Fundamentals of Accounting

Fundamentals of Accounting is designed to provide first-year B.Com students with a clear and comprehensive foundation in accounting principles, aligned with the revised syllabus under the National Education Policy 2020 (NEP 2020) for the Faculty of Commerce and Management at K.B.C. North Maharashtra University, Jalgaon. This textbook, prepared for the Open Elective (OE)-114A course, introduces students to the evolution of accounting, bookkeeping, and financial accounting, while highlighting their objectives, advantages, limitations, and practical applications.

Written in a student-friendly style, the book emphasizes both theoretical clarity and practical relevance. Real-world examples, exercises, and structured explanations ensure that learners can easily grasp core concepts such as the accounting cycle, systems of accounting, subsidiary books, and basic accounting terminologies. By bridging academic rigor with practical insight, this resource equips students with the skills necessary for financial decision-making and business management.

Serving as both a syllabus companion and a practical guide, Fundamentals of Accounting fosters a deeper appreciation of the role of accounting in commerce and finance. It is intended to support students in their academic journey while preparing them for future professional challenges. Suggestions for improvement are warmly welcomed, as continuous refinement is the essence of education.

Open Elective (OE)- Semester 1 This textbook is aligned with the revised syllabus as outlined by the National Education Policy 2020 (NEP 2020) for the Commerce and Management Faculty at K.B.C. North Maharashtra University, Jalgaon, effective from June 2024.