CWA ICWA Intermediate : Group I - Financial Accounting

ICWAICWA ICWA (2008)InterSyllabus 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
1.Accounting Conventions and Practices10%
Depreciation and various methods thereof
Stock valuation
Distinction between Capital and Revenue
2.Royalty and Hire Purchase10%
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.
3.Receipts & Payments/ Income & Expenditure Accounts10%
Receipts & Payments
Income & Expenditure Account
4.Partnership Accounting10%
Past adjustments and guarantee
Admission & Retirement
Assignment of life policy
Amalgamation and Sale of Business
Dissolution, Insolvency
Piecemeal Distribution
5.Branch and Departmental Accounts10%
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.
6.Accounting Standards10%
Applicability of a particular accounting standard.
Interpretation of various accounting standards.
Scope of accounting standards.
Compliance with the Accounting Standards.
7.Joint Stock Companies20%
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
8.Preparation of Company Accounts
Preparation of Final Accounts under Company Law
9.Accounting services in organizations10%
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

Advanced AccountancyHrishikesh ChakrabortyOxford University Press
Modern AccountancyMukherjee & HaniffTata McGraw Hills
Advanced AccountingGupta & RadhaswamySultan Chand
Advanced AccountsShukla & Grewal & GuptaSultan Chand
Accounting standards & Corporate Accounting Practice T.P.GhoshTaxmann
Guide to Accounting StandardSanjiv AgarwalSnow White
Advanced Practical AccountsSubrata Mukherjee & Anjan BhattacharyyaSultan Chand
Indian Accounting StandardsR.L.Gupta & M.RadhaswamySultan Chand
Financial Accounting – A Managerial perspectiveDr. D.MukhopadhyayAsian Books
Advanced AccountancyM.E. Thukaram RaoNew Age International