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Overview

Accountants examine and convey financial data for businesses, government offices and nonprofit agencies. Small businesses depend on accountants to create the company's financial statements, develop tax returns and assist managers in making financial decisions. Accountants receive years of specialized training in their field, starting with a bachelor's degree.

There are certain objectives of accounting. They are the following:

I. To Maintain Systematic Records:

Accounting keeps the systematic records of all the financial transactions of a company or any financial institution. Proper decision making and analysis of profits are impossible if records are not maintained systematically in a company. Even tracking previous transactions or remembering the minute detail of a transaction would be impossible without maintaining these records.

II. Estimating Profit and Loss:

It is impossible to estimate the profit and loss of a company and even a household if proper accountancy records are not made. Moreover without the proper estimation of profit and loss it is impossible to make any further financial decisions for a company.

III. Balance Sheet:

It is easy to understand the financial position of a company when a proper balance sheet is maintained by the accountant or any other individual of a company. It is difficult to set future targets without the estimation of the financial position of a company.

IV. Facilitating Rational Decision Making:

As a result of accounting in any particular company, it is easy for a company to make rational decisions in matters relating to the investment of capital, raising the salaries and providing incentives to the working staff.

V. Striking a Balance:

In order to maintain the balance between the input and output of the cash flow accounting is extremely essential to maintain the financial accounts of a company.

VI. True Financial Statement:

In order to gain a proper understanding of the financial status and position of a company auditing is essential. As a result, the company can understand whether or not it is headed to the right direction.

VII. Prevention and Detection of Errors:

When systematic financial accounts are maintained, a proper trial and error is conducted as a result of which no errors are committed and even the future errors are corrected.

VIII. Prevention and Detection of Fraud:

As a result of maintenance of proper accounts, it is impossible for any member of the company to conduct any financial activity that will fill his own pocket and empty the company. As a result of proper maintenance of accounts, the fraud ratio of a company drops down to zero.

IX. Cost and Property Audit:

Proper cost and property audit is conducted by means of accounting as a result of which proper estimation is made benefiting the company to a large extent.

X. Management, Tax and Social Audit:

Apart from cost and property audit, management tax and social auditing is also conducted by the means of accounting.

Course Content

  • Importance of Accounting
  • Book Keeping & its process
  • Accounting Cycle
  • Accounting terms
  • Accounting Principles
  • Cash basis and accrual basis accounting
  • Double entry system
  • Account & Classification of Accounts
  • Debit & Credit
  • Explanation of Source Documents – Cash Memo, Invoice, Receipt, Debit Note, Credit Note, Pay in slip & Vouchers
  • Accounting Equation
  • Rules of Accounting
  • Journalizing –Format & Journal Posting
  • Advantages of Journal
  • Introduction to Ledger
  • Format for Ledger
  • Procedure for Posting
  • Balance an Account
  • Difference b/w Journal & Ledger
  • Introduction to Subsidiary Books
  • Difference b/w Subsidiary & Primary Books Purchase Book
  • Sales Book
  • Purchase Return Book
  • Sales Return Book
  • Introduction to Cash Book
  • Kinds of Cash Book
  • Posting Cash Book Entries
  • Petty Cash Book
  • Bank Pass Book
  • Cash Pass Book
  • Bank reconciliation statement
  • Procedure of Bank reconciliation statement & Format
  • Introduction to Trial Balance
  • Objectives of Trial Balance
  • Limitations of Trial Balance
  • Methods of Preparation of Trial Balance
  • Adjusted Trial Balance
  • Rules of preparing Trial Balance
  • Explanation of Capital Transactions
  • Explanation of Revenue Transactions
  • Explanation of Deferred Revenue Transactions
  • Capital Profit / revenue Profit
  • Introduction to Final Accounts
  • Parts of Final Accounts
  • Explaining Trading Account & Format
  • Practicing of Trading Account
  • Introduction & Format of Profit/Loss Account
  • Explaining of the Items appearing in the account
  • Practicing the Problems related to Trading & P/L account
  • Introduction & Format of Balance Sheet
  • Explaining of the Items appearing in the account
  • Explaining the Classification of Assets & Liabilities
  • Practicing the Problems related to balance sheet

About the instructor

SHARMILA SHRESTHA

Project Manager

Hello!! It's me Sharmila Shrestha. I am working as IT Project Manager on different project. I had working as an operation Manager at Mentor IT for 5 years.

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    Course Features

  • course Duration25 hrs
  • Course CostRs. 4,000