CA Inter - CMA
A Chartered Accountant (CA) is a professional who specializes in Accounting, of
all types of organizations. Keeping this in mind, the first paper of CA
Intermediate is set as “Accounting.” Accounting is considered as the language
of business. Maintaining proper accounts as per Double Entry System is a must
to ensure that the entity is able to make a proper finance performance
statement (Profit and Loss Account) and a proper financial position statement
(Balance Sheet). A CA has to audit the financial statements of a company.
Therefore, he must know the correct accounting procedures and Accounting
Standards. It is a 100 Marks descriptive paper.
Course Content:
1. Introduction to Accounting Standards
This chapter gives us a basic framework of what accounting standards are, what are its benefits and limitations, how standards are made, how they are converged with IFRS, what are Ind AS and what are carve outs and carve ins.2. Framework for Preparation and Presentation of Financial Statements
This chapter tells us about the objective, qualitative characteristics, and recognition and measurement of elements of financial statements. It also helps us understand the concepts of capital, capital maintenance and profit.3. Overview of Accounting Standards
This topic tells us the applicability of Accounting Standards over various kinds of entities, as well as an understanding of AS – 1, 2, 3, 10, 11, 12, 13 and 16. It contains practical as well as theoretical examples which are relevant to these topics.4. Financial Statement of Companies
The chapter talks about Schedule III to The Companies Act, 2013. It explains the calculation of managerial remuneration and the meaning of the term – divisible profits and dividends. Further, it elaborates on the preparation of Income Statement and Balance Sheet of a company including Notes to Accounts. It also explains the concept of Cash Flow Statement in detail.5. Profit or Loss Pre and Post Incorporation
It tells us the meaning, accounting, and method of computing profit of loss prior to incorporation. Basically, it deals with the profit of loss arising during the period when the take over of a company is announced until it gets incorporated.6. Accounting for Bonus Issue and Right Issue
Entailing the provisions relating to issue of bonus and right shares, this chapter helps us understand how companies account for bonus and rights issue. It explains the concept of renunciation of right. It teaches us the calculation of value of rights and the difference between ex-right value and cum-right value of shares.7. Redemption of Preference Shares
It comprises of the provisions of The Companies Act, 2013 regarding the redemption of preference shares, its meaning and purpose. It tells us about the various methods of redemption such as fresh issue of shares, capitalization of divisible profits or both. It explains the concept of Capital Redemption Reserve (CRR).8. Redemption of Debentures
It consists of requirement of creation of Debenture Redemption Reserve (DRR), understanding the methods and accounting treatment of redemption of debentures. Provisions relating to redemption of debentures as contained in The Companies Act, 2013 are also covered in this chapter.9. Investment Accounts
It covers computation of cost of investments, classification of investments, profit/ loss on disposal, carrying amount of investments, and determination of transfer value on reclassification of investments.10. Insurance Claims for Loss of Stock and Loss of Profit
The core of this chapter consists of calculation of insurance claim for loss of stock or loss of profit and its significance. Standing charges, increased cost of working and other such terms are also covered in this chapter.11. Hire Purchase and Instalment Sale Transactions
Various methods of accounting for hire purchase transactions, journal entries for such transactions, accounting for repossessed goods, profit/ loss on sale of repossessed goods, and difference between instalment system and hire purchase system are the main components of this chapter.12. Departmental Accounts
It tells us the allocation of common expenditures among various departments, and deal with inter-departmental transfers and their accounting treatment. It also deals with unrealized profit on unsold inter-departmental stock-in-hand at the end of the year.13. Accounting for Branches including Foreign Branches
It comprehends the concept of branches and their classification, accounting treatment of dependent and independent branches, methods of charging goods to branches, problems containing wholesale price, preparation of reconciliation statement of branch and head office transactions, difference between integral and non-integral foreign branches, and techniques of foreign currency translation in foreign branches.14. Accounts from Incomplete Records
It covers the concept of single - entry system, and preparation of trading and profit and loss account and balance sheet from incomplete records.What Our Students
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