Concept of Double Entry System

Course Description and Contents:

Concepts of Double Entry System

Meaning of Double Entry System

Characteristics of Double Entry System

Advantages of Double Entry System

Demerits/Limitations of Double Entry System

Meaning of Book keeping

Stages of Accounting

Difference between book-keeping and accounting

Subsidiary Book and Its Types

Rules of Debit and Credit : Traditional Approach and Modern Approach

Types of Accounts :

1. Personal Account : A. Natural person  B. Artificial person,  C. Representative personal account

2. Real Account : A. Tangible Real Account,  B. Intangible Real Account

3. Nominal Account

Golden Rules of Debit & Credit or Traditional Approach or English Approach

Nature And Scope of Accounting

Father of Double Entry System

Meaning of Accounting

Objects of Accounting

Modern Functions of Accounting

Types or Branches of Accounting

Advantages of Accounting

Limitations of Accounting

Accounting Principle or GAAP

Contents #

➢ They are uniform set of rules framed to ensure uniformity.

➢ They are man made and are derived from experience.

➢ They are not Static and change with passage of time.

Accounting Concepts :

1. Separate entity concept

2. Money measurement concept

3. Going concern concept

4. Accounting period concept

5. Cost concept

6. Dual aspect concept

7. Revenue recognition / realization concept

8. Matching concept

Accounting Convention :

1. Full disclosure convention

2. Consistency convention

3. Conservatism convention

4. Materiality convention

Limitation of Accounting :

1. No Separate list of accounting principles

2.Recording of only monetary form of events

3.Balance sheet not real

4.Accounting not absolutely exact

5.Use in difference

6.Lack of common view

7.Not binding

Classification of Accounting Principle

Indian & International Accounting Standards

Accounting Standards Issued  by the ICAI

INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

Advantages and Disadvantages of IFRS

IMPORTANCE OF IFRS IN INDIA

Many practical problems and solutions