Paper 5: Financial Accounting(One Paper: 3 hours:100 marks)
To gain understanding and to provide working knowledge of accounting concepts, detailed proceduresand documentation involved in financial accounting system.
The syllabus aim to test the student’s ability to:
Preparation of accounts in the format prescribed under various statutes.
Preparation of consolidated statements.
Preparation of accounts for services sector.
Skill set required
Level B: Requiring the skill levels of knowledge, comprehension, application, and analysis.
1.Accounting Conventions and Practices10%2.Royalty and Hire Purchase10%3.Receipts & Payments/ Income & Expenditure Accounts10%4.Partnership Accounting10%5.Branch and Departmental Accounts10%6.Accounting Standards10%7.Joint Stock Companies10%8.Preparation of Company Accounts10%9.Accounting services in organizations10%10.Accounting and Interpretation of Financial Statements.10%
1.Accounting Conventions and Practices
Depreciation and various methods thereof
Distinction between Capital and Revenue
2.Royalty and Hire Purchase
Need for hire purchase and installment systems and parties involved.
Accounting from the point of view various parties.
Possession and repossession in case of default in payments.