Principles & Practice of Accounting
6 chapters mappedTheoretical Framework
Accounting: process of identifying, measuring, recording and communicating financial info.
Open chapter →Journal, Ledger and Trial Balance
Journal: book of original entry; chronological record of transactions with narration.
Open chapter →Depreciation Accounting
Depreciation: systematic allocation of depreciable amount of an asset over its useful life.
Open chapter →Final Accounts of Sole Proprietors
Final Accounts = Trading A/c + Profit & Loss A/c + Balance Sheet.
Open chapter →Partnership Accounts
Partnership: relation between persons who agree to share profits of a lawful business.
Open chapter →Company Accounts — Issue of Shares
Share capital: Authorised, Issued, Subscribed, Called-up, Paid-up.
Open chapter →Business Laws + Business Correspondence
5 chapters mappedIndian Contract Act, 1872 — General Principles
Contract = Agreement + Enforceability by law (Sec 2(h)).
Open chapter →Sale of Goods Act, 1930
Sale: transfer of property in goods for a price (Sec 4).
Open chapter →Indian Partnership Act, 1932
Partnership = relation between persons agreeing to share profits of business carried on by all or any acting for all.
Open chapter →Limited Liability Partnership Act, 2008
LLP: hybrid — body corporate with separate legal entity, perpetual succession.
Open chapter →Business Correspondence — Letters, Emails, Reports
7 Cs of effective communication: clear, concise, complete, correct, concrete, courteous, coherent.
Open chapter →Quantitative Aptitude (Maths, LR, Stats)
5 chapters mappedRatio, Proportion, Indices and Logarithms
Ratio: comparison of two quantities of same kind in simplest form.
Open chapter →Permutations and Combinations
Permutation: arrangement (order matters).
Open chapter →Time Value of Money
₹1 today > ₹1 tomorrow — due to earning capacity, inflation, risk.
Open chapter →Measures of Central Tendency & Dispersion
Mean: arithmetic average; sensitive to extremes.
Open chapter →Correlation and Regression
Correlation measures direction and strength of linear relation (−1 to +1).
Open chapter →Business Economics + Business & Commercial Knowledge
5 chapters mappedTheory of Demand and Supply
Demand: quantity of a good consumers are willing & able to buy at given price.
Open chapter →Theory of Production and Cost
Production function: Q = f(L, K) — relates output to inputs.
Open chapter →Market Structures
Perfect Competition: many sellers, homogeneous product, free entry, price takers.
Open chapter →Business Cycles & National Income
Business cycle phases: expansion, peak, contraction (recession), trough, recovery.
Open chapter →Business & Commercial Knowledge — Business Environment
Business environment = sum of internal + external factors affecting business.
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