CA Foundation in Laxmi Nagar, New Delhi – Paper 1 – Principles and Practice of Accounting
Principles and Practice of Accounting
CA Foundation Paper1
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| Paper Details | ||
|---|---|---|
| Paper Title | Faculty Name | No. of Classes |
| CA Foundation – Paper 1 | Faculty Name | 20 Classes |
| Foundation Paper 1: Principles and Practice of Accounting (100 Marks) | ||
|---|---|---|
| Sections | Weightage | Content Area |
| I | 5%-10% | 1. Theoretical Framework |
| (i) Meaning and Scope of accounting | ||
| (ii) Accounting Concepts, Principles and Conventions | ||
| (iii) Accounting terminology – Glossary | ||
| (iv) Capital and revenue expenditure, Capital and revenue receipts, Contingent assets and contingent liabilities | ||
| (iv) Capital and revenue expenditure, Capital and revenue receipts, Contingent assets and contingent liabilities | ||
| (v) Accounting Policies | ||
| (vi) Accounting as a Measurement Discipline – Valuation Principles, Accounting Estimates. | ||
| (vii) Accounting Standards– Concepts and Objectives | ||
| (viii) Indian Accounting Standards– Concepts and Objectives. | ||
| II | 20%-25% | 2. Accounting Process |
| (i) Books of Accounts | ||
| (ii) Preparation of Trial Balance | ||
| (iii) Rectification of errors. | ||
| 3. Bank Reconciliation Statement | ||
| Introduction, reasons, preparation of bank reconciliation statement. | ||
| 4. Inventories | ||
| Cost of inventory, Net realizable value, Basis and technique of inventory valuation and record keeping. | ||
| 5. Concept and Accounting of Depreciation | ||
| Concepts, Methods of computation and accounting treatment of depreciation, Change in depreciation methods. | ||
| III | 15%-20% | 6. Accounting for Special Transactions |
| (i) Bills of exchange and promissory notes | ||
| Meaning of Bills of Exchange and Promissory Notes and their Accounting Treatment; Accommodation bills. | ||
| (ii) Sale of goods on approval or return basis | ||
| Meaning of goods sent on approval or return basis and accounting treatment. | ||
| (iii) Consignments | ||
| Meaning and Features of consignment business, Difference between sale and consignment, Accounting treatments for consignment transactions and events in the books of consignor and consignee. | ||
| (iv) Joint Ventures for non-corporate entities | ||
| Meaning and Features of joint venture transactions, Distinction between joint venture and partnership, Methods of maintaining joint venture accounts. | ||
| (v) Royalty Accounts | ||
| Meaning of the term “Royalty” and Accounting Treatment thereof. | ||
| (vi) Average Due Date | ||
| Meaning, Calculation of average due date in various situations. | ||
| (vii) Account Current | ||
| Meaning of Account Current, Methods of preparing Account Current. | ||
| IV | 25%-30% | 7. Final Accounts of Sole Proprietors |
| Elements of Financial Statements, Closing adjustment entries, Trading account, Profit and Loss account and Balance sheet of Manufacturing and Non-manufacturing entities | ||
| 8. Partnership Accounts | ||
| (i) Final accounts of Partnership Firms (ii) Admission, Retirement and Death of a Partner including Treatment of goodwill (iii) Introduction to LLPs and distinction of LLPs from Partnership |
||
| 9. Financial Statements of Not-for-Profit Organisations | ||
| Significance of Receipt and Payment Account, Income and Expenditure Account and Balance Sheet, Difference between Profit and Loss and Income and Expenditure Account; Preparation of Receipts and Payments Accounts, Income and Expenditure Account and Balance Sheet of Not-for-profit-Organizations. | ||
| V | 10%-15% | 10. Introduction to Company Accounts |
| (i) Definition of shares and debentures (ii) Issue of shares and debentures, forfeiture of shares, re-issue of forfeited shares (iii) Statement of Profit and Loss and Balance Sheet as per Schedule III to the Companies Act, 2013 |
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| VI | 10%-15% | 11. Basic Accounting Ratios (Profitability, Solvency, Liquidity and Turnover) |