Basics in Bookkeeping and Accounting

About this course

In this short course, Accounting Fundamentals, basic knowledge is provided with examples and illustrations to understand Accounting Practices and principles of a few entities or concerns with ample emphasis on banks, leading to Accounting Decision making for Beginners in Accounting.Even though no Financial Products (Software) are acclimated in this coursework, the basic principles in Accounting (India) are described that would eventually help the learner apply those concepts and principles while engaging in a computerized banking environment.In Basics in Record Keeping, Double Entry Bookkeeping and basics in Cash Book is explained with examples and illustrations.In Accounting Lessons 2, Explanations are provided for a few of the Journal Entries made in the Books of John, a fictitious Mercantile Store Owner.In Trial Balance and Final Accounts, illustrations are given as to how Gross Trial Balance and Net Trial Balance are prepared.Bank Reconciliation is explained with the help of an Illustration, where the stepwise description of how a Bank Reconciliation statement is prepared is given.In Income & Expenditure and Balance sheet, an example illustration is given with the help of which preparation of Income & Expenditure and Balance Sheet is described as it is made from a rough draft of Cashbook of a fictitious Club, Kings Club. Explanations also exist for rules followed (Accounting Principles) involved in the preparation of Income & Expenditure (Kings Club) and Balance Sheet (Kings Club) from Receipts and Payments Account.

Course objectives

• introduce fundamental accounting practices
• demonstrate the preparation of financial documents
• explain the importance of accounting in banking