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Financial Accounting

Financial Accounting

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Published by: sivachandirang6954 on Mar 24, 2011
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FinancialAccounting
THEINSTITUTEOFCOSTANDWORKSACCOUNTANTSOFINDIA
12, SUDDER STREET, KOLKATA- 700 016
INTERMEDIATE : PAPER - 5STUDYNOTES
 
Revised Edition : September 2008Reprint : October 2009Revised and Reprint : December 2009
Directorate of StudiesThe Institute of Cost and Works Accountants of India
12, Sudder Street, Kolkata - 700 016Published by :
Printed at :Das Printers61, Surya Sen Street, Kolkata - 700 009E-mail : dinuamit@rediffmail.comCopyright of these Study Notes is reserved by the Institute of Cost and Works Accountants of India and prior permission from the Institute isnecessary for reproduction of the whole or any part thereof.
 
Syllabus
Paper 5: Financial Accounting(One Paper: 3 hours:100 marks)
OBJECTIVES
To gain understanding and to provide working knowledge of accounting concepts, detailed proceduresand documentation involved in financial accounting system.
Learning Aims
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.
CONTENTS
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
Concept
Depreciation and various methods thereof 
Stock valuation
Distinction between Capital and Revenue
2.Royalty and Hire Purchase
Royalty accounting
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.