Accounting-7

Accounting

CA Intermediate - Paper 1 : Accounting

ICAI has introduced this core subject accounting at the CA Intermediate level where you are introduced to Accounting Standards – 1, 2, 3, 4, 5, 10, 11, 12, 13, 16, 17 & 22, Company Accounts – Preparation & Presentation of financial statements as per AS, Managerial remuneration, Bonus & rights issue, redemption of shares & debentures and Profit(loss) prior to incorporation, Special transactions – Investments, Insurance claims, Hire purchase/ installment sale and Special accounting – Departmental accounting.

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Accounting
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Accounting
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Single entry Basic Formats
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November 2018
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May 2018

More about Accounting

What is Accounting?
  • Accounting is a core subject for the CA profession, and as such, it is covered in two subjects at the CA Intermediate level, i.e., accounting and advanced accounting. The CA intermediate accounting (known as IPCC) syllabus mostly consists of application of Accounting standards in problem solving, Company accounts and few special transactions and special type of accounting  
Why did ICAI introduce this paper, accounting, at CA Intermediate Level?
  • To provide sound knowledge of Accounting standards and guide in the application of same in a practical environment 
  • To enhance accounting knowledge in specific transactions of special types
What are the topics covered at CA Intermediate Level in Accounting?
  • Accounting Standards – 1,2,3,4,5,10,11,12,13,16,17&22 
  • Company Accounts – Preparation & Presentation of financial statements as per AS, Managerial remuneration, Bonus & rights issue, redemption of shares & debentures and Profit(loss) prior to incorporation 
  • Special transactions – Investments, Insurance claims, Hire purchase/ instalment sale 
  • Special accounting – Departmental accounting  
What is the best approach to study CA Intermediate Accounting?
  • Practice well to score well. Solve good number of problems from study material given by ICAI 
  • Conceptual understanding gives you an added ability to solve any kind of problems 
  • It is OK if your balance sheet does not tally, but show all your steps 
  • Working notes should be shown by giving correct references 
  • Mere reading of the problems is not sufficient; write and practice. If you need more practice use the books recommended by ICAI 
  • While practicing, do not peek at the answer until you have finished. Only then you will be able to identify where you are going wrong; later you can be vigilant to not commit the same mistake 
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CA Chinmaya Hegde and Srikanth M S

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Paper-1:  Accounting
Chapters No. of Lectures
Chapter 1: Introduction to Accounting Standards 1
Chapter 2: Framework for Preparation and Presentation of Financial Statements 2
Chapter 3: Overview of Accounting Standards 20
Chapter 4: Financial Statements of Companies 8
Chapter 5: Profit or Loss Pre and Post Incorporation 2
Chapter 6: Accounting for Bonus Issue and Right Issue 2
Chapter 7: Redemption of Preference Shares 4
Chapter 8: Redemption of Debentures 7
Chapter 9:  Investment Accounts 3
Chapter 10: Insurance Claims for Loss of Stock and Loss of Profit 7
Chapter 11: Hire Purchase and Installment Sale Transactions 4
Chapter 12: Departmental Accounts 3
Chapter 13: Accounting for Branches Including Foreign Branches 10
Chapter 14: Accounts from Incomplete Records 7
Chapter 15: Partnership Accounts 10