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Concepts of Double Entry SystemMeaning of Double Entry SystemCharacteristics of Double Entry SystemAdvantages of Double Entry SystemDemerits/Limitations of Double Entry SystemMeaning of Book keepingStages of AccountingDifference between book-keeping and accountingSubsidiary Book and Its TypesRules of Debit and Credit: Traditional Approach and Modern ApproachTypes of Accounts: 1. Personal Account: A. Natural person B. Artificial person, C. Representative personal account2. Real Account: A. Tangible Real Account, B. Intangible Real Account3. Nominal AccountGolden Rules of Debit & Credit or Traditional Approach or English ApproachNature And Scope of AccountingFather of Double Entry SystemMeaning of AccountingObjects of AccountingModern Functions of AccountingTypes or Branches of AccountingAdvantages of AccountingLimitations of AccountingAccounting Principle or GAAPContents # ➢ They are uniform set of rules framed to ensure uniformity. ➢ They are man made and are derived from experience. ➢ They are not Static and change with passage of time.Accounting Concepts:1. Separate entity concept 2. Money measurement concept 3. Going concern concept 4. Accounting period concept 5. Cost concept 6. Dual aspect concept 7. Revenue recognition / realization concept8. Matching concept Accounting Convention:1. Full disclosure convention 2. Consistency convention 3. Conservatism convention 4. Materiality convention Limitation of Accounting: 1. No Separate list of accounting principles 2.Recording of only monetary form of events 3.Balance sheet not real 4.Accounting not absolutely exact 5.Use in difference6.Lack of common view 7.Not bindingClassification of Accounting PrincipleIndian & International Accounting StandardsAccounting Standards Issued by the ICAIINTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)Advantages and Disadvantages of IFRSIMPORTANCE OF IFRS IN INDIA

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