Paper 5

Paper 5

Paper 5 : Financial Accounting (FAC)

OBJECTIVES

To gain understanding and to provide working knowledge of accounting concepts, detailed procedures and documentation involved in financial accounting system.

Learning Aims

The syllabus aims to test the student’s ability to:

  • Understand the framework of accounting systems and the Generally Accepted Accounting Principles
  • Prepare necessary financial statements related to different business entities
  • Construct financial statements for understandability and relevance of stakeholders

Sec-A : Accounting – Basics 25%

  • Fundamentals of Accounting
  • Accounting for Special Transactions

Sec-B : Preparation of Financial Statements 40%

  • Preparation of Final Accounts of Profit Oriented organizations, Non-Profit Organizations and from Incomplete Records.
  • Partnership Accounts

Sec-C : Self Balancing Ledgers, Royalties, Hire Purchase & Installment System, Branch & Departmental Accounts 20%

  • Self-Balancing Ledgers
  • Royalties, Hire-Purchase and Installment System
  • Branch and Departmental Accounts

Sec-D : Accounting in Computerised Environment and Accounting Standards 15%

  • Overview of Computerised Accounting
  • Accounting Standards (Specified only)