CA Foundation - Principles and Practice Of Accounting
Accounting or Accountancy that is also known as the "language of business" is the very fundamental and pivotal subject of the eclectic CA Course. It is a practical subject, per se and is to be studied in extreme minuscule and meticulous detail at all the three levels of the CA Course.
While Accounting is further subdivided into several domains such as Management Accounting, Tax Accounting, Cost Accounting and Auditing etc. that are some of the subjects to be studied in the higher CA levels, the subject has been succinctly encapsulated in various small chapters at the CA Foundation level, studying which a student gets a lucid overview of the entire course.
Course Content
1. Theoretical Framework
This comprises the Meaning and Scope of Accounting, Accounting Concepts, Principles, Conventions and Terminology. An understanding of Capital and Revenue Expenditure and Receipts, Contingent Assets and Contingent Liabilities, Accounting Policies, Accounting as a Measurement Discipline and also the Accounting Standards.
2.Accounting Process
Here a student gets to learn about Books of Accounts, Preparation of Trial Balance along with Rectification of Errors.
3.Bank Reconciliation Statement
In this chapter, one learns how to prepare BRS and the grounds for primarily having a BRS.
4.Inventories
Cost Of Inventory, Net Realizable Value, Basis and Technique of Inventory Valuation along with Record Keeping are the topics covered in this chapter.
5.Depreciation Accounting
Concepts, Methods Of Computation and Accounting Treatment of Depreciation along with Changes in existing Depreciation Methods are taught to a student in this chapter.
6.Accounting for Special Transaction
This eclectic topic is divided into five segments wherein a student learns the vast Accounting Treatment for BOE and Promissory Notes, Sale of Goods on Approval or Return Basis, Consignment Transactions, a student is also taught how to Calculate the Average Due Date in the aforementioned scenarios along with preparation of Account Current.
7.Final Accounts of Sole Proprietors
Here a student learns to make Closing Adjustment Entries, Trading A/C, P&L A/C and Balance Sheet of Manufacturing and Non- Manufacturing Entities.
8.Partnership Accounts
In this chapter, a student learns about Final Accounts of Partnership Firms along with Accounting Treatment in various scenarios such as Admission, Retirement, Death of a Partner including Treatment of Goodwill.
9.Financial Statements of Not-for-Profit Organization
Herein a student is taught about the importance of Receipt and Payment Account, Income and Expenditure Account, Balance Sheet, Difference between Income & Expenditure Account and Profit & Loss Account. A student further learns how to make Income & Expenditure Account, Receipt and Payment Account and Balance Sheet for NPO's.
10.Introduction to Company Accounts
In this wide-ranging chapter, a student learns about Shares and Debentures with Issue & Forfeiture of Shares, Issue of Debentures, Reissue of Forfeited Shares also a student is taught how to make Statement of Profit and Loss and Balance Sheet in accordance with Schedule III of Companies Act,2013.
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