ICWA INTERMEDIATE ACCOUNTING
SECTION A: GENERALLY ACCEPTED ACCOUNTING PRINCIPLES & ACCOUNTING SYSTEMS [10 MARKS]
1. Accounting Process
Theoretical framework (meaning, scope and usefulness of Accounting; Accounting principles, concepts and convention)
Accounting Life Cycle (ALC) – From Investment of Capital (Cash) to Realization of Revenue (Cash)
Capital and Revenue transactions- capital and revenue expenditures, capital and revenue receipts
Measurement, valuation and accounting estimates Double entry system, books of prime entry, subsidiary books, cash book,
Rectification of errors, opening entries, transfer entries, adjustment entries, closing entries
2. Accounting Standards
AS-1: Disclosure of Accounting Policies
AS-2: Valuation of Inventories
AS-4: Contingencies and Events Occurring after the Balance Sheet Date
AS-5: Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies
AS-10: Accounting for Fixed Assets
AS-11: The Effects of Changes in Foreign Exchange Rates
AS-15: Employee Benefits
AS-16: Borrowing Costs
3. Reconciliation Statements
Bank Reconciliation Statements
Stock Reconciliation Statements
Receivables /Payables Reconciliation Statement
SECTION B: PREPARATION OF ACCOUNTS [30 MARKS]
4. Accounting for Depreciation, Depletion, Amortization and Impairment of Assets
Depreciation Policy, Depletion, Amortization and Impairment of Assets
Depreciation Accounting (AS – 6); Impairment of Assets (AS -28)
Methods, computation and accounting treatment
5. Preparation of Financial statements :
Of Profit-making organizations:
Of Not-for-Profit organizations :
Under single entry system
6. Partnership
Past adjustments and guarantee, profit & loss appropriation account
Admission, Retirement, Death, Treatment of Joint Life Policy
Dissolution of partnership firms including piece meal distribution
Amalgamation of partnership firms, Conversion of partnership firm into a company and sale of partnership firm to a company
7. Royalty and Hire Purchase
Accounting from the point of view of various parties
Possession and repossession in case of default in payments
8. Branch and Departmental Accounts
Branch Accounts-Debtors system, Stock & Debtors system, Foreign Branch
Departmental Accounts: Trading Account; Profit & Loss Account
Calculation of net profit of various departments and allocation of expenses on the basis of suitable base,
Preparation of General Profit & Loss Account and Balance Sheet
SECTION C : CONTROL OF ACCOUNTING SYSTEMS [10 MARKS]
9. Self-Balancing Ledger and Sectional Balancing Ledgers Self- Balancing Ledgers
Sectional Balancing Ledger
SECTION D: ACCOUNTING IN SERVICE SECTOR [10 MARKS]
10. Accounting for Service Sectors
Revenue Recognition (AS-9)
Construction Companies (AS 7), Project Accounting
Service sectors such as Software, ITES, Telecommunication, Entertainment, Hospital, Educational Institutions
SECTION E: ACCOUNTING FOR SPECIAL TRANSACTIONS [20 MARKS]
11. Accounting for Special Transactions
Bills of Exchange, Consignment, Joint venture, Sale of goods on approval or return basis, Account Current
Investment Accounts (AS – 2, 13)
Insurance Claim ( Loss of Stock and Loss of profit)
SECTION F: ACCOUNTING FOR BANKING, INSURANCE AND ELECTRICITY COMPANIES [20 MARKS]
11. Banking, Electricity and Insurance companies
Accounts of a Banking Company (as per Banking Companies Regulation Act)
Accounts of an Electricity Company (as per Electricity Act)
Accounts of Insurance Companies (as per Insurance Act) including Stock Valuation