Principles and Practice of Accounting-Paper 1: CA Foundation

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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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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 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!

Available Lectures for Principles and Practice of Accounting


Paper 1: Principles and Practice of Accounting
Chapters	No. of Lectures
Chapter 1 : Theoretical Framework	3
Chapter 2 : Accounting Process	16
Chapter 3 : Bank Reconciliation Statement	11
Chapter 4 : Inventories	4
Chapter 5 : Concept and Accounting of Depreciation	6
Chapter 6 : Accounting for Special Transactions	32
Chapter 7: Preparation of Final Accounts of Sole Proprietors	8
Chapter 8 : Partnership Accounts	25
Chapter 9: Financial Statements of Not-for-Profit Organizations	10
Chapter 10: Company Accounts	10
Chapter 11 : Basic Accounting Ratios	6
Series 2
Chapter 6: Accounting for Special Transactions	13