36 Topic 3: Accounting for assets and liabilities…………………………. Published financial statements (describe a complete set of published financial statements but not preparation)ĬONTENT PAGE Topic 1: Introduction to Accounting…………………………………….Financial statements – Income statement and statement of financial position.Income tax -Accounting treatment and presentation (exclude computation).Types of reserves share premium, revaluation reserve, general reserves and retained profits.Issue of shares (exclude issue instalment and forfeiture).Types of share capital – ordinary shares and preference shares.Changes in partnership – Admission of a new partner, retirement and change in profit sharing ratio.Distinction between current and fixed capital.Correction of accounting errors and suspense account 5. Trade payables – payables control accountsĤ.Cash in hand – cash book and petty cashbook.Cash at bank - cashbook and bank reconciliation statement.Trade receivables – bad debts and allowance for doubtful debts and receivables control accounts.cost method (FIFO and weighted average cost) Inventory – recognition, measurement and valuation using specific.Property, plant and equipment - recognition, capital and revenue expenditure, measurement (depreciation and revaluation), disposal and disclosures - property, plant and equipment schedule.Computerised accounting systems- Role of computers, application and accounting softwares in the accounting process, benefits and challenges of operating computerised accounting systems.Double entry and the ledger general ledger, sales ledger, purchases ledger.Books of original entry: sales journal, purchases journal, returns inward, returns outward journal, cashbook, petty cashbook and general journal.remittance advice, receipts, petty cash vouchers_ sales arid purchase invoices, credit notes and debit notes, bank statements) Source documents (quotations_ purchases order, statement of account.Qualities of useful accounting information Analyse financial statements by use of ratios and statement of cash flows.Accounting standards (IAS/IFRS), (Importance and limitations).Users of accounting information and their respective needs.Prepare basic financial statements of sole traders.Prepare books of original entry and basic ledger accounts under double entry system.This paper is intended to equip the candidate with knowledge, skills and attitudes that will enable him/her to prepare financial statements for different entities LEARNING OUTCOMESĪ candidate who passes this paper should be able to: No part of the material contained in this website may be reproduced or transmitted in any form or by any means, electronic, technical, photocopying, recording or otherwise, or stored in any retrieval system of any nature without the written permission of the ICAI.PAPER NO 1: INTRODUCTION TO FINANCIAL ACCOUNTING are reserved and vested exclusively with the Institute of Chartered Accountants of India (ICAI). Unit 2: Issue, Forfeiture and Re-Issue of SharesĪll Intellectual Property rights including Copyright etc.Unit 1: Introduction to Company Accounts.Chapter 9: Financial Statements of Not-for-Profit Organizations.Unit 2: Treatment of Goodwill in Partnership Accounts.
Unit 1: Introduction to Partnership Accounts.Unit 2: Final Accounts of Manufacturing Entities.Unit 1: Final Accounts of Non-Manufacturing Entities.Chapter 7: Preparation of Final Accounts of Sole Proprietors.Those who rely on financial information include internal users, such as a companys. Effectively communicating this information is key to the success of every business. Unit 2: Sale of Goods on Approval or Return Basis It is the system of recording, summarizing, and analyzing an economic entitys financial transactions.Unit 1: Bill Of Exchange and Promissory Notes.Chapter 6: Accounting for Special Transactions.Chapter 5: Concept and Accounting of Depreciation.Chapter 3: Bank Reconciliation Statement.Unit 1: Basic Accounting Procedures - Journal Entries.Unit 7: Accounting as a Measurement Discipline – Valuation Principles, Accounting Estimates.Unit 5: Contingent Assets and Contingent Liabilities.Unit 4: Capital And Revenue Expenditures and Receipts.Unit 3: Accounting Terminology – Glossary.This realisation came due to the fact that accounting is capable of providing the kind of information that managers and other interested persons need in order to make better decisions. Unit 2: Accounting Concepts, Principles And Conventions financial planning, environmental accounting, etc.Unit 1: Meaning and Scope of Accounting.Recent Opinions & Advisory Service Rules of Expert Advisory Committee.Engagement and Quality Control Standards - Complete Text.
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