BASICS OF ACCOUNTING

Preparation of Journal: Journal Define the accounting process, Describe the role of accountant, Explain accounting concepts and principles, Discuss the concept of the accounting equation, Use the accounting equation to analyze basic transactions in terms of increases and decreases,
 Reporting financial information on a balance sheet, Determine how transactions change owner’s equity in an accounting equation, Reporting a changed accounting equation on a balance sheet,
 Analyze transactions using T – accounts and using debits and credits, Use debits and credits to record increase and decreases in accounts, Record journal entries in a 5 – column journal, Define accounting terms related to journalizing transactions, Prove and rule a five – column journal and prove cash.

Ledger account and Subsidiary books: Prepare a chart of accounts and opening accounts, Post separate amounts from a journal to a general ledger, Post column totals from a journal to a general ledger, Make correcting entries,
 Reconcile a bank statement and record bank service charges,
 dishonored checks, and petty cash transactions, Describe and prepare the work sheet, Plan and adjust entries on a work sheet,
 Extend financial statement information on a work sheet, Find and correct errors on a work sheet, Describe the content and purpose of the three basic financial statements and how they are related.

Final Accounts and Adjustments: Journalize and post adjusting entries, Journalize and post-closing entries and prepare a post – closing trial balance.
 Reinforcement, Describe the nature of merchandising business, Describe and be able to journalize purchases of merchandise for cash,
 Describe and be able to journalize purchases of merchandise on account and buying of supplies, Describe and be able to journalize cash payments and other transactions, Journalizing sales (compute sales tax) and cash receipts,
 Describe the concept of subsidiary ledgers, Journalize and post using accounts payable subsidiary ledgers, Journalize and post using accounts receivable subsidiary ledgers.

Payroll accounting: Prepare payroll records, Preparing payroll time cards, calculating employee total earnings,
Determining payroll tax withholding,
 Preparing payroll checks, Record, and journalize the payroll for a merchandising business, Record employer payroll taxes, Reporting, and paying withholding and payroll taxes, Prepare a worksheet for a merchandising business, Analysing and adjusting the Merchandise Inventory account,
 Analysing and adjusting the Supplies account, Analysing and adjusting the Prepaid Insurance account, Prepare a multiple – step income statement for a merchandising business,
 Analysing component percentages of income statements showing net income and net loss, Prepare a distribution of net income and owner’s equity statements, Prepare a classified balance sheet.

Tally: Brief introduction to computerized accounting, Introduction to Tally, Starting Tally.
 Company information, accounting maintenance, Accounting Vouchers Cost allocation, Inventory maintenance, Inventory vouchers, Implementation of GST in Tally.