Unit

Title and Contents

Hours

1

Meaning and Scope of Accounting:

1.1 Definition of Accounting and Need for Accounting

1.2 Development of Accounting and Accounting as Information System, and Qualitative characteristics of Accounting Information System

1.3 Book-Keeping and Accounting and Is Accounting a Science or an Art?

1.4 Accounting and other Disciplines: Accounting and Economics, Accounting and Statistics, Accounting and Mathematics, and Accounting and Law

1.5 Introduction of Branches of Accounting: Financial Accounting, Cost Accounting, Management Accounting, Human Resource Accounting, Environmental or Green Accounting, and Inflation Accounting

1.6 Functions, Objectives, Limitations, and end Users of Financial Accounting

1.7 Meaning and Nature of Accounting Principles:

1.7.1 Accounting Concepts: Business Entity, Going Concern, Money Measurement, Cost, Dual Aspect, Accounting Period, Period Matching of Cost and Revenue, Realization, and Accrual

1.7.2 Accounting Conventions: Conservatism, Full Disclosure, Consistency, and Materiality

5

2

Accounting Standards (AS):

2.1 Meaning, Scope and Objectives of Accounting Standards

2.2 Advantages and Disadvantages of Accounting Standards

2.3 Formation of Accounting Standards Board and its Objectives and Functions

2.4 Procedure for Issuing Accounting Standards by the ICAI

2.5 AS-2: Valuation of Inventories

2.6 AS-5: Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies, and Ind AS-8: Accounting Policies, Changes in Accounting Estimate and Errors

2.7 Numerical Problems on AS-2 and AS-5

10

3

Partnership Firm and Piecemeal Distribution:

3.1 Meaning, Nature, Features and Importance of Partnership Firm

3.2 The Indian Partnership Act 1932 (Important Provisions) and Partnership Deed and its Contents

3.3 Limited Liability Partnership: Concept, Structure, Advantages, Procedure of Formation of Limited Liability Partnership, Difference between Limited Liability Partnership and Partnership Firm, and Difference between Limited Liability Partnership and Company

3.4 Gradual Realization of Assets and Basis of Distribution:

3.4.1 Order of Payments

3.4.2 Proportionate Capitals Method: Statement Showing Surplus Capital & Statement Showing Piecemeal Distribution of Cash

3.4.3 Maximum Loss Method: Statement Showing Piecemeal Distribution of Cash

3.5 Numerical Problems on Proportionate Capital Method and Maximum Loss Method

15