Accounting In Business

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Additional References

How the topic is discussed in NCERT Books

NCERT Class XI has 'Financial Accounting - I' text book, which gives much more detailed explanation of Accounting. Chapter 1 provides an introduction to accountancy and chapter 2 discusses basic accounting concepts which is very much required to understand the subject. Chapter 3 and 4 discuss transaction recording in more detail. Chapter 6 discusses preparation of Trial Balance.

NCERT Class XI has 'Financial Accounting - II' discusses the preparation of financial statements over three chapters. Teachers will find reading the NCERT text book useful since it is discussed in far more detail with many examples for easier understanding

Click here for NCERT Accountancy text books

Useful websites

Wikipedia page on double entry book keeping gives a detailed explanation for this method. It includes solved examples of recording transactions using double entry method and preparation of the financial statements.

http://www.samarak.com/bookkeeping-center/bookkeeping-dictionary.html has a brief explanation for terms used in book keeping.

Reference Books

Tamil Nadu text book for Class XII gives a very good and detailed explanation about Book Keeping and Accounting.

Other popular authors in this topic include 1. R.L. Gupta – Principles and Practice of Accountancy 2. T.S.Grewal – Introduction to Accountancy

More advanced reading on financial accounting is available in 1. Jain & Narang – Financial Accounting. 2. R.L.Gupta, Radha Swamy – Financial Accounting.

Teaching Outlines

Please describe the key ideas to be conveyed in this section. Also broken down in details by each idea

Key Idea #1 Introduction to Accounting

Notes for teachers

Accounting is a formal method of recording the monetary/financial aspects of business transactions. Transactions that have no pecuniary (monetary) impact are not considered in accounting, such as the marriage of the owner or employee.

Any transaction that has a monetary impact will be recorded, such as a wedding loan given to employee. Book keeping is the first part of accounting, which is concerned with the maintenance of the 'books of accounts'. Books of accounts comprise of book of original entry (Journal) and the ledger. Journal is maintained date wise and from Journal, party wise records are created in the ledger.

Double entry book keeping is the most widely used system of book keeping.

At the end of a financial period (usually a year), the business or institution is required by law to prepare the 'financial statements' (comprising the Profit and Loss statement for a business and an Income and Expenditure Account for a non-profit body, as well as a Balance Sheet). This gives the reader an idea of the financial status of the entity.

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