FINANCIAL ACCOUNTING INTERMEDIATE
SYLLABUS - 2016
5 INTERMEDIATE : PAPER -
FINANCIAL ACCOUNTING
STUDY NOTES
INTERMEDIATE
The Institute of Cost Accountants of India CMA Bhawan, 12, Sudder Street, Kolkata - 700 016
First Edition : August 2016 Reprint : January 2018 Revised Edition: June 2018 Revised Edition: February 2019 Edition: August 2019
Published by : Directorate of Studies The Institute of Cost Accountants of India (ICAI) CMA Bhawan, 12, Sudder Street, Kolkata - 700 016.
Printed at : M/s. Sap Prints Solutions Pvt. Ltd. 28A, Lakshmi Industrial Estate, S. N. Path, Lower Parel (W), Mumbai - 400 013, Maharashtra.
Copyright of these Study Notes is reserved by the Institute of Cost Accountants of India and prior permission from the Institute is necessary
for reproduction of the whole or any part thereof.
Syllabus - 2016
Paper 5: Financial Accounting (FAC) Syllabus Structure The syllabus comprises the following topics and study weightage
A Accounting Basics
25%
B Preparation of Financial Statements
40%
C Self Balancing Ledger, Royalties, Hire Purchase & Installment System, Branch & Departmental Accounts
20%
D Accounting in Computerised Environment and Accounting Standards
15%
D
15%
A
25%
C 20%
B 40%
ASSESSMENT STRATEGY There will be written examination paper of three hours
OBJECTIVES
To gain understanding and to provide working knowledge of accounting concepts, detailed procedures and documentation involved in financial accounting system.
Learning Aims
The syllabus aims to test the student's ability to:
Understand the framework of accounting systems and the Generally Accepted Accounting Principles
Prepare necessary financial statements related to different business entities
Construct financial statements for understandability and relevance of stakeholders
Skill set required
Level B: Requiring the skill levels of knowledge, comprehension, application and analysis.
Sec-A : Accounting ? Basics 1. Fundamentals of Accounting 2. Accounting for Special Transactions
Sec-B : Preparation of Financial Statements 3. Preparation of Final Accounts of Profit Oriented organizations, Non-Profit Organizations and from Incomplete Records. 4. Partnership Accounts
Sec-C : Self Balancing Ledgers, Royalties, Hire Purchase & Installment System, Branch & Departmental Accounts 5. Self-Balancing Ledgers 6. Royalties, Hire-Purchase and Installment System 7. Branch and Departmental Accounts
Sec-D : Accounting in Computerised Environment and Accounting Standards 8. Overview of Computerised Accounting 9. Accounting Standards (Specified only)
25% 40% 20% 15%
Section A : Accounting ? Basics [ 25 Marks]
1. Fundamentals of Accounting:
Accounting - Meaning, Scope and Significance of Accounting - Accounting Principles, Concepts and Conventions Capital and Revenue Transactions ? Depreciation - Rectification of Errors.
2. Accounting for Special Transactions Bills of Exchange - Consignment - Joint Venture - Insurance Claims (Loss of Stock and Loss of Profit).
Section B : Preparation of Financial Statements [40 Marks] 3. Preparation of Final Accounts of Profit Oriented organizations, Non-Profit Organizations and from Incomplete Records
(i) Preparation of Financial statements of Profit Oriented organizations: P&L Account, Balance Sheet. (ii) Preparation of Financial Statements of Non-Profit making organizations: Preparation of Receipts & Payments Account,
Income& Expenditure account and Balance Sheet. (iii) Preparation of Financial Statements from incomplete records (Single entry)
4. Partnership Accounts Admission, Retirement, Death, Treatment of Joint Life Policy ,Dissolution of partnership firms including piece meal distribution, Amalgamation of partnership firms, Conversion of partnership firm into a company and sale of partnership firm to a company
Section C: Self Balancing Ledgers, Royalties, Hire Purchase & Installment System, Branch & Departmental Accounts [20 Marks] 5. Self-Balancing Ledgers 6. Royalty Accounts, Hire Purchase and Installment System. 7. Branch and Departmental Accounts.
Section D: Accounting in Computerized Environment and Accounting Standards [15 marks] 8. Computerized Accounting System ? Features, Significance, Grouping of Accounts, Ledger hierarchy, Accounting
Packages and their selection criteria 9. Accounting Standards (AS-1, AS-2, AS-7, AS-9, AS-6 and AS-10 has been replaced by revised AS-10)
Contents
Study Note 1 : Fundamentals of Accounting
1.1
Basics
1
1.2
Generally Accepted Accounting Principles
11
1.3
Accounting Concepts and Conventions
11
1.4
Capital & Revenue Transactions
26
1.5
Accounting for Depreciation
56
1.6
Rectification of Errors
71
Study Note 2 : Accounting for Special Transactions
2.1
Bills of Exchange
93
2.2
Consignment Accounting
112
2.3
Joint Venture Accounts
133
2.4
Insurance Claim (Loss of Stock and Loss of Profit)
151
Study Note 3 : Preparation of Financial Statments of Profit Oriented Organizations
3.1
Introduction
169
3.2
Bad Debts
169
3.3
Preparation of Financial Statements
180
Study Note 4 : Preparation of Financial Statments of Non-Profit Organizations
4.1
Preparation of Financial Statements of Non-Profit Organization
213
Study Note 5 : Preparation of Financial Statements from Incomplete Records
5.1
Preparation of Financial Statements from Incomplete Records
249
Study Note 6 : Partnership
6.1
Admission of Partner
275
6.2
Retirement of Partner
303
6.3
Death of Partner
327
6.4
Dissolution of a Partnership Firm
330
6.5
Insolvency of a Partner
338
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