Accounting In Business
| Philosophy of Social Sciences |
While creating a resource page, please click here for a resource creation checklist.
Concept Map
Error: Mind Map file Acccounting.mm not found
Textbook
To add textbook links, please follow these instructions to: (Click to create the subpage)
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
Learning objectives
What is the aim/purpose of accounting/ accountancy?
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.
Activity No # 1 - Exploring simple financial records maintained at home
In some homes, parents may be maintaining a record of household expenses. Ask the student to bring an old record from a previous month for discussions in the class. Or your own record can be shared and discussed, if you maintain
- Estimated Time - 1 period for discussions
- Materials/ Resources needed - Register / record of expenses maintained at home
- Prerequisites/Instructions, if any - Discussing how accounting (keeping records of monetary transactions)is a very old and also a common practice. Simplest records are of household expenses.
- Multimedia resources
Short video which shows how we can use a spreadsheet (Video shows Excel, but same can be done with LibreOffice also) to keep a record of monthly expenses.
- Relevant local connections - people, places and materials
- Website interactives/ links
- Process - Even at home, your parents may be maintaining a simple record of expenses by date. The total of expenses may be calculated each month, to keep a track against the income (which may be a monthly income)
- What questions can you ask
- Why is such a record being maintained at home? - How often is it recorded? - What kind of expenses are most common during the month?Which are heavy expenses?
- Assessments - incorporating elements of CCE
-Why is double entry system not maintained for home expense recording
- Question Corner
Activity No #
- Estimated Time
- Materials/ Resources needed
- Prerequisites/Instructions, if any
- Multimedia resources
- Relevant local connections - people, places and materials
- Website interactives/ links
- Process
- What questions can you ask
- Assessments - incorporating elements of CCE
- Question Corner
Key Idea #
What are the key ideas to be covered
Learning objectives
Notes for teachers
Activity No #
- Estimated Time
- Materials/ Resources needed
- Prerequisites/Instructions, if any
- Multimedia resources
- Relevant local connections - people, places and materials
- Website interactives/ links
- Process
- What questions can you ask
- Assessments - incorporating elements of CCE
- Question Corner
Activity No #
- Estimated Time
- Materials/ Resources needed
- Prerequisites/Instructions, if any
- Multimedia resources
- Relevant local connections - people, places and materials
- Website interactives/ links
- Process
- What questions can you ask
- Assessments - incorporating elements of CCE
- Question Corner
Key Idea #
What are the key ideas to be covered
Learning objectives
Notes for teachers
Activity No #
- Estimated Time
- Materials/ Resources needed
- Prerequisites/Instructions, if any
- Multimedia resources
- Relevant local connections - people, places and materials
- Website interactives/ links
- Process
- What questions can you ask
- Assessments - incorporating elements of CCE
- Question Corner
Activity No #
- Estimated Time
- Materials/ Resources needed
- Prerequisites/Instructions, if any
- Multimedia resources
- Relevant local connections - people, places and materials
- Website interactives/ links
- Process
- What questions can you ask
- Assessments - incorporating elements of CCE
- Question Corner
Project Ideas
Community Based Project
Usage
Create a new page and type {{subst:SS-Content}} to use this template