Accounting

I A general knowledge of the framing of the accounting standards, national and international accounting authorities, adoption of international financial reporting standards.
Accounting Standards:-Working Knowledge of
AS 1: Disclosure of Accounting Policies
AS 2: Valuation of Inventories
As 3: Cash Flow Statements
As 6: Depreciation Accounting
As 7: Construction Contracts (Revised 2002)
As 9: Revenue Recognition
As 10: Accounting for Fixed Assets
AS 13: Accounting for Investments
As 14: Accounting for Amalgamations

II Company Accounts-Preparation of financial statements- Profit and Loss Account, Balance Sheet and Cash Flow Statement
• Profit (Loss) Prior to Incorporation,
• Alteration of Share Capital, Conversion of fully paid shares into stock and stock into shares, Accounting for bonus issue.
• Accounting for business acquisition. Simple problems on accounting for business acquisition, amalgamation and reconstruction (excluding problems of amalgamation on Intercompany holdings

III Average Due Date, Account Current,
Self -Balancing Ledger
Financial Statement of Not-for Profit Organizations,
Accounting from Incomplete Records
Accounting for special Transactions:
Hire Purchase and Installment sale transactions

IV Accounting for special Transactions:
Investment Accounts
Insurance Claims for Loss of stock and loss of profit
Issues in Partnership Accounts
Final accounts of partnership firms
Admission, Retirement and Death of Partner including treatment of goodwill

V Accounting in Computerized Environment- An overview of computerized accounting system- Salient features and significance, Concept of grouping of accounts, Codification of accounts, Maintaining the hierarchy of ledger, Accounting packages and consideration for their selection, Generating Accounting Reports