Online test Accounting- concept, objectives, advantages and limitations, types of accounting information; users of accounting information and their needs. Basic accounting terms: business transaction, account, capital, drawings, liabilities (non -current and current); assets (non-current and current) fixed assets (tangible and intangible assets), receipts (capital and revenue), expenditure (capital, revenue and deferred), expense, income, profits, gains and losses, purchases, purchases returns, sales, sales returns, goods, stock, inventory, trade receivables (debtors and bills receivable), trade payables (creditors and bills payable), cost, vouchers, discount - trade and cash.

Online test Fundamental accounting assumptions: going concern, consistency and accrual. Accounting principles: accounting entity, money measurement, accounting period, full disclosure, materiality, prudence, cost concept, matching concept and dual aspect. Accounting Standards and IFRS (International Financial Reporting Standards): concept and objectives. Double entry system of accounting. Bases of accounting - cash basis and accrual basis.

Online test An Accounting equation is based on the dual concept of accounting, according to which, every transaction has two aspects namely Debit and Credit. It means that every transaction in accounting effect both Debit (DR.) and Credit (Cr.) side equally.

Online test Bank reconciliation statement- concept, calculating bank balance at an accounting date: need and preparation. Corrected cash book balance. Ledger - format, posting from journal, cash book and other special purpose books, balancing of accounts. Trial balance: objectives and preparation {Scope: Trial balance with balance method only)

Online test Depreciation: concept, need and factors affecting depreciation; methods of computation of depreciation: straight line method, written down value method (excluding change in method). Accounting treatment of depreciation: by charging to asset account, by creating provision for depreciation/ accumulated depreciation account, treatment of disposal of asset. Provisions and reserves: concept, objectives and difference between provisions and reserves; types of reserves- revenue reserve, capital reserve, general reserve and specific reserves.

Online test Bills of exchange and promissory note: definition, features, parties, specimen and distinction. Important terms : term of bill, due date, days of grace, date of maturity, discounting of bill, endorsement of bill, bill sent for collection, dishonor of bill, noting of bill , retirement and renewal of a bill. Accounting treatment of bill transactions.

Online test Errors: types-errors of omission, commission, principles, and compensating; their effect on Trial Balance. Detection and rectification of errors; preparation of suspense account.

Online test Financial statements: objective and importance. Trading and profit and loss account: gross profit, operating profit and net profit. Balance sheet: need, grouping, marshalling of assets and liabilities. Adjustments in preparation of financial statements : with respect to closing stock, outstanding expenses, prepaid expenses, accrued income, income received in advance, depreciation, bad debts, provision for doubtful debts, provision for discount on debtors, abnormal loss, goods taken for personal use, goods distributed as free samples and manager?s commission. Preparation of Trading and Profit and Loss account and Balance Sheet of sole proprietorship.

Online test Not-for-profit organizations: concept. Receipts and Payments Account: features and preparation. Income and Expenditure Account: features, preparation of income and expenditure account and balance sheet from the given receipts and payments account with additional information.

Online test Incomplete records: uses and limitations. Ascertainment of profit/loss by statement of affairs method. Some small size business entities do not follow the double entry system of maintaining the accounting records some business entities maintains books of accounts under the system Accounting from Incomplete records. The system in which no set rules of double entry system are followed is called Accounts from Incomplete records.

Online test Introduction to computer and accounting information system {AIS}: Introduction to computers (elements, capabilities, limitations of computer system), Introduction to operating software, utility software and application software. Introduction to accounting information system (AIS) as a part of MIS. Automation of accounting process: meaning. Stages in automation.

Sponsored Links

Download Mobile App


Subscribe by E-mail

For Latest News and Updates from
Enter your email address:

Join myCBSEguide


Connect via Facebook

Sponsored Links