Wednesday, April 03, 2013

Intermediate (IPC) Examination - Group I

Paper 1: Accounting (One paper – three hours – 100 marks)

1. A General Knowledge of the framing of the accounting standards, national and international accounting authorities, adoption of international financial reporting standards

2. Accounting Standards Working knowledge of: AS 1 : Disclosure of Accounting Policies AS 2: Valuation of Inventories AS 3: Cash Flow Statements AS 6: Depreciation Accounting AS 7: Construction Contracts (Revised 2002) AS 9: Revenue Recognition AS 10: Accounting for Fixed Assets AS 13: Accounting for Investments AS 14: Accounting for Amalgamations

3. Company Accounts (a) Preparation of financial statements – Profit and Loss Account, Balance Sheet and Cash Flow Statement (b) Profit (Loss) prior to incorporation (c) Alteration of share capital, Conversion of fully paid shares into stock and stock into shares, Accounting for bonus issue (d) Simple problems on Accounting for business acquisition, Amalgamation and reconstruction (excluding problems of amalgamation on inter-company holding)

4. Average Due Date, Account Current, Self-Balancing Ledgers

5. Financial Statements of Not-for-Profit Organisations

6. Accounts from Incomplete Records

7. Accounting for Special Transactions (a) Hire purchase and instalment sale transactions (b) Investment accounts (c) Insurance claims for loss of stock and loss of profit.

9. Issues in Partnership Accounts Final accounts of partnership firms – Admission, retirement and death of a partner including treatment of goodwill;

10. Accounting in Computerised Environment An overview of computerized accounting system – Salient features and significance, Concept of grouping of accounts, Codification of accounts, Maintaining the hierarchy of ledger, Accounting packages and consideration for their selection, Generating Accounting Reports.

Sources: Institute of Chartered Accountants of India (ICAI)