CA Foundation Paper 1 | Principles and Practice of Accounting

About 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.

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.

The topics covered in this paper is,

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

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!

1 Theoretical Framework

Lecture icon 3 Lectures

2 Accounting Process

Lecture icon 16 Lectures

3 Bank Reconciliation Statement

Lecture icon 11 Lectures

4 Inventories

Lecture icon 4 Lectures

5 Concept and Accounting of Depreciation

Lecture icon 6 Lectures

6 Accounting for Special Transactions

Lecture icon 19 Lectures

7 Preparation of Final Accounts of Sole Proprietors

Lecture icon 8 Lectures

8 Partnership Accounts

Lecture icon 25 Lectures

9 Financial Statements of Not-for-Profit Organizations

9 Lectures

10 Company Accounts

Lecture icon 10 Lectures

6 Accounting for Special Transactions

Lecture icon 13 Lectures

Learn on the go!

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Learn on the go!

Resources

Paper 1

Principle and Practice of Accounting

About Practice of Accounting

Duration: 3 hours

Faculty

Resources