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15. ISC Accounts Scope - Revised

Accounts (858). Aims: 1. To provide an understanding of the principles of 2. To develop an understanding of the form and Accounts and practice in recording transactions classification of financial statements as a means and interpreting individual as well as company of communicating financial information. Accounts . CLASS XI. There will be two papers in the subject. (d) Accounting Standards: Concept and objectives. Paper I - Theory: 3 hours 80 marks (e) Basic Terms: Event, Transaction, Vouchers, Paper II- Project Work 20 marks Debtors, Creditors, Purchases, Sales, Assets PAPER - I (THEORY) 80 Marks (intangible, tangible, fixed, current, liquid and fictitious), Liabilities (internal and external.)

81 ACCOUNTS (858) Aims: 1. To provide an understanding of the principles of accounts and practice in recording transactions and interpreting individual as well as company

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Transcription of 15. ISC Accounts Scope - Revised

1 Accounts (858). Aims: 1. To provide an understanding of the principles of 2. To develop an understanding of the form and Accounts and practice in recording transactions classification of financial statements as a means and interpreting individual as well as company of communicating financial information. Accounts . CLASS XI. There will be two papers in the subject. (d) Accounting Standards: Concept and objectives. Paper I - Theory: 3 hours 80 marks (e) Basic Terms: Event, Transaction, Vouchers, Paper II- Project Work 20 marks Debtors, Creditors, Purchases, Sales, Assets PAPER - I (THEORY) 80 Marks (intangible, tangible, fixed, current, liquid and fictitious), Liabilities (internal and external.)

2 There will be one paper of 3 hours duration of current, fixed and contingent), Goods traded 80 marks divided into two parts. in, Stock (raw material, work in progress and Part I (20 marks) will be compulsory and will consist finished goods), Profit, Loss, Expense, of short answer questions, testing knowledge, Revenue, Income, Drawings and Capital. application and skills relating to elementary/ (f) Basis of accounting cash basis, accrual basis fundamental aspects of the entire syllabus. and hybrid basis. Part II (60 marks): Candidates will be required to (g) Accounting equation Meaning and usefulness answer five questions out of eight from this section.

3 (Numericals not required). Each question shall carry 12 marks. 2. Journal, Ledger and Trial Balance 1. Basic Accounting Concepts (i) Journal: recording of entries in journal with Background of accounting and accountancy: narration. knowledge and understanding of IFRS (a) Classification of Accounts . (International Financial Reporting Standards);. GAAP (Generally Accepted Accounting (b) Double Entry System. Principles), types of Accounts ; basic terms used in (c) Rules of journalizing traditional accounting, Accounting Standards and classification or modern approach. Accounting Equation. (d) Meaning of journal. (a) Evolution of accounting; difference between (e) Format of journal.

4 Bookkeeping, accounting and accountancy;. functions, characteristics, objectives, (f) Simple and compound journal entries advantages and limitations of accounting; (with specimens to practice). users of accounting information; subfields of (g) Advantages of using a journal. accounting - meaning of financial accounting, cost accounting and management accounting. (ii) Ledger: posting from journal to respective ledgers. (b) IFRS: Introduction to IFRS. (a) Meaning of ledger. (c) GAAP: Going concern, Accounting Entity, (b) Format of a ledger. Money Measurement, Accounting Period, Complete Disclosure, Revenue Recognition, (c) Mechanics of posting. Verifiable Objective, Matching Principle, (d) Balancing of various ledger Accounts .

5 Historical Cost, Accrual Concept, Dual (e) Practical problems on journal and ledger. Aspect Concept, Materiality, Consistency, Prudence and Timeliness. 81. (iii) Sub-division of journal - cash book [including 5. Bills of Exchange simple cash book and double column cash (i) Introduction to Negotiable Instruments: book (cash and bank). Petty cash book explanation of basic terms. (including simple, analytical and imprest system), sales day book, purchases day book, Meaning of negotiable instruments; Bills of exchange, promissory note (including sales return day book, purchases return day specimen and distinction), cheque, book, bills receivable book, bills payable book advantages and disadvantages of Bills of and Journal proper.]

6 Exchange, explanation of basic terms - Mechanics of posting from special subsidiary drawer, drawee, payee, endorser, endorsee, books. bill on demand / bill on sight, bill after date, (iv) Trial balance. bill after sight, tenure of the bill, days of grace, due date, endorsement and discounting (a) Meaning, objectives, advantages and of bills, bill sent for collection, dishonour of a limitations of a trial balance. bill, noting charges, notary public, renewal of (b) Preparation of the trial balance from a bill, retirement of a bill and insolvency of given ledger account balances. the drawee/acceptor. (c) Redrafting of a trial balance. (ii) Practical problems on the above in the books of drawer, drawee, endorsee and bank.

7 3. Bank Reconciliation Statement Self explanatory. Bank reconciliation statement. NOTE: Accommodation Bill is not required. (a) Meaning and need for bank reconciliation 6. Final Accounts and Concept of Trading, Profit statement. and Loss account and Balance Sheet (with and (b) Preparation of a bank reconciliation without adjustments), Marshalling of Balance statement from the given cash book balance Sheet or pass book balance or both. (i) Capital and revenue expenditure/income. (c) Preparation of a bank reconciliation (a) Meaning and difference between capital statement from the extract of the cash book as expenditure and revenue expenditure with well as the pass book relating to the same examples.

8 Month. (b) Meaning and difference between capital income and revenue income with 4. Depreciation, Provisions and Reserves examples. (i) Depreciation. (c) Meaning and difference between capital profit and revenue profit with examples. Depreciation - meaning, need, causes, (d) Meaning and difference between capital objectives and characteristics. loss and revenue loss with examples. (ii) Methods of charging depreciation (Straight (e) Meaning of deferred revenue expenditure Line and Written Down Value method). with examples. Method of recording depreciation charging (ii) Provisions and Reserves. to asset account , creating provision for Meaning, importance; difference between depreciation / accumulated depreciation, provisions and reserves; types of reserves - treatment of disposal of fixed assets.

9 Revenue reserve, capital reserve, general reserve, specific reserve and secret reserve. (iii) Problems relating to purchase and sale of assets incorporating the application of (iii) Trading, Profit and Loss account and Balance depreciation under the two stated methods. Sheet of a sole trader, (Horizontal Format). without adjustments. Self explanatory. Meaning object, importance and preparation NOTE: Questions on change of method from of Trading, Profit and Loss account and SLM to WDV and vice-versa are not required. Balance Sheet of sole trader. 82. (iv) Preparation of Trading account , Profit and (iii) Preparation of Income and Expenditure Loss account and Balance Sheet with account and Closing Balance Sheet.

10 Necessary adjustments. Preparation of Income and Expenditure Adjustments relating to closing stock, account and Balance Sheet when Receipts outstanding expenses, prepaid expenses, accrued income, income received in advance, and Payments account and other information depreciation and bad debts, provision for is given. doubtful debts, provision for discount on NOTE: Preparation of a Receipt and debtors, creditors and manager's commission, goods distributed as free samples and goods Payments account only or an Income and taken by the owner for personal use, Expenditure account with a Balance Sheet abnormal loss, interest on capital and from incomplete records need not be covered.


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