ipcc Accounting G1

ipcc Accounting G1

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Group I
Paper 1 : Accounting
[One paper: Three Hours – 100 marks]

Level of Knowledge :

Working knowledge.


(a) To lay a theoretical foundation for the preparation and presentation of financial statements;
(b) To gain working knowledge of the professional standards, principles and procedures of accounting and their application to different practical situations;
(c) To gain the ability to solve simple problems and cases relating to sole proprietorship, partnership and companies; and
(d) To familiarize students with the fundamentals of computerized system of accounting.


1. A General Knowledge of the framing of the accounting standards, national and international accounting authorities, adoption of international financial reporting standards
2. 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
3. Company Accounts
(a) Preparation of financial statements – Profit and Loss Account, Balance Sheet and Cash Flow Statement
(b) Profit (Loss) prior to incorporation
(c) Alteration of share capital, Conversion of fully paid shares into stock and stock into shares, Accounting for bonus issue
(d) Simple problems on Accounting for business acquisition. Amalgamation and reconstruction (excluding problems of amalgamation on inter-company holding)
4. Average Due Date, Account Current, Self-Balanceing Ledgers
5. Financial Statements of Not-for-Profit Organisations
6. Accounts from Incomplete Records
7. Accounting for Special Transactions
(a) Hire purchase and instalment sale transactions
(b) Investment accounts
(c) Insurance claims for loss of stock and loss of profit.
9. Issue in Partnership Accounts
  Final accounts of partnership firms – Admission, retirement and death of a partner including treatment of goodwill;
10. Accounting in Computerised 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.

If either old Accounting Standards (ASs), Announcements and Limited Revisions to ASs are withdrawn or new ASs, Announcements and Limited Revisions to ASs are issued by the Institute of Chartered Accountants of India in place of existing ASs, Announcements and Limited Revisions to ASs, the syllabus will accordingly include/exclude such new developments in place of the existing ones with effect from the date to be notified by the Institute.back


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