Introduction – Meaning – Objectives – GAAP – Concepts and Conventions –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) – Subsidiary Books - Verification (Trial balance).

Capital and Revenue Transactions – 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 – Errors and Rectification - Accounting Standard – Meaning and its importance.

Bill of Exchange: 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, and Table Method – Red Ink Interest.

Bank reconciliation statement: 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.