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Accounting Thoery Notes-1

The document discusses accounting theory and provides definitions and explanations of key accounting concepts and terms. It covers the meaning of accounting, transactions and events, the accounting process including identifying, measuring, recording, classifying, summarizing, analyzing, interpreting and communicating financial information, as well as the need and objectives of accounting.

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0% found this document useful (0 votes)

190 views39 pages

Accounting Thoery Notes-1

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Jai

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Download as PDF, TXT or read online on Scribd

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Accounting Theory

 INTRODUCTION:

a. Every individual or an organization performs some kind of economic activity. i.e.

activity involving money.
b. It may be for individual benefit, like in case of business for making profit or for social
good i.e. for benefit of public at large, e.g. educational institutions, hospitals, trusts, etc.
c. Whatever may be the nature or purpose of the economic activity, there is a need to find
out the monetary result of such activity i.e. what the financial position is.
• Whether there is profit or loss ;
• What are the assets or liabilities.
d. To find out the results of the operations (economic activity) and the financial position,
one is required to prepare and maintain records. This function is nothing but book –
keeping and accounting.

 MEANING OFACCOUNTING:
“Accounting is an art of recording, classifying and summarizing in a significant manner and in
terms of money, transactions and events which are in part at least, of financial character and
interpreting the results thereof”
- American Institute of Certified Public Accountants (AICPA) 1961

“Accounting is the process of identifying, measuring and communicating economic information to

permit informed judgments and decisions by users of information”
- American Accounting Association 1966

 MEANING OF TRANSACTIONS AND EVENTS:

All economic activities are performed through transactions and events.
• A transaction is a business dealing which involves monetary exchange of money or
money’s worth that occurs between outsider and an accounting entity. For e.g.
purchase and sale of goods, investment of money, taking loan, payment of salary, rent,
etc. are transactions.
• Transactions involve human effort.
• An event is a happening as a consequence of transaction, i.e. result of transaction. For
e.g., Profits, closing stock, loss by fire, depreciation of fixed assets are events.
• In events human effort and outsiders are not involved.

BBA LLB 2nd Year Sem -IV

 SOME KEY RELEVANT TERMS DEFINITIONS:

a. Money
Money means Cash by way of notes / coins
b. Money’s worth
Money worth means there is an obligation to pay but payment can be paid later e.g. by Cheque. It
also involves other instruments like Bill of Exchange, Promissory Note, Debit Note, Credit Note,
Cash Transaction
If the financial transaction involves immediate settlement by way of Cash, Immediate Cheque,
Immediate bank transfer, then it is termed as Cash Transaction
d. Credit Transaction
If the financial transaction does not involves immediate settlement, but there is an obligation to
settle in future then it is termed as Credit Transaction. E.g. Credit Sales with credit period of 60
days

 ACCOUNTING PROCESS:

Accounting
Process

Identifying Measuring Recording Classifying Summarising Analysisng Interpreting Communicating

PROCEDURAL ASPECTS IN ACCOUNTING

a) Identifying
• First Step is to identify the transactions that need to be recorded for the specific entity
b) Measuring
• Second Step is to measure the transaction using a common accepted measurement unit.
Generally this unit is the Currency of the entity. In India Rupee is the measurement unit
whereas in USA it is US Dollar($)
c) Recording
• Third Step is to record all such identified and measured financial transactions
• The same need to be recorded as it is not possible to remember all the transactions and derive
the financial position of the entity
• The records need to be maintained based on supporting documents like Sales Invoice, Purchase
Invoice, Incoming payments, Outgoing Payments
• Entries are primarily recorded in Journal which is further divided into Subsidiary Books like
Sales Ledgers, Purchase Ledger.

BBA LLB 2nd Year Sem -IV

d) Classifying
• Fourth Step is consolidating or grouping similar transactions at one place
• All the transactions if recorded in a chronological order (generally done chronologically date-
wise) do not generally help in decision making as similar transactions are spread over the year.
E.g. Total sales can’t be determined unless all Sales Entries are grouped together
• Generally similar transactions are grouped in a Ledger
e) Summarizing
• Fifth Step is to summarize information in a manner useful to the user of financial statements.
• It involves preparation and presentation of data by way of Trial Balance, Profit Loss Account,
Balance Sheet , Cash Flow Statement
f) Analyzing
• Sixth Step is methodical classification of data and establishing relationship between various items
of Income Statement and Balance Sheet
• It is useful for identifying financial strengths and weaknesses of enterprises.
• Analysis also involves comparing figures with past figures, review of financial ratios
g) Interpreting
• Seventh Step is drawing interpretations from the relationships established in the analysis stage
• This is to explain what had happened, why it had happened and what is likely to happen.
• The interpretation is useful for users to make reasonable decisions about financial position of
the business and decide course of action.
h) Communicating
• The last step is transmission of summarized, analyzed and interpreted information to users
• It includes preparation of Accounting Reports, Profit & Loss Statement, Balance Sheet with
Schedules, Accounting Ratios, Graphs, etc.

BBA LLB 2nd Year Sem -IV

 NEED AND OBJECTIVES OF ACCOUNTING:

• Maintain Systematic Accounting Records
Systematic and complete record helps the management to receive and retrieve
information easily. Due to the large volume of transactions, maintaining data in oral
form is not possible. Accounting records all the business transactions in a manner that is
useful for the users of accounts.
• Ascertain Financial Result
The main purpose of any business is to earn profit. For the ascertainment of profit or loss
accounting of all incomes and expenses in the Profit and Loss Account is necessary.
This information can be used for taking effective measures of cost control.
• To understand the financial position
To understand the current financial position of the entity in terms of assets and liabilities
Balance Sheet is prepared. The Balance Sheet is statement resources owned by an
enterprise (Assets) and claims against such resources (Liabilities).
• Communication of Information to users
Information arising out of accounting is communicated to all users whether internal /
external. Internal users like top level management, middle level management require
information in various formats like Cash Budget Reports, Production reports,
Profitability. External users like Statutory authorities require information to ascertain
liabilities under various acts.

• Fulfillment of requirement of Statue

Accounting is required to be done to ensure compliance under statute. Companies Act
requires every company to maintain books of account.

 ADVANTAGES OF ACCOUNTING:

• Complete and systematic record:

Accounting is a process of maintaining complete and systematic record of all business
transactions. The limitations of humans to not recollect all the transactions is overcome
by accounting as each and every transaction is recorded and analyzed.
• Helps in decision making:
The main function of the management is decision making. Accounting helps the
management to take effective and efficient decisions.
• Valuation of Business:
Balance sheet shows the value of the assets and liabilities of the business which help in
calculating in the net worth of the Company. In case of sale of business or conversion of
business into another, the balance sheet helps in determining the fair value of the
business and also helps in fixing the purchase price of the business.
• Helps in raising loans:
For the expansion of the business or for introduction of a new product or for starting
new business etc funds are required. The financial institutions analyze the profit
statements as well as the balance sheet before deciding the loan amount that can be
granted.
• Evidence in court of law:
Accounts can be used as evidence in the court of law as all the business transactions are
supported by authenticated documents i.e. vouchers.

BBA LLB 2nd Year Sem -IV

• Settlement of Tax Liabilities:

There are various taxes viz. income tax, GST to be paid by the business. Also there are
various returns to be filed under various Acts. Accounts maintained help in the
preparation of the returns and calculation of the taxes payable.
• Effective Management:
Accounting facilitates proper feedback to the Management. As such it helps the
management in planning as well as control of different activities of the business
enterprise. It also helps the management to evaluate the performance of the business
enterprise and take timely actions to overcome any shortcomings.

 LIMITATION OF ACCOUNTING:
• Non inclusion of non-monetary transactions:
Only transactions which can be measured in terms of money can be entered in the
accounts. So events howsoever important they may be to the business, do not find a
place in the accounts, if they cannot be measured in terms of money. E.g. Employee
Value.
• Historical Cost Basis:
According to the cost concept, assets are recorded at historical cost and ignore the
changes in value of assets due to changing value of money and market factors. Thus
Inflation accounting is not done based on Inflation
• Conflicting Principles:
There is a conflict between one accounting principle and another e.g. stock- in-trade is
valued on the basis of cost or market price whichever is lower. Therefore in one
year cost basis may be taken whereas in another year it may be market price. This
system contravenes the accounting principle of consistency.
• Not free from Bias:
The Balance-Sheet is largely the result of personal judgement of the accountant with
regard to adoption of accounting policies. Thus accounts are affected by subjectivity
factor. E.g. -For deciding the Depreciation method either SLM method is used or WDV
method is used.
• Danger of Window dressing:
There is a risk of window dressing of financial statements i.e. showing the results
far better than what they are. This can be done by adopting various methods E.g. –
Under estimation of bad debts
• Estimated Position and not Real Position
Since the accounts are prepared based on going concern basis the numbers depict the
estimated results and not the actual results. The actual results will be determined only at
the time of liquidation if any.
• Miscellaneous
o It is an art and not an exact science.
o It is based on many assumptions and conventions
o Estimations of management are very critical. These estimations can vary from
enterprise to enterprise and accordingly results can vary too
o It is an post mortem exercise and information in a structured format is available
quite late

BBA LLB 2nd Year Sem -IV

 BOOK KEEPING:
• It is an activity of recording, classifying financial data of business in timely and orderly
manner
• It covers only following activities
o Identifying
o Measuring
o Recording
o Classifying
• Thus summarizing , analyzing, interpreting, communicating is not covered in Book
Keeping
• Booking Keeping also includes preparation of Trial balance

 DISTINCTION BETWEEN BOOK KEEPING AND ACCOUNTING

Book-keeping is an activity concerned with the recording of financial data relating to business
operations in a significant and orderly manner. It covers procedural aspects of accounting work and is
mostly clerical in nature. Book-keeping is the recording phase while accounting is concerned with the
summarizing phase of an accounting system. Book-keeping provides necessary data for accounting and
accounting starts where book-keeping ends.

Book-
Accounting
Keeping
It is a process concerned with recording of It is a process concerned with summarizing of the
transactions. recorded transactions.
It constitutes as a base for accounting. It is considered as a language of the business
Financial statements do not form part of thisFinancial statements are prepared on the basis of
process. book-keeping records.
Managerial decisions cannot be taken with theManagement takes decisions on the basis of these
help of these records. records.
There is no subfield of book-keeping It has several subfields like financial accounting,
management accounting etc.
Financial position of the business cannot be Financial position of the business is ascertained on
ascertained through book-keeping records. the basis of the accounting reports.
Book-keeping job is clerical in nature Accounting job is analytical in nature
Book-keeping is primary stage. Accounting is secondary stage & starts where
book-keeping ends.
A book-keeper is not liable for accountancy An accountant is liable for book-keeping
work

It does not require special knowledge since It requires special knowledge and ability.
substantial work is done with the use of
mechanical & electronic devices

BBA LLB 2nd Year Sem -IV

 BRANCHES OF ACCOUNTING:

• Financial Accounting :
This is mainly concerned with the maintenance of books of accounts, recording & processing
of all financial transactions & events. There are various interest groups who make use of the
financial information for investment or analysis purposes.
• Cost Accounting :
This is the process of accounting for costs to ascertain the cost of goods produced or services
rendered. It also helps in providing data for cost control. As costing generally is done of
Goods, the costing books are maintained by Manufacturing Companies. The entire process
of cost accounting is based on the information provided by the Financial Accounting.
As per Institute of Cost and Management Accountants of England cost accounting is defined
as “ process of accounting for cost which begins with recording of income and expenditure
or the bases on which they are calculated and ends with preparation of periodical statements
and reports for ascertain and controlling costs
• Management Accounting :
It is primarily concerned with internal reporting and decision making process of the
management in the desired format. Like Financial Accounting there are no principles,
conventions of concepts that govern the management accounting. It is based on the whims of
the management. It is a tool for exerting effecting control.
• Social Responsibility Accounting :
It is concerned with accounting for social costs incurred by an enterprise and social benefits
created. This branch on accounting has gained importance in the recent years due to the
introduction of “Corporate Social Responsibility Disclosure” in the Companies Act 2013.
• Human Resource Accounting :
It attempts to identify, quantify and report investments made in human resources of an
organization that are not presently accounted for under conventional accounting practice.
This is generally not fully financial. It is still a developing branch of accounting.

 USERS OF ACCOUNTS:
• Owners:
They are interested in the profitability and solvency of the business.
• Investors :
They are interested to know the ability of the business to survive, prosper and to pay
dividend. In non-corporate sector, where ownership and management are not essentially
separate, the owner requires accounting information to decide whether to run the business or
not.
• Lenders :
They want to know the ability of the entity to pay the principal loan together with
interest when due.
• Suppliers :
They want to know whether the business is capable of paying their dues in time and
whether the business will survive for a long time.
• Employees :
Growth of the employees is directly related to the growth of the organization and
therefore they are interested to know the stability, continuity and growth of the business and
BBA LLB 2nd Year Sem -IV
© Shweta Risbud
© Geetanjali Gole Page 7
Accounting Theory

its ability to pay the salaries, wages, retirement and other benefits. Further to assess bonus
and other claims information is required.
• Government :
They regulate day-to-day activities of the business for the benefit of the public and collect
direct and indirect taxes.
• Customers :
They are interested in the stability and profitability of the business entity as they are
dependent on such business.
• Research Scholars
They are interested for study, research and analysis purpose
• Competitors:
For knowing the relative strengths and weakness of the their competitors and for strategic
purposes, business enterprises examine and analyze the financial statements of the other
businesses, their credit policies etc.

ACCOUNTING • Basic ideas or notions which are self evident, clearly defined &
CONCEPTS universally acceptable upon which accountancy has been laid.
• Clearly defined and supported by reasoning
• Unlike physical science accounting concepts are only result of broad
consensus

ACCOUNTING • Rules or Norms followed for treatment of various items of

PRINCIPLES Assets, Liabilities, Incomes, Expenses, etc.
• Serves as guide for selection of conventions where alternatives exist
• It must satisfy following conditions
o Should be based on real assumptions
o Must be simple understandable, explanatory
o Must be followed consistently
o Should be able to reflect future predictions
o Should be informational

ACCOUNTING • Customs or traditions as a guide to prepare accounting statements.

CONVENTIONS They generally emerge out of usages and practices
• May not be universally accepted or consistent and can contradict
principles
• Conventions can be changed over a period of time

ACCOUNTING Assumptions refers to fundamental premise / conditions based on which

ASSUMPTIONS accounting is carried out

NOTE:-
1) Concepts are clearly defined whereas conventions may not be clearly defined
2) Concept support Principles whereas conventions can contradict
3) The terms concepts, assumptions, principles are used interchangeably. Appropriate reference should

BBA LLB 2nd Year Sem -IV

be drawn while answering questions

 ACCOUNTING CONCEPTS AND CONVENTIONS:

A. Business Entity Concept:
a) As per this concept, a business enterprise has a separate identity distinct from its owner.
b) Hence distinction should be made between
 Personal transaction and Business transactions of the owner
 Transactions of two different entities though they belong to same owner.
c) Example
 The profits arising from M/s A & Co. Chartered Accountants belong to Mr A only. However
for accounting purpose Mr A is different from M/S A & Co. Only because there is one person
involved in the enterprise, it can’t be stated that A & M/s A & CO. be same
 In case of partnership firms or Limited Liability Partnerships (LLP), the partners of the firm
are different from the firm/LLP and hence only the firms transactions are recorded in the
books of firm /LLP
d) All the transactions are recorded from the view point of the entity and not from the owner or
the person operating the entity This concept leads to a relationship of borrower – lender
between the owner and the entity explained through transactions stated below :
Treatment in
Transaction Business Point of view
books of Accounts
The owner Money is borrowed by the entity from the Capital ( Liability
Proprietor invests owner and needs to be paid back in event of side)
money in the firm closure
Owner withdraws Repayment of loan by business to owner Drawings (
money from the Liability side)
business
Profits earned by Profits are earned by the business by using the Added to Capital
the company money given by the owner. Since the owner ( Liability Side)
invested capital ( also called risk capital) ,
profit belongs to the owner and has to be paid
by business to the owner
Loss of the Similar to profits, losses also belong to the Reduced from
Business owner. Since profits are added to owners Capital / ( Also
funds, losses are taken from owner and hence shown under Asset
receivable from the owner side)

BBA LLB 2nd Year Sem -IV

B. Going Concern Concept

a) The enterprise is normally viewed as Going Concern i.e. It will continue operations for a
foreseeable future ( endless concern)
b) The enterprise has neither intention nor necessity to liquidate or reduce operations
substantially
c) The valuation of assets & liabilities is based on this concept. Assets are valued on Historical
Cost based on this assumption
d) If the going concern concept becomes inappropriate then the assets should be valued at net
realizable value and not at cost. It is because of this concept that :
 Expenses are classified into revenue & capital expenditure
 Assets are classified into fixed assets & current assets.
 Liabilities are classified as short-term & long-term liabilities
 Change in value of fixed assets in the short run is ignored as they are meant for
generating future benefits and not for immediate sale.
 Whole life of enterprise is divided into smaller accounting periods (Periodicity Concept)
C. Periodicity Concept:
a) As per Going Concern Concept the life of the enterprise is indefinite. However this indefinite
life of the entity should be divided into small uniform time periods (usually a year) for
comparing & assessing its performance on a regular basis to take corrective action.
b) According to this concept the financial statements should be prepared after every accounting
period (financial year) & not at the end of its economic life. The financial year is generally the
period from 1st April to 31st March of next year.
c) Only transactions entered in a particular period can be recorded in the accounts of that period. It
is because of periodicity concept that :
 Financial statements of one period may be compared with another period.
 The term accrual becomes meaningful. For indefinite life nothing will accrue. Income &
expenses accrue only when accounts are prepared for a specific period.
 Expenses are classified into capital, revenue & deferred revenue.
D. Accrual Concept
a) Revenue and Costs are accounted as and when they are accrued.
 Revenue is recognized as it is earned
 Expense is recognized when is it is incurred
b) Accrual concept differs from the cash concept whereby income and expense are recognized
when it is received or paid
c) This concept is core of accounting system and mandated by the Companies Act for accounting
purpose.
d) Accounting under this method is also called as mercantile accounting
e) As per Accrual Concept ,Profits = Revenue less Expenses
 As per AS 9 , Revenue is gross flow of Cash, Receivables and other consideration arising in
course of ordinary activities of an enterprise from sale of goods, rendering of services and
from use by others of enterprises resources yielding interest, royalties and dividends

BBA LLB 2nd Year Sem -IV

 Expense means cost relating to operations for an accounting period or costs in relation to the
revenue earned
f) Since the accrual concept differs from the cash accounting concept , various cases that arise are
as follows :-
Sr Transaction Event in balance Sheet
1 Expense incurred but not paid Provision ( Liability)
2 Expense Paid but not incurred Prepaid Expense (Asset)
3 Income received but not earned Advance from Customer ( Liability)
4 Income earned but not received Debtors (Asset)
E. Matching Concept :
a) As per this principle the expenses incurred in an accounting period should be matched with the
revenues recognized in that period. Thus, if any income is credited to P & L A/c., then all
expenses incurred or to be incurred for earning that income should be debited to P & L A/c. in
the same year & vice versa.
b) However only variable expenses like cost of goods sold, sales commission, etc. can be matched
with corresponding income. Fixed costs or period cost like salary, rent, interest, etc. cannot be
matched with any income.
c) Also, expenses should be carried forward if the related revenue is not yet realized. This concept
leads to adjustments in respect of prepaid expenses, closing stock, provision for warranty
claims, etc.
F. Dual Aspect Concept:
a) As per this concept, every business transaction has a dual effect - Debit effect & Credit effect
of equal amounts on Assets, Liabilities & Capital (Nominal accounts ultimately form part of
capital).
b) Accounting system records both the aspects and is therefore called the double entry system of
accounting.
c) Double Entry system can be compared with Newton’s Law of motion- For every action there is
always equal and opposite reaction.
d) Thus at any point of time, the accounting equation is Assets = Liabilities + Capital or Capital =
Assets – Liabilities. Thus capital is the assets remaining after paying off outside liabilities.

Transaction Debit effect Credit effect

Chairs purchased for cash Rs. 15000/- Chairs (A) Cash (A)
Loan from Ajay by cheque Rs. 100000/- Bank Balance (A) Loan (L)
Cash brought in by proprietor Rs. 50000/- Cash (A) Capital (C)
Paid in cash to creditors Rs. 18000/- Creditors (L) Cash (A)
Paid to creditors Rs. 40000/- from Bank OD Creditors (L) Bank OD (L)

BBA LLB 2nd Year Sem -IV

G. Money Measurement Concept:

a) Only the transactions capable of being measured in terms of money are recorded in the
accounts.
b) By expressing all transactions in terms of a common unit of measurement i.e., money, various
things of diverse nature (10 acres land, 2 buildings, 5 machines, 15 computers, etc.) can be
added together.
c) Transactions are generally recorded in the ruling currency of the country where books are
prepared
d) This concept is criticized as it ignores the purchasing power of money and treats all rupee alike,
whether it is of 1974 or 2014.
e) Also, non-monetary facts like loss of a key personnel, emergence of a competitor, quality of
goods, and efficiency of workers cannot be recorded even if they are material.
f) Exchange value of currency in relation to other currency is not constant over a time period.
Hence money does not provide a stable measurement.
H. Historical Cost Concept:
a) An asset is recorded in the books at its Historical cost, i.e. cost of acquisition & not its
market value. The same cost is used for accounting in the period of acquisition and further
accounting periods
b) E.g. - If a building is purchased for Rs. 10 Lacs & its market value is 12 Lacs, it will be
recorded at Rs. 10 Lacs only. An exception to this is the stock of business which is valued at
cost or net realizable value whichever is less as per AS - 2.
c) The Historical cost is highly objective, unbiased & easy to determine as compared to other
bases like Current cost, Realisable value & Present value. However in an inflationary situation,
the acquisition cost loses its relevance & hence accounts are not comparable.
d) Also, assets which do not have acquisition cost like human assets, favourable location,
reputation, etc. are not recorded.
e) Though the assets are recorded at cost in the period of acquisition, they value is reduced in on
account of depreciation or any impairment if required as per rules laid down
I. Realization Concept:
a) It closely follows Cost Concept
b) As per realization concept, assets should be recorded as per historical cost only and any change
in the value should be recognized only when it is realized i.e. at the time of sale / disposal
c) This concept emphasizes that the there is no certainty of income until the sale is made and
hence increase in the value of asset should be made only at the time of sale.
d) Income is accounted only when it is realized. The word “realized” means either cash is received
or a legal obligation to receive from customer has been laid \. Thus a credit sale is recognized
as income even when the amount is not collected. Income recognition is postponed, when there
is no reasonable certainty of realization. Thus the firm is not allowed to inflate profits by
recording incomes that are likely to accrue.
e) This concept is again criticized by arguing that if there is a permanent increase in the value of
assets, then income recognition should not be delayed up to sale date. So Fixed Assets are
revalued periodically. However selective revaluation will not be allowed as it may lead to
misleading data
f) Further due to Conservatism (to be discussed later), all probable losses are recorded. So if there

BBA LLB 2nd Year Sem -IV

is downward decrease in value, accounting is done. But if there is upward increase in value,
accounting is not done. Economists are highly critical about this
J. Conservatism / Prudence Concept:
a) It states that the accountant should not anticipate income & should provide for all possible
losses. Thus unrealized profits & gains should not be recognized or disclosed.
b) Out of the alternative methods of valuing an asset, the method which leads to lesser value
must be chosen, e.g., inventory is valued at cost or net realizable value whichever is lower.
c) If the market value of asset is more than the cost price, the assets are still to be shown at cost
as unrealized gains are not allowed to be recorded
d) It prohibits Window Dressing i.e. showing a position better than what it is. ( e.g. – inflating
profits, suppressing the expenses, treating revenue expenditure as capital expenditure)
e) Advantages
 Prudence
 Neutrality
 Faithful representation
f) Disadvantages
 Subjectivity is involved in this convention. Anticipation of losses varied from persons to
person and hence may lead to different results
 If this is stretched too much it will lead to
o Creations of Secret Reserves
o Under statement of profits
o Violation of Full disclosure
Many authors believe that conservatism essentially leads to understatement of income and
wealth and it should not be basis for preparation of financial statements.
K. Consistency Convention:
a) Accounting principles followed by the enterprise should be consistent. In other words the
principles should be same over a period of time and no frequent changes should be made to
suit business requirements
b) For example - An entity may adopt any of the several methods for calculation of depreciation
or valuation of stock. But the same method should be followed consistently over the years.
c) Consistency enables the user to compare the data over two different periods. Changes in
policies can distort the data and hence make comparison difficult.
d) A change in an accounting policy should be made only:
 To comply with Accounting Standards
 To comply with some legal requirement
 For more appropriate presentation of financial statements
e) If the entity has adopted wrong policies / principles, consistency concept should not be taken as
shield for switching to a correct policy / principle

BBA LLB 2nd Year Sem -IV

L. Materiality Convention:
a) As per materiality concept all items having significant economic effect of the business should
be disclosed in financial statement
b) Materiality principle permits other concepts to be ignored, if their effect is not considered
significant. Insignificant items can be given a convenient accounting treatment & may not be
disclosed separately otherwise accounting will be unnecessarily overburdened.
c) Material items refer to items in the financial statements the knowledge of which might
influence the decision of the users of financial statements. Materiality depends upon the size
and nature of item, errors judged in the circumstances of its misstatement
d) Examples
 Stationery items bought in a year may not be used entirely in a year. Hence technically the
cost of items in stock as at year end should be removed from cost of this year and taken to
next year. However considering the small value of the same, it is expensed out in the same
year instead of treating asset
 Payments of fines / Penalties should be disclosed separately even if amount is small.
e) Advantage
 It provided a threshold or cut off point for disclosing the amounts
f) Disadvantages
 Materiality is an exception to full disclosure principle.
 Materiality is a subjective term. An item material to one person may be immaterial to
another. It depends on the size of the business, amount of item, nature of information, etc.
M. Substance Over Form Concept
a) Accounting treatment and presentation in Financials statement should be governed by
Substance and not their legal form
b) Example
 If a Land has been sold , payment has been received from the buyer and possession has
been handed over to the buyer, the sale of land should be recorded in the books of
accounts though a technical formality of registration is still pending
 In case of Hire Purchase Agreement the ownership is technically transferred only on
the payment of last payment. However asset is shown in the books of the Hire
Purchaser and depreciated from Day1
 A sales some goods for Rs 25000 with an understanding that the same will be bought
back at Rs 30000 after 1 year. The said transaction is not a case of sale and purchase of
materials but a financial transaction where for a payment of Rs 25000, the lender is
getting Rs 30000 after 1 year.
N. Verifiable Objective Evidence Concept: / Objectivity
a) This principle requires that the accounting data should be definite, verifiable & free
from personal bias.
b) Thus all transactions recorded should have adequate evidence like vouchers, receipts, cash
memos, invoices, etc.

BBA LLB 2nd Year Sem -IV

O. Full Disclosure Concept

a) The financials statement should disclose all relevant and reliable information which they
purport to represent so that information is useful to the users.
b) The Financial statement should act means of communicating and not concealing.
c) Disclosure means a statement describing an event or transaction including the amount involved
should be added tit e financial statements by way of note therein. It is different from
accounting. In accounting entries are passed whereas in disclosure a mere statement is given
d) Materiality and Conservatism are exception to the Full disclosure concept
 As per Full disclosure all relevant transactions and events must be disclosed whereas as
per materiality concept, only material events and transactions are to be disclosed
 As per Full Disclosure all relevant transactions and events must be disclosed whereas
as per Conservatism concept all events and transactions which lead to possible losses
must be accounted; unrealized gains can’t be accounted

Notes
1. Going concern, Cost concept and realization concept give us valuation criteria
2. Entity & money measurement are basic concepts on which other procedural concepts depend.
3. Accrual, matching and periodicity concepts relate to measurement of income and recognition of
assets and liabilities.
Please note: Accounting conventions are:
Conservatism, Consistency, Materiality, Disclosure, Objective evidence and Substance over
form. The theory related to these conventions is given above.

2. ACCOUNTING PRINCIPLES:

a) Basic Principles of Accounting are essentially the general Decision Rules which govern the
development of accounting techniques. These principles show transactions should be recorded
and reported
b) Generally Accepted Accounting Principles may be defined as those rules of action or conduct
which are derived from experience and practice and when they prove useful, they become
accepted as principles of accounting
c) According to AICPA, the principles which have substantial authoritative support become part of
Generally Accepted Accounting Principles

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3. FUNDAMENTAL ACCOUNTING ASSUMPTIONS:

a) As per Accounting Standard-1, ‘Disclosure of Accounting Policies’, the fundamental

accounting assumptions are:
 Accrual
 Going Concern
 Consistency
b) They underline the preparation and presentation of financial statements
c) They are not specifically stated because their acceptance and use is assumed
d) Disclosure is necessary only when the assumptions are not followed
Please note that the theory related to the above assumptions is given in the Accounting
Concepts Tab.

 Accounting cycle:
The accounting cycle is for a period of 12 months i.e. a year. In India, the accounting cycle starts
from 1 April and ends on 31 March.
 Rules of Debit and Credit:
Real Account (All assets are real accounts):
Debit (Dr) what comes in
Credit (Cr) what goes out
Nominal Account ( All Expenses and Incomes are nominal accounts):
Debit (Dr) all expenses and losses
Credit (Cr) all incomes and gains
Personal Account (All accounts of individuals or entities are personal accounts):
Debit (Dr) the receiver
Credit (Cr) the giver.

BBA LLB 2nd Year Sem -IV

Banking instruments

General introduction to Banking.

Have you been to any Bank? You must have observed many activities there. Some may be
depositing(putting in) money and others may be taking out money. Also, you must have heard
people speaking about words interest, loan, Cheque, Demand Draft (DD).

Have you heard people saying that interest they get is too low and it is difficult to meet household
expenses? For them interest is an income used for daily living.

You need money to start a business or to buy items. We can borrow money from people or
organizations. Bank is one such institution which lends money to borrowers. The borrowers
could be individuals, companies. Individuals need money to construct houses ,to purchase
houses, sites, items such as TV, Fridge, Motor Cycles, cars, etc,. . Farmers also need money for
buying land, cattle, fertilizers, tractors and farm equipments. . People need money to start
business. Companies also require money to expand business. Students also need loan for higher
studies. Many others need money for marriages and for other social functions. Banks give money
to all these type of borrowers. But can Banks give money free? Banks also have expenses (pay
salary to their employees, pay rent for building, pay for electricity pay for buying computers
…,). interest on loan is the extra charge that banks collect from borrowers to meet these expenses
and make some profit. How do banks get money to give it to borrowers?
They collect money from depositors who have some extra money (from their savings). Will these
depositors give money to Bank free? The depositors also need some incentive (encouragement),
so that they can give money to Banks. Thus, Bank is an organization that collects money from
depositors and gives money to borrowers. To encourage depositors to give money, banks give
‘interest’ to depositors on the money they give to Bank. Similarly, bank charges ‘interest’ from
people who borrow money from Bank. So we can say Banks act as ‘middleman’ between those
who have extra money (depositors) and those who need money (borrowers). State Bank of India
(SBI), State Bank of Mysore (SBM), Syndicate Bank, Canara Bank, Citi Bank, HSBC Bank are
some of the examples of Banks operating in India.

Banks need a system with which they can record the transactions of their customers (depositing
money and taking out money). For this reason, every individual or company needs to open an
account in the Bank. At the time of opening account, Banks check the background of individuals
by asking them to produce few documents (Address proof, Date of birth proof….)

When an account is opened, Bank gives a unique number to each depositor called ‘Account
Number’. When an individual opens an account he is given a ‘Savings Bank Account’. When a
company opens an account it is given a ‘Current Account’. When a businessman opens an
account he is given a ‘Current Account’.
Depending on the needs of the account holder, accounts are mainly classified as:

1. Savings Bank (SB) account

2. Current Account (CA)
3. Recurring Deposit Account (RD)
4. Fixed or Term Deposit (FD)
5. Cumulative Term Deposit (CTD)

BBA LLB 2nd Year Sem -IV

Opening of account

As an example let us look at how to make an application to open an SB account in Syndicate

Bank. The procedure and the application form used for opening accounts are more or less same in
all banks. The person opening an account needs to know a person called introducer who also
should be known to the Bank. This introducer needs to certify that the account opener is known to
him for few years. This way the bank ensures that the person opening an account is a responsible
person and is unlikely to cheat the bank

The requirements for opening account are:

1. Completed application form

2. Photos of the individuals opening the account
3. Initial deposit amount
4. Copy of Voter ID card; ration Card, Driving License or pass port as proof of address
5. Specimen signature card

The front page of the application form looks similar to as given below.

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In the form, the photo of the individual who is opening the account needs to be affixed in the
space provided.

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The photo helps in identifying the account holder

The reverse side of the Account opening form looks as given below.

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Circled Details Entry in the above form

Number
1 Unique number(called Account Number) given to the 14502
account holder
2 Initial deposit amount 2000
3 Name of the account holder Ramesh K N
4 Occupation of account holder Student ( assumed that he is
a major)
5 Address (proof such as voter ID card, Ration card. are 5, 5th Main,3rd Cross
to be submitted to the bank) R K Puram, Bangalore -560
070
7 Date of the opening of account 07/04/2006
8 Signature of account holder Signature of Ramesh K N
9 How many years since the account opener is known to Three years
the introducer.
10 Name of the introducer Ramesh Chandra
11 Signature of the introducer with date Signature
12 Introducer’s account number in the Bank 12305
13 Account number allotted to the person opening the 14502
account
14 Date on which account was opened 07/04/2006
15 Signature of the Manager of the Bank Signature

Bank maintains a Card which has two specimen (sample) signatures of the account holder.
Normally banks scan the signature and store them in computer.
An example of the card used by Syndicate Bank is given below

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Circled Details Entry in the above card

Number
1 Account Number given to the account holder 14502
2 Name of the account holder Ramesh K N
3 Address (proof such as voter ID card, Ration card. are 5, 5th Main,3rd Cross
to be submitted to the bank) R K Puram, Bangalore -560
070
4 Name of the signatory( the person authorized to sign Ramesh K N
cheque)
5 Two signature of the signatory Signatures
6 Signature of the Manager of the Bank Signature
7 Date on which account was opened 07/04/2006

Now an SB account can be opened by Ramesh K. N after making an initial deposit

To deposit amount in to an account, we use a slip called ‘pay in slip’. While depositing money we
need to give bank some details
As a sample, slip used by Syndicate Bank is given below:
Note that the slip has two parts. Right side is for Bank’s use and left side is for Depositor’s record

Let us understand the details to be filled up on the Bank Copy. Most of the same information is
filled up on the left side also.

Circled Details Entry in the above slip

Number
1 Name of the Bank’s Branch Jayanagar
2 Date (of deposit) 03-04-06
3 Paid in to the credit of(Nature of SB(Savings Bank)
account)
4 A/C Holders name Ramesh K.N.
5 Amount of deposit in words Two thousand only
6 A/C No( Account Number) 14502
7 Amount of deposit in figures 2000

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8 Signature of Depositor Signature

6 Cash/Cheque(The method of deposit) Cash
9 Denomination(The break of amount in 500X2 = 1000,100X10 = 1000
different currency notes) Total Rs. 2000.

Note: Since authorization is not required for depositing money, any one can deposit to any one’s
account.

We need to provide certain details to bank when we want to take out money from bank and we
provide these details in ‘Withdrawal form’

As an example let us see what needs to be filled to withdraw money from the bank using the form
of State Bank of India.

Circled Details Entry in the above slip

Number
1 Name of the Account Holders Padmakshi
2 Date (of withdrawal ) 01-05-2006
3 Account Number in the Bank 14110
4 Amount of withdrawal in words Five Hundred
5 Amount of withdrawal in figures 500
6 Debit the amount to my/our SB A/C No 14110
7 Signature of Depositor Signature(It should be as per specimen
signature card given to the bank)

There are some restrictions on the use of withdrawal slip. They are:

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1. Only the account holder can use this slip to withdraw the amount for himself
2. This form can not be used to make payment to others.
3. Account holder has to produce the pass book

Since withdrawal slip can not be used to make payment to others, we use a form called cheque
Let us see what needs to be filled in a cheque so as to pay amount to others. As an example let us
study the cheque format used by State Bank of Mysore
In the cheque we write certain details which are needed to make payments

Circled Details Entry in the above cheque

Number
1 Pay ( Name of the person who needs to be Ramesh K.N
paid)
2 Date ( Date on which the money is to be 31-03-1999
paid)
3 Rupees(The amount to be paid in words) One Thousand only
4 Rs. (The amount to be paid in Figures) 1000
5 Signature of the person issuing cheque Signature(It should be as per specimen
signature card given to the bank)
6 Account Number of the person issuing 11987
cheque
7 Branch Name(The branch where the person State Bank of Mysore
who is signing the cheque is having the Public Utility Branch, Bangalore -560
account) 001
8 Cheque Number 665078
9 Mode of Payment A/C Payee

When an account is opened with a bank the bank gives a pass book which lists the transactions
carried out in that account
Almost all the banks have similar formats for pass book.

BBA LLB 2nd Year Sem -IV

As an example, let us look at the pass book entry of an account holder of State Bank of India
which is given below

The front page of the pass book looks like:

The front page of the passbook specifies the name and address of the branch. In the above
example
The bank name is ‘STATE BANK OF INDIA’ and the address of the branch is ‘ 422,9th Main,
Banashankari II Stage, Bangalore -560070’

The inside page of the pass book looks as given below:

Circled Details Entry in the above pass book

Number

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1 Name of the Account holder Padmakshi and Veena

2 The address of the account holder 2282, 22nd Cross, K R Road…
3 The Account number 01190014110

Note that since this account is in two names, the account is called a ‘joint account’
The next and subsequent pages give the details of the transactions carried out by account holder.
Let us assume that this account holder does following transactions.

TABLE 1:

Date of Details Reference Amount Amount Balance

Transaction Number taken out - put in +
1 2 3 4 5 6
23/09/97 A/C Opening SD14039 500.00 500.00
03/10/97 By Cash SD14086 10000.00 10500.00
24/10/97 By Cash 3750.00 14250.00
24/10/97 By Cash SD 14014 10000.00 24250.00
04/11/97 To Agrahar& Co VB5181 15000.00 9250.00
05/11/97 By Cash SD013014 30000.00 39250.00
06/11/97 By Clearing 30000.00 69250.00

These transactions appear in the pass book as given below

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Circled Details Explanation

Number
1 Date of Transaction The date on which money was deposited or withdrawn.
2 Details How the money has come in to the account or to whom money
has been given, and how it was taken out.
3 Reference Number The internal number used by bank or the cheque number of the
cheque.
4 Amount taken Amount withdrawn from the account. This reduces the money
out - available in the account.
5 Amount put in + Amount deposited in to the account. This increases the money
available in the account.
6 Balance The balance amount in the account on a particular day.

 Cheque

Section 6 of the Negotiable Instrument Act defines a cheque as, "A bill of exchange drawn on a
specified banker and not expressed to be payable otherwise than on demand."

In simple words,

A cheque is a kind of bill of exchange or an unconditional order in writing, addressed by customer with
signature to the bank to pay a certain amount to the bearer or as per order.

* Bills of Exchange - It is written and signed order directing the person named in it to pay a certain
amount of money only to, or to the order of a certain person or to the bearer.

PARTIES TO CHEQUE
o DRAWER - The person who signs the cheque and order for payment
o DRAWEE - It is always bank on which cheque is drawn and is ordered to pay the amount of
cheque.
o PAYEE - The person to whom the cheque is payable. ( In many cases, drawer and payee can be
the same person.)

TYPES OF CHEQUES
(A) OPEN CHEQUE - It is an uncrossed cheque which is payable at counter of the bank.

It can be Bearer Cheque or Order Cheque .

o BEARER CHEQUE - When a cheque is payable to a person whose name appears on the cheque
or to the bearer i.e. to the person who presents the cheque to the bank for encashment, is called
bearer cheque. It can be transferred by mere delivery and do not need endorsement.
o ORDER CHEQUE - When a cheque is payable to person named in the cheque or to his order, is
called Order Cheque.When the word Bearer is cancelled , the cheque becomes the order cheque. It
can be transferred only by endorsement and delivery.

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(B) CROSSED CHEQUE - It is the cheque on which two parallel transverse lines are drawn across the
top left , with or without the word :

(i) ' & Co.'

(ii) Not Negotiable
(iii) A/c Payee

It can not be encashed at the counter of the bank , can only be credited to the account of the payee.

(C) STALE CHEQUE - The validity of cheque is for three months. It cheque is not presented within the
three months, it got expired and becomes the Stale Cheque or Out-dated cheque.
* Earlier the validity of cheque was for six months, it has been reduced to three months, with effect from
April 1, 2012.

(D) ANTE- DATED CHEQUE - A cheque contains the date on which it is drawn. If it bears a prior date
or back date, it is called Ante-Dated cheque. Bank will honour this cheque until it exceed the three
months, i.e. stale period of cheque.

(E) POST-DATED CHEQUE - If the cheque bears the date later than the date on which it is drawn, is
called Post-Dated Cheque. This cheque can not be honoured before the date written on it.

(F) MULTILATED CHEQUE - A cheque which is torn into pieces is called Multilated cheque.

CROSSING OF CHEQUES
Crossing of Cheques means to draw two lines transverse parallel on left hand corner of the cheque.It
directs the bank to deposit the money directly into the account and not to be pay cash at the bank counter.

MODES OF CROSSING
Below are the modes of crossing of cheques and the effect of crossing of cheques:

(1) GENERAL CROSSING - When a cheque bears two transverse parallel lines at the left hand of its
top corner. Words such as 'and company' or any other abbreviation (such as & co.) may be written
between these two parallel lines, either with or without words 'not negotiable', is called General Crossing.

Effect - Payment can be paid through bank account only, and should not be made at counter of paying
bank.

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(2) SPECIAL CROSSING - When a cheque bears the name of the bank in between the two parallel
lines, with or without the words 'not negotiable' is called Special Crossing.

Effect - The bank will pay to the banker whose name is written in between the
crossing lines.

(3) RESTRICTIVE CROSSING / ACCOUNT PAYEE CROSSING - In this, crossing of cheques is

done by writing Account Payee or Account Payee only in between the crossing lines.

Effect - Payment will be credited to the account of payee named in the cheque.

(4) DOUBLE CROSSING - When a cheque bears two special crossing, is called Double Crossing. In
this second bank act as agent of the first collecting banker. It is made when the banker in whose favour
the cheque is crossed does not have branch where the cheque is paid.

Saving money Instruments:

Saving money instruments incorporate checks, drafts, bills of trade, credit notes and so on. It is a report
ensuring the installment of a particular measure of cash, either on request or at a set time, with the player
named on the archive. These are the accompanying

Cheque:
It is an instrument in composing containing an unqualified request, tended to a financier, sign by the
individual who has kept cash with the investor, obliging him to pay on request a specific whole of cash
just to or to the request of the certain individual or to the conveyor of the instrument. Test of a check:
There are different sorts of checks:

• Bearer Cheque or open Cheque:

When the words “or conveyor” showing up on the substance of the check are not crossed out, the check is
known as a carrier check. The conveyor check is payable to the individual indicated in that or to some
other else who presents it to the bank for installment.

• OrderCheque:
When “carrier” showing up on the substance of a check is drop and when in its place “or request” is
composed of the substance of the check, the check is called a request check. Such a check is payable to
the individual determined.

• Crossed Cheque:

BBA LLB 2nd Year Sem -IV

The crossing of checks means drawing two parallel lines on the substance of the check with or without
extra words like “and CO.” or “Record Payee” or “Not Negotiable”. A crossed check can’t be encashed at
the money counter of a bank yet it must be credited to the payee’s record.

Demand Drafts:
A request draft (DD) is a debatable instrument like a bill of trade. A bank issues a request draft to a
customer (drawer), coordinating another bank (drawee) or one of its own branches to pay a specific
entirety to the predetermined party (payee).

Letters of Credit:
Revocable letters of credit give backer the change or cancellation right of the credit whenever without
earlier notice to the recipient. C. Unavoidable Letters of Credit. Permanent Letters of Credit can’t be
corrected or scratched off without the understanding of the credit parties. Unsubstantiated permanent
letters of credit can’t be changed without the composed assent of both the issuing bank and the recipient.

Voucher:
Vouchers are bonds with a specific financial esteem, qualifying the conveyor for reclaim them for
particular products or administrations. Vouchers are tokens which qualify the carrier for recover them for
the products or administrations determined by the voucher.

Bills of Exchange:
A non-enthusiasm bearing composed request utilized essentially as a part of a global exchange that ties
one gathering to pay a settled total of cash to another gathering at a foreordained future date. It is a
promissory note.

Debit Card:
A card used to make an electronic withdrawal from assets on stored in a financial balance or in obtaining
products through EDC (Electronic Data Capture) machine. ¬ The debit card number is as a rule of 16
digits. ¬ There are exchange charges past 5 quantities of exchanges in a month.

Credit Card:
A card issued by a money related organization giving the holder an alternative to acquiring stores,
generally at the purpose of the offer. Visas charge intrigue and are essentially utilized for transient
financing. Intrigue, as a rule, starts one month after a buy is made and obtaining points of confinement are
pre-set by individual’s FICO score. There are the yearly expense, benefit charges, late installment charges
and different charges connected to a Visa.

Forex Card:
A Forex card is a sort of prepaid platinum card. Forex cards are valuable monetary instruments for any
individual who is voyaging abroad. Forex cards are sheltered, advantageous and practical.

ATM:
Mechanized Teller Machine is a modernized machine that gives the clients of banks the office of getting
to their record for apportioning money and to complete other budgetary and non-monetary exchanges
without the need to really visit their bank branch
Internet Banking:
Web-based keeping money or the Internet saving money is an electronic installment system that
empowers clients of a monetary establishment to lead budgetary exchanges on a site worked by the bank.
Web-based saving money was initially presented in the mid-1980s in New York. Four noteworthy
banks—Citibank, Chase Manhattan, Chemical and Manufacturers Hanover—offered this administration.

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Mobile Banking:
Portable keeping money alludes to the utilization of a mobile phone or another cell gadget to perform the
internet managing an account errands. Versatile managing an account administrations are normally
constrained to an electronic development of assets and information recovery.

Core Banking Solution:

This is a procedure in which the data is put away in a brought together server of the bank, which is
accessible to all system branches.

COMPUTERISATION OF ACCOUNTING

INTRODUCTION

A computerised accounting system is an accounting information system that processes the financial
transactions and events as per Generally Accepted Accounting Principles (GAAP) to produce reports as
per user requirements. Every accounting system, manual or computerised, has two aspects. First, it has to
work under a set of well-defined concepts called accounting principles. Another, that there is a user -
defined framework for maintenance of records and generation of reports. In a computerised accounting
system, the framework of storage and processing of data is called operating environment that consists of
hardware as well as software in which the accounting system, works. The type of the accounting system
used determines the operating environment. Both hardware and software are interdependent. The type of
software determines the structure of the hardware. Further, the selection of hardware is dependent upon
various factors such as the number of users, level of secrecy and the nature of various activities of
functional departments in an organisation.

Take the case of a club, for example, where the number of transactions and their variety is relatively
small, a Personal Computer with standardised software may be sufficient. However, for a large business
organisation with a number of geographically scattered factories and offices, more powerful computer
systems supported by sophisticated networks are required to handle the voluminous data and the complex
reporting requirements. In order to handle such requirements, multi-user operating systems such as UNIX,
Linux, etc. are used. Modern computerised accounting systems are based on the concept of database. A
database is implemented using a database management system, which is define by a set of computer
programmes (or software) that manage and organise data effectively and provide access to the stored data
by the application programmes. The accounting database is well-organised with active interface that uses
accounting application programs and reporting system.

Every computerised accounting system has two basic requirements;

• Accounting Framework : It consists a set of principles, coding and grouping structure of accounting.

• Operating Procedure : It is a well-defined operating procedure blended suitably with the operating
environment of the organisation.

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The use of computers in any database oriented application has four basic requirements as mentioned
below

• Front-end Interface : It is an interactive link or a dialog between the user and database-oriented software
through which the user communicates to the back-end database. For example, a transaction relating to
purchase of goods may be dealt with the accounting system through a purchase voucher, which appears
on the computer’s monitor of data entry operator and when entered into the system is stored in the
database. The same data may be queried through reporting system say purchase analysis software
programme.

• Back-end Database : It is the data storage system that is hidden from the user and responds to the
requirement of the user to the extent the user is authorised to access.

• Data Processing : It is a sequence of actions that are taken to transform the data into decision useful
information.

• Reporting System: It is an integrated set of objects that constitute the report. The computerised
accounting is also one of the database-oriented applications wherein the transaction data is stored in well-
organised database.

The user operates on such database using the required and desired interface and also takes the desired
reports by suitable transformations of stored data into information. Therefore, the fundamentals of
computerised accountingembrace all the basic requirements of any database-oriented application in
computers. Accordingly, the computerised accounting system has the above four additional requirements.

Comparison between Manual and Computerised Accounting

Accounting, by definition, is the process of identifying, recording, classifying and summarising financial
transactions to produce the financial reports for their ultimate analysis.

Let us understand these activities in the context of manual and computerised accounting system.

• Identifying : The identification of transactions, based on application of accounting principles is,

common to both manual and computerised accounting system.

• Recording : The recording of financial transactions, in manual accounting system is through books of
original entries while the data content of such transactions is stored in a well-designed accounting
database in computerised accounting system.

• Classification : In a manual accounting system, transactions recorded in the books of original entry are
further classified by posting into ledger accounts. This results in transaction data duplicity. In
computerised accounting, no such data duplication is made to cause classification of transactions. In order
to produce ledger accounts, the stored transaction data is processed to appear as classified so that the same

BBA LLB 2nd Year Sem -IV

is presented in the form of a report. Different forms of the same transaction data are made available for
being presented in various reports.

• Summarising : The transactions are summarised to produce trial balance in manual accounting system
by ascertaining the balances of various accounts. As a result, preparation of ledger accounts becomes a
prerequisite for preparing the trial balance. However, in computerised accounting, the originally stored
transactions data are processed to churn out the list of balances of various accounts to be finally shown in
the trial balance report. The generation of ledger accounts is not a necessary condition for producing trial
balance in a computerised accounting system.

• Adjusting Entries : In a manual accounting system, these entries are made to adhere to the principle of
cost matching revenue. These entries are recorded to match the expenses of the accounting period with
the revenues generated by them. Some other adjusting entries may be made as part of errors and
rectification. However, in computerised accounting, Journal vouchers are prepared and stored to follow
the principle of cost matching revenue, but there is nothing like passing adjusting entries for errors and
rectification, except for rectifying an error of principle by having recorded a wrong voucher such as using
payment voucher for a receipt transaction.

• Financial Statements : In a manual system of accounting, the preparation of financial statements pre-
supposes the availability of trial balance. However, in computerised accounting, there is no such
requirement. The generation of financial statements is independent of producing the trial balance because
such statements can be prepared by direct processing of originally stored transaction data.

• Closing the Books : After the preparation of financial reports, the accountants make preparations for the
next accounting period. This is achieved by posting of closing and reversing journal entries. In
computerised accounting, there is year-end processing to create and store opening balances of accounts in
database. It may be observed that conceptually, the accounting process is identical regardless of the
technology used.

Advantages of Computerised Accounting System

Computerised accounting offers several advantages vis-a-vis manual accounting, these are summarised as
follows ;

• Speed : Accounting data is processed faster by using a computerised accounting system than it is
achieved through manual efforts. This is because computers require far less time than human beings in
performing a task.

• Accuracy : The possibility of error is eliminated in a computerised accounting system because the
primary accounting data is entered once for all the subsequent usage and processes in preparing the
accounting reports. Normally, accounting errors in a manual accounting system occur because of repeated
posting of same set of original data by several times while preparing different types of accounting reports.

• Reliability : The computer system is well-adapted to performing repetitive operations. They are immune
to tiredness, boredom or fatigue. As a result, computers are highly reliable compared to human beings.

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Since computerised accounting system relies heavily on computers, they are relatively more reliable than
manual accounting systems.

• Up-to-Date Information : The accounting records, in a computerised accounting system are updated
automatically as and when accounting data is entered and stored. Therefore, latest information pertaining
to accounts get reflected when accounting reports are produced and printed. For example, when
accounting data pertaining to a transaction regarding cash purchase of goods is entered and stored, the
cash account, purchase account and also the financial statements (trading and profit and loss account)
reflect the impact immediately.

• Real Time User Interface : Most of the automated accounting systems are inter-linked through a
network of computers. This facilitates the availability of information to various users at the same time on
a real time basis (that is spontaneously). • Automated Document Production : Most of the computerised
accounting systems have standardised, user defined format of accounting reports that are generated
automatically. The accounting reports such as Cash book, Trial balance, Statement of accounts are
obtained just by click of a mouse in a computerised accounting environment.

• Scalability : In a computerised accounting system, the requirement of additional manpower is confined

to data entry operators for storing additional vouchers. The additional cost of processing additional
transactions is almost negligible. As a result the computerised accounting systems are highly scalable.

• Legibility : The data displayed on computer monitor is legible. This is because the characters (alphabets,
numerals, etc.) are type written using standard fonts. This helps in avoiding errors caused by untidy
written figures in a manual accounting system.

• Efficiency : The computer based accounting systems ensure better use of resources and time. This
brings about efficiency in generating decisions, useful informations and reports.

• Quality Reports : The inbuilt checks and untouchable features of data handling facilitate hygienic and
true accounting reports that are highly objective and can be relied upon.

• MIS Reports : The computerised accounting system facilitates the real time production of management
information reports, which will help management to monitor and control the business effectively.
Debtors’ analysis would indicate the possibilities of defaults (or bad debts) and also concentration of debt
and its impact on the balance sheet. For example, if the company has a policy of restricting the credit
sales by a fixed amount to a given party, the information is available on the computer system immediately
when every voucher is entered through the data entry form. However, it takes time when it comes to a
manual accounting system. Besides, the results may not be accurate.

• Storage and Retrieval : The computerised accounting system allows the users to store data in a manner
that does not require a large amount of physical space. This is because the accounting data is stored in
hard-disks, CD-ROMs, floppies that occupy a fraction of physical space compared to books of accounts
in the form of ledger, journal and other accounting registers. Besides, the system permits fast and accurate
retrieval of data and information.

BBA LLB 2nd Year Sem -IV

• Motivation and Employees Interest : The computer system requires a specialised training of staff, which
makes them feel more valued. This motivates them to develop interest in the job. However, it may also
cause resistance when we switch over from a manual system to a computer syste

Limitations of Computerised Accounting System

The main limitations emerge out of the environment in which the computerised accounting system is
made to operate. These limitations are as given below ;

• Cost of Training : The sophisticated computerised accounting packages generally require specialised
staff personnel. As a result, a huge training costs are incurred to understand the use of hardware and
software on a continuous basis because newer types of hardware and software are acquired to ensure
efficient and effective use of computerised accounting systems.

• Staff Opposition : Whenever the accounting system is computerised, there is a significant degree of
resistance from the existing accounting staff, partly because of the fear that they shall be made redundant
and largely because of the perception that they shall be less important to the organisation.

• Disruption : The accounting processes suffer a significant loss of work time when an organisation
switches over to the computerised accounting system. This is due to changes in the working environment
that requires accounting staff to adapt to new systems and procedures.

• System Failure : The danger of the system crashing due to hardware failures and the subsequent loss of
work is a serious limitation of computerised accounting system. However, providing for back-up
arrangements can obviate this limitation. Software damage and failure may occur due to attacks by
viruses. This is of particular relevance to accounting systems that extensively use Internet facility for their
online operations. No fullproof solutions are available as of now to tackle the menace of attacks on
software by viruses.

• Inability to Check Unanticipated Errors : Since the computers lack capability to judge, they cannot
detect unanticipated errors as human beings commit. This is because the software to detect and check
errors is a set of programmes for known and anticipated errors.

• Breaches of Security : Computer related crimes are difficult to detect as any alteration of data may go
unnoticed. The alteration of records in a manual accounting system is easily detected by first sight. Fraud
and embezzlement are usually committed on a computerised accounting system by alteration of data or
programmes. Hacking of passwords or user rights may change the accounting records. This is achieved by
tapping telecommunications lines, wire-tapping or decoding of programmes. Also, the people responsible
for tampering of data cannot be located which in a manual system is relatively easier to detect.

• Ill-effects on Health : The extensive use of computers systems may lead to development of various
health problems: bad backs, eyestrain, muscular pains, etc. This affects adversely the working efficiency
of accounting staff on one hand and increased medical expenditure on such staff on the other. Do It
Yourself Visit a commercial organisation where the accounting is performed manually. Observe the

BBA LLB 2nd Year Sem -IV

various accounting activities. Now list the advantages, which would have accrued, had the accounting
being performed through computers

Sourcing of Accounting Software

Accounting software is an integral part of the computerised accounting system. An important factor to be
considered before acquiring accounting software is the accounting expertise of people responsible in
organisation for accounting work. People, not computers, are responsible for accounting.

The need for accounting software arises in two situations :

(a) when the computerised accounting system is implemented to replace the manual system or

(b) when the current computerised system needs to be replaced with a new one in view of changing needs

Accounting Packages Every Computerised Accounting System is implemented to perform the accounting
activity (recording and storing of accounting data) and generate reports as per the requirements of the
user.

The accounting packages are classified into the following categories :

(a) Ready to use

(b) Customised

(c) Tailored Each of these categories offers distinctive features.

However, the choice of the accounting software would depend upon the suitability to the organisation
especially in terms of accounting needs.

A)Ready-to-Use

Ready-to-Use accounting software is suited to organisations running small/ conventional business where
the frequency or volume of accounting transactions is very low. This is because the cost of installation is
generally low and number of users is limited. Ready-to-use software is relatively easier to learn and
people (accountant) adaptability is very high. This also implies that level of secrecy is relatively low and
the software is prone to data frauds. The training needs are simple and sometimes the vendor (supplier of
software) offers the training on the software free. However, these software offer little scope of linking to
other information systems.

B)Customised Accounting

software may be customised to meet the special requirement of the user. Standardised accounting
software available in the market may not suit or fulfil the user requirements. For example, standardised
accounting software may contain the sales voucher and inventory status as separate options. However,
when the user requires that inventory status to be updated immediately upon entry of sales voucinked to
the other information systems. The cost of installation and maintenance is relatively high because the high

BBA LLB 2nd Year Sem -IV

cost is to be paid to the vendor for customisation. The customisation includes modification and addition to
the software contents, provision for the specified number of users and their authentication, etc. Secrecy of
data and software can be better maintained in customised software. Since the need to train the software
users is important, the training costs are therefore high.

C)Tailored

The accounting software is generally tailored in large business organisations with multi users and
geographically scattered locations. These software requires specialised training to the users. The tailored
software is designed to meet the specific requirements of the users and form an important part of the
organisational MIS. The secrecy and authenticity checks are robust in such softwares and they offer high
flexibility in terms of number of users.her and report be printed, the software needs to be customised.

Generic Considerations before Sourcing an Accounting Software The following factors are usually taken
in considerations before sourcing an accounting software.

Flexibility An important consideration before sourcing an accounting software is flexibility, viz. data
entry and the availability and design of various reports expected from it. Also, it should offer some
flexibility between the users of the software, the switch over between the accountants (users), operating
systems and the hardware. The user should be able to run the software on variety of platforms and
machines, e.g. Windows 98/2000, Linux, etc. Cost of Installation and Maintenance The choice of the
software obviously requires consideration of organisation ability to afford the hardware and software. A
simple guideline to take such a decision is the cost benefit analysis of the available options and the
financing opportunities available to the firm. Some times, certain software which appears cheap to buy,
involve heavy maintenance and alteration costs, e.g. cost of addition of modules, training of staff,
updating of versions, data failure/restoring costs. Conversely, the accounting software which appear
initially expensive to buyers, may require least maintenance and free upgrading and negligible alteration
costs.

Size of Organisation The size of organisation and the volume of business transactions do affect the
software choices. Small organisations, e.g. in non-profit organisations, where the number of accounting
transactions is not so large, may opt for a simple, single user operated software. While, a large
organisation may require sophisticated software to meet the multi-user requirements, geographically
scattered and connected through complex networks.

Ease of Adaptation and Training needs Some accounting software is user friendly requiring a simple
training to the users. However, some other complex software packages linked to other information
systems require intensive training on a continuous basis. The software must be capable of attracting users
and, if its requires simple training, should be able to motivate its potential users.

Utilities/MIS Reports The MIS reports and the degree to which they are used in the organisation also
determine the acquisition of software. For example, software that requires simply producing the final

BBA LLB 2nd Year Sem -IV

accounts or cash flow/ratio analysis may be readyto-use software. However, the software, which is
expected to produce cost records needs to be customised as per user requirements.

Expected Level of Secrecy (Software and Data) Another consideration before buying accounting software
is the security features, which prevent unauthorised personnel from accessing and/or manipulating data in
the accounting system. In tailored software for large businesses, the user rights may be restricted to
purchase vouchers for the purchase department, sales vouchers to the billing accountants and petty cash
module access with the cashier. The operating system also matters. Unix environment allows multi-users
compared to Windows. In Unix, the user cannot make the computer system functional unless the user
clicks with a password, which is not a restriction in Windows.

Exporting/Importing Data Facility The transfer of database to other systems or software is sometimes
expected from the accounting software. Organisations may need to transfer information directly from the
ledger into spreadsheet software such as Lotus or Excel for more flexible reporting. The software should
allow the hygienic, untouched data transfer. Accounting software may be required to be linked to MIS
software in the organisation. In some ready to use accounting softwares, the exporting, importing facility
is available but is limited to MS Office modules only, e.g. MS Word, MS Excel, etc. However, tailored
softwares are designed in manner that they can interact and share information with the various sub
components of the organisational MIS.

Vendors Reputation and Capability Another important consideration is the reputation and capability of
about the vendor. This depends upon how long has he been the vendor is in business of software
development, whether there are other users of the software and extent of the availability of support
mechanisms outside the premises of the vendor.

Software in accounting:
1.Tally.ERP 9

Tally.ERP 9 is India’s leading business management software for GST, accounting, inventory, and
payroll. It is economical and one of the most popular ERP software solutions available in the industry,
used by 11 lakh businesses.
2.Zoho Books
Simple, easy-to-use business accounting system to help you manage your accounts online.. Zoho Books
is an easy-to-use, online accounting software for small businesses to manage their finances and stay on
top of their cash flow.
3.MProfit for Accounting

Mprofit is one of the best portfolio management and accounting management software for

4.LOGIC Account
LOGIC ACCOUNT - complete retail, wholesale and accounting solution. It is a suitable software for
billing, inventory & accounts functionalities. It is available in two editions such as Retail Edition and
Whole Sale Edition.
investors, traders, advisiors, corporates, family offices and CAs to manage your stocks, MFs & other
assets.
5.CraveInvoice

BBA LLB 2nd Year Sem -IV

CraveInvoice is a complete accounting software for small to medium size business. It includes all
necessary features including inventory, invoicing and accounting management.
6.Book Keeper - Accounting & Invoicing
Book Keeper is Most Simplified Accounting App available on Windows, Android and iOS platforms.
You can generate GST invoices and generate GSTR-1,GSTR-2,GSTR-3B and GSTR4 reports. Also,
you can access your data across devices by enabling Sync feature
7.Fraxinus Books ERP
Fraxinus is an integrated Advanced GST Ready Billing, Accounting and Stock Management Software
for Small Business to Large Enterprises.operated from (Online or Offline) Desktop Computers and
Mobile Application.
8.ProfitBooks
ProfitBooks is amazingly simple and fastest amongst the list of business best accounting software
for small businesses
9.Busy Accounting Software
BUSY 17 GST ready business accounting software for small business and enterprises. It has been
empowering SMEs across geographies, industry verticals & customer segments like FMCG, Retail,
Trading, & Service by helping them manage their business efficiently. It is trusted by more than
6,00,000 businesses in over 20 countries.
10.HDPOS Smart Accounts & Billing
HDPOS is the best accounting software for business. It has ease of use and nice interface. It is a
windows based billing, inventory management and accounting system and it easlyInstall on single
computer or multiple terminals.
11.Billing360
Business leaders can't make informed decisions without accurate information. A majority of
organizations suffer from disjointed data spread across too many systems. This impacts the bottom line
with lost or missed revenue and lengthens the time-to-cash.
12.AlignBooks
AlignBooks is an Online Business Accounting Software specially designed to cater the needs of Small
& Medium Business Enterprise, Chartered Accountants & other Professionals, and the Business
Executives who mostly remains on the move.
13.Vyapar - Accounting & Invoicing
Vyapar is the simplest GST ready Accounting, Invoicing and Inventory management software. It's
made completely for a businessman, you don't have to waste time in learning it. Just start managing
your business digitally like before even with no Accounting knowledge.
14.EasyAccountax - Cloud Accounting Software
An ideal solution for small businesses and accountants! The most convenient way to manage and
operate all accounting transactions is Easy Accountax. From simple bookkeeping to invoicing the
clients, it does it all for you! Being a cloud-based accounting solution, it has an amazing bunch of
features.

BBA LLB 2nd Year Sem -IV

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