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Principles and Practice of Accounting

CA Foundation - Paper 1 : Principles and Practice of Accounting

ICAI introduced this paper, Principles and Practice of Accounting at the CA Foundation Level which covers Theoretical Framework, Accounting process, bank reconciliation statement, Inventories,Depreciation Special transactions such as consignment, Royalties, Joint venture, Bills of exchange, Average due date and account current Final Accounts of Sole Proprietors, Partnership accounts, Introduction to company accounts and Basic Accounting

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Principles and Practice of Accounting
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Accounting Standards & Ind AS
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Meaning of Accounting
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More about Principles and Practice of Accounting

What are the Principles and Practice of Accounting?
  • This is the main area of Chartered accountancy course. This paper, i.e., Principles and practice of accounting (also referred as fundamentals of accounting or accounts) gives a basic framework or set of rules followed in accounting. Globally accepted accounting principles are given at one place in a basic form 
 
  • The very name of the CA course includes Accountant in it. This signifies the requirement of knowledge of accounting from the 1st level itself
Why has ICAI introduced this paper, Principles and Practice of Accounting, at the CA Foundation Level?
  • Principles and Practice of Accounting focuses on providing basic conceptual knowledge of Accounting for preparation of Financial statements, computing accounting ratios and solving simple problems   
  • This paper is intended to give all of you, the upcoming chartered ‘ACCOUNTANCY’ students with a strong foundation helping to enhance your studies in further levels
What are the topics covered in Principles and Practice of Accounting at the CA Foundation Level?  
  • Theoretical Framework, Accounting process, bank reconciliation statement, Inventories, Depreciation
  • Special transactions such as consignment, Joint venture, Bills of exchange, Royalties, Average due date and account current 
  • Final Accounts of Sole Proprietors, Partnership accounts, Introduction to company accounts and
  • Basic Accounting ratios 
What is the best approach to study Principles and Practice of Accounting?
  • Accounting is a scoring subject at CA Foundation level. Practice well to score well ii. Solve a good number of problems 
  • Understanding the concepts thoroughly helps you to solve any kind of problem 
  • Syllabus is reasonably huge so, only way to remember everything is by repetitive revision  
  • Presentation is important but not as much as it was in your +2 level 
  • Practice the problems; do NOT JUST READ!
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