Level of knowledge: Basic Knowledge.

Aim: To ensure acquisition of theoretical knowledge sufficient to provide a foundation for the professional examination.

Detailed Contents:

1. Accounting as a measurement discipline. Income measurement and related accounting concepts. Other accounting concepts. Relationship of Accounting with Economics and Statistics. Role of an Accountant in society.

2. Accounting process leading to the preparation of Trial Balance including rectification of errors, and preparation of Final Accounts (for non-corporate entities).

3. Depreciation Accounting including methods thereof.

4. Inventory Valuation.

5. Accounting for Special transactions:

(a) Consignments;
(b) Joint Ventures;
(c) Average Due Dates; and
(d) Bills of Exchange and Promissory Notes.

6. Self-balancing Ledgers.

7. Simple problems in Partnership Accounts.

8. Receipts and Payments Account and Income and Expenditure Account and Balance Sheet including Accounts of professional concerns.