Four subjects of study in ATE/Group I of IPCE are – ATE / Group I Paper 1: Accounting (100 marks) Paper 2: Law, Ethics and Communication Part I: Law (60 marks) Business Laws (30 marks) Company Law (30 marks) Part II: Business Ethics (20 marks) Part III: Business Communication (20 marks) Paper 3: Cost Accounting and Financial Management Part I: Cost Accounting (50 marks) Part II: Financial Management (50 marks) Paper 4: Taxation Part I: Income-tax (50 marks) Part II: Service Tax (25 marks) and VAT (25 marks) The level of knowledge expected of students in the above subjects is ‘working knowledge’.
ACCOUNTING TECHNICIAN COURSE (ATC) OR GROUP I OF INTEGRATED PROFESSIONAL COMPETENCE COURSE (IPCC) Syllabus Paper 1: Accounting (One paper – three hours – 100 marks) Level of Knowledge: Working Knowledge Objectives: (a) (b) (c) (d) To lay a foundation for the preparation and presentation of financial statements; To gain working knowledge of the principles and procedures of accounting and their application to different practical situations; To gain the ability to solve simple problems and cases relating to sole proprietorship, partnership and companies; and To familiarize students with the fundamentals of computerized system of accounting.
Contents 1. 2. 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: AS 3: AS 6: AS 7: AS 9: Valuation of Inventories Cash Flow Statements Depreciation Accounting Construction Contracts (Revised 2002) Revenue Recognition
AS 10: Accounting for Fixed Assets AS 13: Accounting for Investments AS 14: Accounting for Amalgamations 3. Company Accounts (a) (b) (c) (d) 4. 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 Simple problems on Accounting for business acquisition, Amalgamation and reconstruction (excluding problems of amalgamation on inter-company holding)
Average Due Date, Account Current, Self-Balancing Ledgers
5. 6. 7.
Financial Statements of Not-for-Profit Organisations Accounts from Incomplete Records Accounting for Special Transactions (a) (b) (c) Hire purchase and instalment sale 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 a partner including treatment of goodwill;
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. Note : 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.
Paper 2: Business Laws, Ethics and Communication
(One paper – three hours - 100 marks) Level of Knowledge: Working knowledge Part I: Business Laws (60 marks) Objective: To test working knowledge of business laws and company law and their practical application in commercial situations. Contents: Business Laws (30 marks) 1. 2. 3. 4. 5. The Indian Contract Act, 1872 The Negotiable Instruments Act, 1881 The Payment of Bonus Act, 1965 The Employees’ Provident Fund and...