Section A: Fundamentals of Accounting ( 60 Marks )Objective:To develop conceptual understanding of the fundamentals of financial accounting system.Contents1. Theoretical Framework(i) Meaning and Scope of accounting(ii) Accounting Concepts, Principles and Conventions(iii) Accounting Standards – concepts, objectives, benefits(iv) Accounting Policies(v) Accounting as a measurement discipline – valuation principles, accounting estimates2. Accounting ProcessBooks of Accounts leading to the preparation of Trial Balance, Capital and revenue expenditures,Capital and revenue receipts, Contingent assets and contingent liabilities, Fundamental errorsincluding rectifications thereof.3. Bank Reconciliation Statement4. InventoriesBasis of inventory valuation and record keeping.5. Depreciation accountingMethods, computation and accounting treatment of depreciation, Change in depreciationmethods.6. Preparation of Final Accounts for Sole Proprietors7. Accounting for Special Transactions(a) Consignments(b) Joint Ventures(c) Bills of exchange and promissory notes(d) Sale of goods on approval or return basis.8. Partnership AccountsFinal accounts of partnership firms – Basic concepts of admission, retirement and death of apartner including treatment of goodwill.9. Introduction to Company AccountsIssue of shares and debentures, forfeiture of shares, re-issue of forfeited shares, redemption ofpreference shares.
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