Introduction – Meaning – Objectives – GAAP – Concepts and Conventions – Capital and Revenue Transactions – Income Recognition ( Cash and Accrual basis) – Classification of Assets and Liabilities – Contingent liabilities – Basis of profits – Types of accounts – Recording of transactions (Journal) – Classification of accounts ( Ledger) – Verification (Trial balance).

Meaning – Credit sales – Debtors – Creditors – Drawer – Drawee – features of bill of exchange –Accounting for honour and Dishonour of bill of exchange – accommodation bills.

Average due date – Account Current – interest method, product method, ……method – Red ink interest. Meaning – Preparation of customer account in the bank book and bank account in customer book (with common 10 entries covering two financial periods) – Identifying the reasons for disagreement of balances – Reconciliation for normal and overdraft closing and opening balances.

Rectification of errors – Final accounts – Adjustments : Provision for bad and doubtful debts, Depreciation, Tax, Expenses and Income – Calculation of profit under cash basis – Preparation of Trading account, Profit and loss account and Balance sheet.

Non profit organization – Meaning – Types: Social clubs, Sports clubs, Educational institutions – major receipts and payments – Preparation of Receipts and payment account – Preparation of balance sheet at the beginning - Preparation of Income and Expenditure account – Preparation of balance sheet at the end