Understanding the Marketplace

• In this course, you will learn to:
• Understand the fundamentals of accounting and its role in maintaining business records.
• Comprehend how businesses function in the marketplace and how different types of organizations manage goods and services.
• Learn the principles and methods of book-keeping, ledger maintenance, and financial reporting.
• Acquire skills in recording various financial transactions and preparing accounting records manually and using Tally Prime.
• Develop the ability to interpret financial statements for various types of entities (sole proprietorships, partnerships, companies, banks, trusts).
• Understand inventory management concepts and documentation in business operations.
• Learn to manage business finances using accounting software tools like Tally Prime, including bill-wise accounting, vouchers, and reporting features.

• At the end of this course, learners will be able to:
• Apply accounting principles and conventions to record, classify, and summarize financial transactions.
• Maintain books of accounts for different types of businesses and organizational setups.
• Perform ledger postings, create trial balances, and prepare key financial statements like Profit & Loss Account and Balance Sheet.
• Differentiate between manual and computerized accounting systems and effectively use Tally Prime for day-to-day accounting.
• Record business transactions including purchases, sales, receipts, payments, and journal entries using proper voucher types.
• Analyze and reconcile debtor and creditor balances using bill-wise tracking and outstanding reports in Tally.
• Manage inventory and understand its valuation using practical documents such as stock registers, cost sheets, and GRNs.
• Use Tally Prime to generate comprehensive financial and inventory reports, perform case-based accounting scenarios, and ensure data accuracy.
• Understand the role of credit ratings, MSME registrations, and compliance in managing business relationships and transactions.

The academic approach of the courses focuses on the “work-centric” education i.e. begin with work (and not from a book!), derive knowledge from work and apply that knowledge to make the work more wholesome, useful and delightful. The ultimate objective is to empower the Learner to engage in socially useful and productive work. It aims at leading the learner to his/her rewarding career as an employee or entrepreneur as well as development of the community to which s/he belongs. Learning methodology:

• Step -1: Learners are given an overview of the course and its connection to life and work.
• Step -2: Learners are exposed to the specific tool(s) used in the course through the various real-life applications of the tool(s).
• Step -3: Learners are acquainted with the careers and the hierarchy of roles they can perform at workplaces after attaining increasing levels of mastery over the tool(s).
• Step -4: Learners are acquainted with the architecture of the tool or tool map so as to appreciate various parts of the tool, their functions, utility and inter-relations.
• Step -5: Learners are exposed to simple application development methodology by using the tool at the beginner’s level.
• Step -6: Learners perform the differential skills related to the use of the tool to improve the given ready-made industry-standard outputs.
• Step -7: Learners are engaged in appreciation of real-life case studies developed by the experts.
• Step -8: Learners are encouraged to proceed from appreciation to imitation of the experts.
• Step -9: After the imitation experience, they are required to improve the expert’s outputs so that they proceed from mere imitation to emulation.
• Step-10: Emulation is taken a level further from working with differential skills towards the visualization and creation of a complete output according to the requirements provided. (Long Assignments)
• Step-11: Understanding the requirements, communicating one’s own thoughts and presenting are important skills required in facing an interview for securing a work order/job. For instilling these skills, learners are presented with various subject-specific technical as well as HR-oriented questions and encouraged to answer them.
• Step-12: Finally, they develop the integral skills involving optimal methods and best practices to produce useful outputs right from scratch, publish them in their ePortfolio and thereby proceed from emulation to self-expression, from self-expression to self-confidence and from self-confidence to self-reliance and self-esteem!

Evaluation Pattern of KLiC Courses consists of 4 Sections as per below table:

YCMOU Mark Sheet

Printed Mark Sheet will be issued by YCMOU on successful completion of Section 1, Section 2 and Section 3 and will be delivered to the learner by MKCL.
YCMOU Mark Sheet will be available only for Maharashtra jurisdiction learners

MKCL's KLiC Certificate

The certificate will be provided to the learner who will satisfy the below criteria:

1. Learners who have successfully completed above mentioned 3 Sections i.e. Section 1, Section 2 and Section 3
2. Additionally, learner should have completed Section 4 (i.e. Section 4 will comprise of SUPWs i.e. Socially Useful and Productive Work in form of Assignments)
   • Learner has to complete and upload minimum 2 out of 5 Assignments