CWA ICWA Intermediate - Syllabus and Books

ICWAI • CWA ICWA (2008) • Inter : Intermediate • Syllabus and Books

Group I - Financial Accounting

ICWA :: Intermediate
Paper 5 : Financial Accounting
[One Paper: 3 hours:100 marks]

Objective . . .

•	To have working knowledge of accounting concepts, detailed procedures and documentation involved in financial accounting system
•	To gain working knowledge of the principles and procedures of accounting and their application to different practical situations

Accounting Conventions and Practices

10%

•	Concept
•	Depreciation and various methods thereof
•	Stock valuation
•	Distinction between Capital and Revenue

Royalty and Hire Purchase

10%

•	Royalty accounting
•	Need for hire purchase and installment systems and parties involved.
•	Accounting from the point of view various parties.
•	Possession and repossession in case of default in payments.

Receipts & Payments/ Income & Expenditure Accounts

10%

•	Receipts & Payments
•	Income & Expenditure Account

Partnership Accounting

10%

•	Past adjustments and guarantee
•	Admission & Retirement
•	Assignment of life policy
•	Amalgamation and Sale of Business
•	Dissolution, Insolvency
•	Piecemeal Distribution

Branch and Departmental Accounts

10%

•	Branch accounts- Debtors system, Stock & Debtors system, Foreign Branch.
•	Treatment of shortages.
•	Calculation of net profit of various departments and allocation of expenses on the basis of suitable base.
•	Preparation of common balance sheet.
•	Treatment of Unrealized profit.

Accounting Standards

10%

•	Applicability of a particular accounting standard.
•	Interpretation of various accounting standards.
•	Scope of accounting standards.
•	Compliance with the Accounting Standards.

Joint Stock Companies

20%

•	Issues of shares at par, discount & premium, forfeiture, reissue of shares
•	Bonus issue and right issue
•	Buy back of shares
•	Redemption of Preference of shares
•	Profit prior to incorporation
•	Issue and redemption of debentures

Preparation of Company Accounts

•	Preparation of Final Accounts under Company Law

Accounting services in organizations

10%

•	Construction companies ,Project Accounting
•	Service sector such as Software, ITES, Telecommunication, Entertainment, Hospital, educational institutions
•	Banking , Electricity and Insurance companies

10.

Accounting and Interpretation of Financial Statements.

10%

Recommended Books

Title	Author	Publisher
Advanced Accountancy	Hrishikesh Chakraborty	Oxford University Press
Modern Accountancy	Mukherjee & Haniff	Tata McGraw Hills
Advanced Accounting	Gupta & Radhaswamy	Sultan Chand
Advanced Accounts	Shukla & Grewal & Gupta	Sultan Chand
Accounting standards & Corporate Accounting Practice	T.P.Ghosh	Taxmann
Guide to Accounting Standard	Sanjiv Agarwal	Snow White
Advanced Practical Accounts	Subrata Mukherjee & Anjan Bhattacharyya	Sultan Chand
Indian Accounting Standards	R.L.Gupta & M.Radhaswamy	Sultan Chand
Financial Accounting – A Managerial perspective	Dr. D.Mukhopadhyay	Asian Books
Advanced Accountancy	M.E. Thukaram Rao	New Age International

Group I - Commercial and Industrial Laws and Auditing

ICWA :: Intermediate
Paper 6 : Commercial & Industrial Laws and Auditing
[One Paper: 3 hours:100 marks]

Objective . . .

•	To gain knowledge of some of important commercial and industrial laws related to business.
•	To gain working knowledge of the principles and practice of auditing and their various applications.

A. Commercial & Industrial Law ( 50 Marks)

Laws of Contracts

15%

•	Essential elements of a valid simple contract.
•	Legal status of the various types of statements which may be made by negotiating parties. Enforceable offers and acceptances, and the application of the rules to standard form contracts and modern forms of communication.
•	Meaning and importance of consideration.
•	Principles for establishing that the parties intend their agreement to have contractual force.
•	How a contract is affected by a misrepresentation.
•	Conditions and warranties
•	Manner in which law controls use of exclusion clauses and unfair terms in consumer and non-consumer transactions
•	Level of performance sufficient to discharge contractual obligations
•	Valid reasons for non-performance by way of agreement, breach by the other party and frustration

Laws relating to Sale of Goods

10%

•	Formation of Contract of sale
•	Conditions and warranties
•	Transfer of ownership and delivery of goods
•	Unpaid seller and his rights

Industrial Laws

20%

•	Factories Act
•	Industrial Dispute Act
•	Workman Compensation Act
•	Payment of Wages Act, Minimum Wages Act
•	Provident Funds Act
•	Payment of Bonus Act
•	Payment of Gratuity Act
•	Consumer Protection Act etc

Other Laws

•	Limited Liability Partnership
•	RTI Act
•	Competition Commission Act
•	Negotiable Instruments Act.
•	Dissolution, Insolvency
•	Piecemeal Distribution

B. Auditing ( 50 Marks)

Auditing Basics

10%

•	Major influences of auditing; nature and scope of auditing; basic concepts of auditing; role of evidence in auditing; auditing techniques and practices – generally accepted auditing standards; the concept of materiality in auditing.
•	Fixed assets, investments, inventories, debtors, loans and advances, cash and bank balances, debentures and creditors, provisions for taxation, proposed dividend and gratuity – other items in the balance sheet; verification of items in the profit and loss account; contingent liabilities; disclosure of accounting policies, practice; expenditure during the period of construction; adjustments for previous year – provisions of the Companies Act, 1956 regarding accounts. Restructure
•	Statistical sampling in auditing. Use of ratios and percentages for comparison and analysis trends - inter-firm and intra-firm comparison.

Companies Act Provisions relating to Audits

10%

•	Auditors' appointment, remuneration, removal, rights of statutory auditors, duties of statutory auditors, joint auditors, branch audits.
•	report versus certificate, contents of the reports, qualifications in the report.
•	relevant provisions of the Companies Act, 1956 and the Income-tax Act, 1961.
•	Interface between statutory auditor and internal auditor.
•	Corporate Governance

Review and Audit of Internal Control Systems

15%

•	Nature and scope of internal auditing, financial versus operational audit; concepts of efficiency audit, propriety audit, voucher audit, compliance audit, pre and post audits.
•	CARO
•	Audit Report
•	Internal auditing function
•	Planning and process of internal audit
•	Verification of evidence, detailed checking versus sampling plans, statistical sampling as used in internal auditing; flow chart techniques.
•	Internal control, nature and scope, internal auditor and internal controls.
•	Field work, collecting evidences, interviews; memoranda.
•	Audit notes and working papers.
•	Audit reports - techniques of effective reporting; follow up of audit report.
•	Summary reports of top management.
•	Communications in internal auditing - improving auditor-auditee relationship.
•	Scope of Audit Committee
•	Internal audit and investigation of fraud

Information System Audit.

10%

Introduction to Management Audit.

Recommended Books

Title	Author	Publisher
Commercial & Industrial Law	Sen & Mitra	World Press
Mercantile Law Including Industrial Law	N.D.Kapoor	Sultan Chand
Business Laws	Gulsan & Kapoor	Wiley Eastern
Busines Laws	Dr. G.K.Kapoor	Sultan Chand
Business Law includig Company Law	G.K.Kapoor	New Age International
Contemporary	Kamal Gupta	Tata-McGraw Hill
Spicer & peglar’s Practical Auditing	S.V.Ghatalia	Allied Pubulishers
A Handbook of Practical Auditing	B.N.Tandon	Sultan Chand
Internal Auditing	R.S.Waldron
Auditing Standards and Guidelines	ICAI
Guidance Note on Secretarial Audit	ICSI
Basics of Auditing, for ICWA Inter	Dinkar Pagare	Sultan Chand

Group I - Applied Direct Taxation

ICWA :: Intermediate
Paper 7 : Applied Direct Taxation
[One Paper: 3 hours:100 marks]

Objective . . .

•	To understand the provisions of direct tax laws
•	To gain knowledge on procedural aspects for filing tax returns for various assesses and other statutory compliances
•	To get knowledge of various tax incentives and benefits under direct taxes
•	To know applications of tax provisions in various cases

Direct Taxes- Comprehensive Study.

50%

•	Overview of Direct Tax Laws
•	Direct versus indirect taxes, taxable person
•	Basic Concepts.
•	A comprehensive study of the Income-tax Act, 1961; case laws governing capital and revenue expenditure, deemed income, residence concept.
•	Special problems centering on the concept of assessees, registered firm, Hindu Undivided Family, Companies, Association of persons and trust, minors, cooperatives, non-resident Indians and avoidance of double taxation.
•	Salaries, perquisites, gratuity and retirement benefits, income from house property, capital gains, income from other sources, income from business and profession, problems arising from aggregation of income and set off and carry forward of losses,
•	Computation of income and Return of Income Tax, Filing procedure, Principles of valuation of movable and immovable property. Advance payment of Tax.
•	Deduction and collection of tax at source.
•	Tax incentives and export promotion schemes, other benefits and tax exemptions.
•	Assessment, appeals, revisions, review, rectification and application to Central Board of Direct Taxes.
•	Penalties ,Fines and prosecution.
•	Refunds.
•	Securities Transaction Tax.
•	Fringe Benefit Tax.
•	Banking Cash Transaction Tax.
•	Wealth Tax.

Practical problems and case studies under Direct Taxes.

50%

Recommended Books

Title	Author	Publisher
Commercial & Industrial Law	Sen & Mitra	World Press
Mercantile Law Including Industrial Law	N.D.Kapoor	Sultan Chand
Business Laws	Gulsan & Kapoor	Wiley Eastern
Busines Laws	Dr. G.K.Kapoor	Sultan Chand
Business Law includig Company Law	G.K.Kapoor	New Age International
Contemporary	Kamal Gupta	Tata-McGraw Hill
Spicer & peglar’s Practical Auditing	S.V.Ghatalia	Allied Pubulishers
A Handbook of Practical Auditing	B.N.Tandon	Sultan Chand
Internal Auditing	R.S.Waldron
Auditing Standards and Guidelines	ICAI
Guidance Note on Secretarial Audit	ICSI
Basics of Auditing, for ICWA Inter	Dinkar Pagare	Sultan Chand

Group II - Cost and Management Accounting

ICWA :: Intermediate
Paper 8 : Cost & Management Accounting
[One Paper: 3 hours:100 marks]

Objective . . .

•	To understand basic concept, processes used to determine product cost
•	To gain knowledge of preparation of budgets , standard costs and variance statements
•	To gain skill for controlling cost and decision making

Basic aspects of Cost Accounting

15%

•	Cost Concepts and Classification of costs
•	Materials: accounting and control systems procedures and techniques
•	Labour: accounting, incentive schemes and control systems and procedures
•	Direct Expenses
•	Indirect expenses: allocation, apportionment, re-apportionment and absorption of overhead costs.
•	Cost Accounting Standards.

Cost Accounting Methods and systems

20%

•	Job, batch, contract and process costing.
•	Cost accounting for service sector
•	Accounting entries for an integrated accounting system – cost ledgers
•	Reconciliation between cost and Financial profit and loss account.
•	Interlocking accounting

Decision Making Tools

20%

•	Marginal costing, break even analysis and its applications in decision making
•	Absorption costing as a system of profit reporting and stock valuation.
•	Throughput accounting as a system of profit reporting and stock valuation.
•	Activity-based costing for profit reporting and stock valuation.
•	Integration of standard costing with marginal cost accounting, absorption cost accounting and throughput accounting.
•	Process costing including establishment of equivalent units in stock, work-in-progress and abnormal loss accounts and use of various methods like first-in-first-out, average cost and standard cost methods of stock valuation.

Budgeting

15%

•	Budget Concepts and Preparation
•	Fixed and Flexible Budgets
•	Time series analysis including moving totals and averages, treatment of seasonality, trend analysis using regression analysis and the application of these techniques in forecasting product and service volumes.
•	Fixed, variable, semi-variable and activity-based categorizations of cost and their application in projecting financial results.
•	Zero base budgeting

Standard Costing

15%

•	Manufacturing standards for material, labour, and overhead.
•	Price/rate and usage/efficiency variances for materials, labour and overhead. Further subdivision of total usage/efficiency variances into mix and yield components.
•	Fixed overhead variances.
•	Planning and operational variances.
•	Sales price and sales revenue/margin volume variances (calculation of the latter on a unit basis related to revenue, gross margin and contribution margin). Application of these variances to all sectors, including professional services and retail analysis.
•	Interpretation of variances: interrelationship, significance.
•	Benchmarking for setting standards

Costing and performance management

10%

•	Business performance measurement for performance improvement

Recent trends in cost and Management Accounting

Recommended Books

Title	Author	Publisher
A Text Book of Cost Accountancy	M.N.Arora	Vikas Publishing Pvt., Ltd.
Cost Accountaing: Method & Problems	B.K.Bhar	Academic Publishers
Cost Accounting-A Managerial Emphasis	Horngren, Foster & Dater	Prentice Hall
Cost Accounting	N.K.Prasad & A.K.Prasad	Book Syndicate
Cost Accounting	Bhabatosh Banerjee	World Press
Fundamental Managerial Accounting Concept	Edmonds, Edmonds And Tsay	Irwin McGraw Hill
Principles and Practice of Cost Accounting	Asish Bhattacharya	Sultan Chand
Management Accounting	R.S.N.Pillai & Bhagavati	S.Chand
Cost Accounting	Moriarity and Allen	John Wiley
Advanced cost and Management	V.K.Saxena & C.D. Vashist	Sultan Chand & Sons
Cost Accounting – Theory and Practices	Bhabatosh Banerjee	Sultan Chand & Sons
Advanced Cost & Management Accounting-Problems & Solutions	V.K.Saxena & C.D.Vashist	Prentice Hall of India(p) Ltd.
Cost Accounting	R.S.N.Pillai & Bhagavati	S.Chand
Studies in Cost Management	S.N.Maheshwari	Sultan Chand & Sons
Cost and Management Accounting	M.E.Thukaram Rao	New Age International
Management Accounting	M.E.Thukaram Rao	New Age International

Group II - Operation Management and Information Systems

ICWA :: Intermediate
Paper 9 : Operation Management and Information Systems
[One Paper: 3 hours:100 marks]

Objective . . .

•	To gain knowledge of Operation Management, Production planning and resource management
•	To develop understanding of Information Technology and its use in business environment.

A. Operation Management ( 50 Marks)

Overview of Production Process

15%

•	Fabrication process
•	Metal working process – forming, heat treatment, welding, surface treatment etc.
•	Machining process
•	Class of machine – Lathes, drilling, grinding, milling, planing, shaping, slotting etc.
•	Special purpose machine – special grinding, hobbing, honing, cutting tools, jigs and fixtures etc.
•	Pump, motor, transformer, electrical drives,
•	Classification of industries based on production process
•	Technological aspects of different production process like power, pollution control, recovery process,
•	Plant layout , material handling system etc

Production Planning & Productivity management

15%

•	Time study, work study, method study, Job Evaluation.
•	Production planning and control-Introduction.
•	Forecasting
•	Capacity planning and Utilization.
•	Process planning,
•	Project planning.
•	Progressing and follow-up.
•	Despatching.
•	Scheduling Technique & Line Balancing Problem
•	Economic batch production
•	Human Resource Planning
•	Material Requirement Planning
•	Productivity measurement techniques of factors of production
•	Quality Control

Maintenance Management

10%

•	Obsolescence, replacement of machinery
•	Breakdown maintenance, preventive maintenance & Routine Maintenance
•	Maintenance Techniques
•	Maintenance organization
•	Maintenance problems etc

Resource Management

10%

•	Input-output ratio
•	Linear programming
•	Transportation
•	Replacement of machine
•	Change of Technology and its implication

B. Information Systems ( 50 Marks)

Information System Analysis and Design.

10%

•

Information System-Systems development life cycle, Structured Systems Analysis and Design, Physical and Logical Data Flow Diagrams, Requirements Analysis, Design of New Systems. Data Modeling, data dictionary, entity relationship diagram, structure charts, Transform and Transaction Analysis, Applications in Financial & Cost Management

Database Management Systems

15%

•	File & Data Base Concept, Overview of DBMS, Data Models, Database Administrator, Database Users, Schema. Data Independence, Relational Database Management System (RDBMS), some applications of RDBMS using Oracle & SQL Server

Management Information Systems (MIS)

15%

•	Introduction, People & Organization, System & models, Decision process and evaluation thereof, transaction processing & management reporting, MIS in functional areas: Finance & Cost Management, Inventory, Marketing, HRM.

Enterprise Resource Planning (ERP)

10%

•	Functional architecture of ERP, Material requirement planning & ERP, Business Process Reengineering & ERP, Supply chain management, Some applications involving SAP & Oracle (Financial), Change Management and ERP Implementations, Technology and International Considerations in implementation of ERP.

Recommended Books

Title	Author	Publisher
Production & Operations Management	Alan Muhlemann And Others	Macmillan
Production & Operation Management	Adam & Elebert	Prentice Hall
Operations Management and Control	Biswajit Banerjee	S.Chand
Production & Operation Management	Adam & Elbert	Prentice Hall
Project Preparation Appraisal & Implementation	Prasanna Chandra	Tata McGraw Hill
Project Management	S.Choudhury	Tata McGraw Hill
Project Management Handbook	Gopal Krishnan & Ramamurthy	Macmillan
A Profile of Information Technology: Computer Digest	H.R.Banerjee	Jaico
Management Information Systems	Gordon B.Davis & Margrethe H.Olson	Tata McGraw Hill
Managing with Information	Jerome Kanter	Prentice Hall of India
Computer Information Technology	Y.P.Puri & Vipin Puri	Global Business
Computer Fundamentals: Concepts, Systems and Applications	P.K.Sinha	B.P.B. Publications
Fundamentals of Database Systems	Ramesh Elmarsi & Shyamakant B. Navathe	Pearson Education
Law of Information Technology (Cyber Law) with Information Technology (Certifying Authorities) Rules, 2000	D.P.Mittal	Taxmann
Getting Results with Microsoft Office 97	Microsoft	Microsoft
Information Systems & Technology	Dr.L.M.Prasad and Usha Prasad	Sultan Chand

Group II - Applied Indirect Taxes

ICWA :: Intermediate
Paper 10 : Applied Indirect Taxes
[One Paper: 3 hours:100 marks]

Objective . . .

•	To gain knowledge of various provisions of Central Excise, Service tax, VAT & Sales Tax.
•	To know the applications of provisions in different situations
•	To understand the statutory compliance under indirect taxes including audits

Canons of Taxation - Indirect Taxes

•	Features of Indirect Tax. Constitutional validity. Indirect Tax Laws, administration and relevant procedures

Central Excise

25%

•	The Central Excise Law
•	Goods, Excisable goods, Manufacture and manufacturer, Classification, Valuation, Related Person, Captive Consumption, CAS 4, CENVAT.
•	Basic procedures, Export, SSI, Job Work.
•	Assessment, Demands, Refund, Exemptions;
•	Powers of Officers.
•	Adjudication, Appeals, Settlement Commission, Penalties .
•	Central Excise Audit and Special Audit under 14A and 14AA of Central Excise Act
•	Impact of tax on GATT 94, WTO, Anti Dumping processing;
•	Tariff Commission and other Tariff authorities.

Customs laws

15%

•	Basic concepts of customs law;
•	Territorial waters, high seas;
•	Types of custom duties., Anti- Dumping Duty, Safeguard Duty;
•	Valuation;
•	Customs Procedures, Import and Export Procedures, Baggage.
•	Exemptions.
•	Warehousing, Demurrage;
•	Project Imports and Re- Imports;
•	Penalties and Offences.
•	Export Promotion Schemes. EOU
•	Duty Drawback.
•	Special Economic Zones.

Service Tax

15%

•	Introduction, Nature of Service Tax.
•	Service Provider and Service Receiver.
•	Registration procedure
•	Records to be maintained
•	Classification of taxable services
•	Valuation of taxable services.
•	Exemptions and Abatements.
•	Payment of service tax, Return
•	Cenvat Credit Rules
•	Export and import of services.
•	Other aspects of Service Tax.
•	Taxable Services.
•	Special Audit under 14A and 14AA of Central Excise Act

Central Sales Tax Act & VAT Act.

15%

•	Introduction, definition of sale under CST;
•	Stock transfer, branch transfer under CST;
•	Inter state sale,
•	Various forms for filing of sales tax returns under CST;
•	Sales outside territorial waters under CST;
•	Procedures.
•	Practical examples on CST.
•	VAT, Salient features of State VAT Acts
•	Treatment of stock & branch transfer under State VAT Acts
•	Filing & Return under State VAT Acts
•	Accounting & Auditing VAT

Practical problems and Case Studies under Indirect Tax Laws

25%

Recommended Books

Title	Author	Publisher
Indirect Taxes: Law & Practice	Taxmann	Taxmann
Central Excise Rules & Forms	Taxmann	Taxmann
Central Excise Mannual	R.K.Jain	Centax Publications
Customs Mannual	R.K.Jain	Centax Publications
Central Sales Tax & VAT	V.S.Datey	Taxmann

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CWA ICWA Intermediate - Syllabus and Books

Group I - Financial Accounting

ICWA :: Intermediate Paper 5 : Financial Accounting [One Paper: 3 hours:100 marks]

Objective . . .

Recommended Books

Group I - Commercial and Industrial Laws and Auditing

ICWA :: Intermediate Paper 6 : Commercial & Industrial Laws and Auditing [One Paper: 3 hours:100 marks]

Objective . . .

A. Commercial & Industrial Law ( 50 Marks)

B. Auditing ( 50 Marks)

Recommended Books

Group I - Applied Direct Taxation

ICWA :: Intermediate Paper 7 : Applied Direct Taxation [One Paper: 3 hours:100 marks]

Objective . . .

Recommended Books

Group II - Cost and Management Accounting

ICWA :: Intermediate Paper 8 : Cost & Management Accounting [One Paper: 3 hours:100 marks]

Objective . . .

Recommended Books

Group II - Operation Management and Information Systems

ICWA :: Intermediate Paper 9 : Operation Management and Information Systems [One Paper: 3 hours:100 marks]

Objective . . .

A. Operation Management ( 50 Marks)

B. Information Systems ( 50 Marks)

Recommended Books

Group II - Applied Indirect Taxes

ICWA :: Intermediate Paper 10 : Applied Indirect Taxes [One Paper: 3 hours:100 marks]

Objective . . .

Recommended Books

ICWA :: Intermediate
Paper 5 : Financial Accounting
[One Paper: 3 hours:100 marks]

ICWA :: Intermediate
Paper 6 : Commercial & Industrial Laws and Auditing
[One Paper: 3 hours:100 marks]

ICWA :: Intermediate
Paper 7 : Applied Direct Taxation
[One Paper: 3 hours:100 marks]

ICWA :: Intermediate
Paper 8 : Cost & Management Accounting
[One Paper: 3 hours:100 marks]

ICWA :: Intermediate
Paper 9 : Operation Management and Information Systems
[One Paper: 3 hours:100 marks]

ICWA :: Intermediate
Paper 10 : Applied Indirect Taxes
[One Paper: 3 hours:100 marks]