Definition of accounting, Activities of accounting information system, Double entry book-keeping, Generally Accepted Accounting Principles (GAAP), Conceptual framework of accounting, Basic assumptions, principles and constraints, Basic accounting equation, Transactions and events, Transactions analysis, Effects of transactions on accounting equation, Practical Problems, The Accounts: Debit and credit, Double entry system, Steps in recording process, Journal, Ledger (posting), Trial balance, Practical Problems, The accounting cycle ,Steps of accounting cycle ,Accrual & Cash basis of accounting, Recording adjusting entries, Preparing the adjusted trial balance, Preparation of work sheet , Financial Statements, Practical Problems, Definition of Managerial Accounting , Managerial Accounting vs. Financial Accounting, Managerial Accounting vs. Cost Accounting, Line and Staff Relationships, The Just-In-Time Concept, Total Quality Management, Process Reengineering, The Theory of Constraints , Six sigma ,Decentralization, Management by Exception, CVP analysis, Contribution Margin, CM Ratio, Break Even Computation, Target Profit Analysis , The Margin of Safety , Operating Leverage, Practical Problems, Decentralization , Advantages of Decentralization, Disadvantages of Decentralization, Cost Center, Profit Center, Investment Center, Responsibility Center ,Segment Reporting, Traceable and Common Fixed Costs.