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27585ipcc Acc Vol1 Chapter-Ipages PDF
27585ipcc Acc Vol1 Chapter-Ipages PDF
STUDY MATERIAL
PAPER : 1
ACCOUNTING
MODULE – 1
BOARD OF STUDIES
THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA
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transmitted, in any form, or by any means, electronic, mechanical, photocopying, recording, or
otherwise, without prior permission, in writing, from the publisher.
Website : www.icai.org
E-mail : bosnoida@icai.org
ISBN No. :
Printed by :
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Accounting constitutes a very significant area of core competence for chartered accountants.
The paper of 'Accounting' at Intermediate (IPC) level concentrates on conceptual
understanding of the crucial aspects of accounting.
The Study Material has been designed having regard to the needs of home study and distance
learning students. The students are expected to cover the entire syllabus and also practice
solving the questions given in the practice manual on their own.
The main features of the Study Material are as under:
• The entire syllabus has been divided into fifteen chapters.
• The Study Material has been divided into four Modules for the easy handling and
convenience of students.
• In each chapter, learning objectives have been stated. The learning objectives would
enable you to understand the sequence of various aspects dealt within the chapter before
going into the details so that you know the direction of your studies.
• In each chapter, the topic has been covered in a step by step approach. The text has
been explained, where appropriate, through illustrations and practical problems. You
should go through the chapter carefully ensuring that you understand the topic and can
tackle the exercises.
• Many illustrations have been included in each chapter of the Study Material.
• In this revised study material, sincere efforts and care has been taken to incorporate the
relevant amendments.
• In this revised edition, all the practical problems have been revisited and efforts have
been taken to standardize the format of the solutions as far as possible.
• Flow charts have been inserted in Chapters at appropriate places for quick reference of
students.
• Please note that the changes over the previous edition have been indicated in bold and
italics in the chapters.
• The Study Material has been revised in line with the relevant sections of the Companies
Act, 2013 which have come into force.
• Feedback form is given in this study material wherein students are encouraged to give
their feedback/suggestions.
These features would add value to the study material and aid the students in the learning
process. In case you need any further clarification/guidance, you may send your queries at
stripathy@icai.in; seema@icai.in, shilpa@icai.in; asha.verma@icai.in.
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Objectives :
(a) To lay a foundation for the preparation and presentation of financial statements,
(b) To gain working knowledge of the principles and procedures of accounting and their
application to different practical situations,
(c) To gain the ability to solve simple problems and cases relating to sole proprietorship,
partnership and companies and
(d) To familiarize students with the fundamentals of computerized system of accounting.
Contents :
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
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Chapter 9 Financial Statements These chapters apply the provisions studied in the
and 10 of Not - for - Profit chapter ‘Preparation of Final Accounts for Sole
organizations and Proprietors’ at CPT level.
Accounts from
Incomplete Records
Chapter 12 Investment Accounts Provisions of AS 2 and 13 should also be
remembered while valuing the closing balance of
investment at the end of the accounting period.
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MODULE – 1
Chapter 1 : Accounting Standards
Appendix I : Accounting Standards
Appendix II : Schedule III to the Companies Act, 2013
MODULE – 2
Chapter 2 : Financial Statements of Companies
Chapter 3 : Profit or Loss Pre and Post Incorporation
Chapter 4 : Accounting for Bonus Issue
Chapter 5 : Internal Reconstruction
Chapter 6 : Amalgamation
MODULE – 3
Chapter 7 : Average Due Date and Account Current
Chapter 8 : Self Balancing Ledgers
Chapter 9 : Financial Statements of Not-For-Profit Organisations
Chapter 10 : Accounts From Incomplete Records
Chapter 11 : Hire Purchase And Instalment Sale Transactions
MODULE – 4
Chapter 12 : Investment Accounts
Chapter 13 : Insurance claims for Loss of Stock and Loss of Profit
Chapter 14 : Issues in Partnership Accounts
Chapter 15 : Accounting in Computerised Environment
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APPENDIX II Schedule III to the Companies Act, 2013 ........................................... II-1 - II-20
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