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21UCR402 – Functional Accounting

By Meenakshi Categories: COM IT, Dr. SNSRCAS
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About Course

Functional Accounting is designed to provide I B.Com (IT) students with a strong foundation in practical accounting principles and procedures used in business organizations. The course focuses on recording financial transactions, preparation of journal entries, ledger posting, trial balance, and final accounts of sole proprietorship concerns. Students will gain hands-on knowledge in maintaining books of accounts and understanding financial statements, enabling them to apply accounting concepts effectively in real-world business and technology-driven environments. The course also emphasizes accuracy, analytical skills, and the use of basic accounting software tools relevant to the IT-integrated commerce sector.

 
 
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Course Content

Unit I: Depreciation
Accounting for Depreciation - Meaning - Characteristics ᎓ Causes ᎓ Objectives ᎓ Basic factors affecting the amount of depreciation - Methods of providing Depreciation ᎓ Reserves and Provisions

UNIT-2 Accounting for non-profit organization
Non-Profit Organization ൓ Meaning ൓ Types: Social Clubs, Sports Clubs, Educational Institutions ൓ Major Receipts and Payments ൓ Preparation of Receipts and Payment account ൓ Preparation of Balance Sheet at the beginning - Preparation of Income and Expenditure account ൓ Preparation of Balance Sheet at the end.

UNIT-3 Departmental Accounting & Branch Accounts
Departmental Accounting: Meaning ᎓ Need ᎓ Advantages ᎓ Distinction between Departments and Branches ᎓ Methods and Techniques of Departmental Accounting. Branch Accounts: Meaning ᎓objects-Types of Branches-Dependent Branches-Accounting respect of Dependent Branches -Final Accounts System ᎓Independent Branches

UNIT-4 Hire Purchase and Instalment Purchase System
Hire purchase system- Definition-Main features ᎓Instalment purchase system-Distinction between hire purchase and Instalment System-Accounting treatment for hire purchase system-Instalment purchase system-Meaning-Accounting treatment

UNIT- 5 Single entry system and Royalty Accounts
Single Entry System ᎓ Meaning and features ᎓ Limitations ᎓ Difference between Double entry and Single entry ᎓ Difference between Balance sheet and Statement of affairs - Statement of affairs method and Conversion method Meaning of Royalty ᎓Explanation of technical terms-Accounting treatment

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