Accounting principles & books

Concepts, journal to trial balance, final accounts, ratios.

Equation: Assets = Liabilities + Capital. Dual aspect is the bedrock of double-entry.
Concepts: business entity, going concern, money measurement, cost, conservatism, consistency, matching, accrual, materiality, full disclosure.
Journal → Ledger → Trial Balance → Adjustments → Trading A/c → P&L → Balance Sheet.
Golden rules: personal (debit the receiver), real (debit what comes in), nominal (debit expenses and losses).
Errors: omission, commission, principle, compensating. Suspense account when trial balance disagrees.
Depreciation: straight line vs WDV. AS-10/Ind AS-16 PPE.
Ratios: current (CA/CL), quick (liquid/CL), debt-equity, GP ratio, NP ratio, stock turnover, ROCE.
Cash flow (AS-3 / Ind AS-7): operating, investing, financing. Indirect method starts from profit.
Not-for-profit: receipts & payments (cash), income & expenditure (accrual), balance sheet with capital fund.

Video Lectures & Explanations

Curated educational video lectures explaining this topic for UPSC EPFO

Focus: Accrual vs cash, conservatism, matching concept, journal entries, ledger & trial balance

Focus: Straight line vs WDV, liquidity ratios, solvency ratios, capital vs revenue expenditure