B.Com. (Programme) / B.Com. (Hons.) - DSC-3 - Accounting: Its Concepts and Conventions

Oct 28, 2026

B.Com. (Programme)/B.Com. (Hons.) Semester-I course credit-4, DSC-3, presents the theoretical foundation of accounting through a structured lesson. It defines accounting and book-keeping using multiple authoritative viewpoints, explains accounting as an information system, and highlights its functions, advantages, limitations, and key user roles. The lesson introduces branches and the basis of accounting, then summarizes core concepts and essentials of accounting principles, concluding with an overview of accounting conventions and related learning tasks.

LanguageEnglish

CategoryExam

FormatPDF

Pages345

Reading Time14 h 29 min

AccessFree to download

UNIT I : Theoretical Framework and Accounting Process

1.1 Learning Objectives

1.2 Introduction

1.3 Accounting as an Information System

1.4 Branches of Accounting

1.5 Basis of Accounting

1.6 Accounting Concepts

1.7 Essentials Features of Accounting Principles

1.8 Accounting Conventions

1.9 Summary

1.10 Glossary

1.11 Answers to In-text Questions

1.12 Self-Assessment Questions

B.Com. (Programme) / B.Com. (Hons.) Semester-I Course Credit-4 DSC-3 As per the UGCF-2022 and National Education Policy 2020 ~~ ~~ Editorial Board ~~ ~~ Sh. K.B.Gupta, Dr. Rutika Saini ~~ ~~ Content Writers ~~ ~~ Ms. Sumita Jain (Unit II, IV & V) Course Coordinator Dr. Sneh Chawla © Department of Distance and Continuing Education Ist edition: 2022 E-mail: [ddceprinting@col.du.ac.in](ddceprinting@col.du.ac.in)[ ](ddceprinting@col.du.ac.in)[commerce@col.du.ac.in](commerce@col.du.ac.in) Published by: Department of Distance and Continuing Education under the aegis of Campus of Open Learning, University of Delhi Printed by: School of Open Learning, University of Delhi TABLE OF CONTENTS UNIT I : Theoretical Framework and Accounting Process 1. Accounting: Its Concepts and Conventions 2. Accounting Standards 3. Accounting Process UNIT II : Business Income, Accounting for Property, Plant and Equipment and Valuation of Inventory 4. Business Income, AS-10 & Inventory 5. Inventory Management UNIT III : Financial Statements of Sole Proprietorship and Not-for-Profit Organizations 6. Accounts from Incomplete Records Single Entry System 7. Final Accounts of Non-for-Profit Organizations UNIT IV : Accounting for Inland Branches, Departments and Leases 8. Accounting for Branches and Departments 9. Lease Transactions: Concept & Classification UNIT V : Computerized Accounting System 10. Computerized Accounting System 11. Groups and Ledgers 12. Trial Balance, Cash Flow Statement and Report Ms. Sumita Jain Ms. Sumita Jain Ms. Sumita Jain UNIT I LESSON 1 ACCOUNTING : ITS CONCEPTS AND CONVENTIONS STRUCTURE 1.1 Learning Objectives 1.2 Introduction 1.3 Accounting as an Information System 1.3.1 Functions of Accounting 1.3.2 Advantages of Accounting 1.3.3 Limitations of Accounting 1.3.4 The Users of Accounting Information 1.3.5 Role of AI and Data analytics in Accounting 1.4 Branches of Accounting 1.5 Basis of Accounting 1.6 Accounting Concepts 1.7 Essentials Features of Accounting Principles 1.8 Accounting Conventions 1.9 Summary 1.10 Glossary 1.11 Answers to In-text Questions 1.12 Self-Assessment Questions 1.13 References 1.14 Suggested Readings 1.1 LEARNING OBJECTIVES • To know the basic concepts of accounting • To identify the role of accounting as an information system • To know the role ofAI in accounting • To explain the functions of accounting • To identify the various branches of accounting • To apprise the accounting concepts and conventions. 1.2 INTRODUCTION Definition of Accounting : Before attempting to define accounting, it may be added that there is no among unanimity accountants as to its precise definition. However, some of the definitions are as given below. According to L.C. Copper, "Book-keeping may be described as the science of recording transactions in money or money's worth in such a manner that, at any subsequent date, their nature and effect may be clearly understood, and that, when required, a combined statement of their result may be prepared". R.N. Carter defines Book-keeping as "Book-keeping is the science and art of correctly recording in books of account all those business transactions that result in the transfer of money or money's worth" Yet another definition is given A.H. Rosenkampff. According to him, "Book-keeping is the art of recording business transactions in a systematic manner" Out of the above and many more others, the most acceptable one is that given by American Institute of Certified Public Accountants (AICPA) Committee on Terminology. According to AICPA "Accounting is the art of recording, classifying and summarising in a significant manner and in terms of money, transactions and events which are, in part at least, of a financial character and interpreting the results thereof". Book-keeping is a subject of profound importance to all kinds of business enterpri

FAQs

What are the learning objectives for Lesson 1 on accounting concepts and conventions?

The lesson aims to cover basic accounting concepts, accounting as an information system, the role of AI and data analytics in accounting, accounting functions, accounting branches, and the essentials of accounting concepts and conventions.

How does the lesson define accounting and book-keeping?

It presents definitions from multiple authorities, explaining accounting as recording, classifying, summarizing transactions/events in monetary terms and interpreting results. It also distinguishes book-keeping as recording transactions in an understandable and systematic manner.

What is the double entry principle/system described in the lesson?

The lesson states that double entry is a modern, complete, universal system based on recording each transaction with two aspects: debit and credit. It explains that every transaction involves exchange of value for value.

Oct 28, 2026

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