltd.