SECTION A : FUNDAMENTALS OF FINANCIAL ACCOUNTING [80 MARKS] 1. Accounting Fundamentals - 35%
Accounting Principles, Concepts and Conventions
Capital and Revenue transactions- capital and revenue expenditures, capital and revenue receipts
Double entry system, Books of prime entry, Subsidiary Books, Cash Book
Journal , Ledger, Trial Balance
Depreciation – Methods (Straight Line and Diminishing Balance methods only)
Rectification of Errors
Opening entries, Transfer entries, Adjustment entries, Closing entries
Bank Reconciliation Statements
2. Accounting for Special Transactions - 20%
Bills of Exchange (excluding accommodation bill, insolvency)
Consignment (cost price, invoice price, commission & valuation of stock)
Joint Venture
3. Preparation of Final Accounts: - 25%
a. Of a Profit making concern (for sole proprietorship concern only)
(i) Accounting treatment of bad debts, reserve for bad and doubtful debts, provision for discount on debtors and provision for discount on creditors. (ii) Preparation of Trading Account, Profit & Loss Account and Balance Sheet.
b. Of a Not-for- Profit making concern (i) Preparation of Receipts and Payments Account (ii) Preparation of Income and Expenditure Account
SECTION B: FUNDAMENTALS OF COST ACCOUNTING [20 MARKS] 4. Fundamentals of Cost Accounting - 20%
Meaning, Definition, Significance of Cost Accounting, its relationship with Financial Accounting & Management Accounting.
