The Board of Studies (BoS) of the Institute of Chartered Accountant of India (ICAI) has now assigned weightage of marks to various sections of a subject. This facility would help students to plan their studies in a structured manner for the coming ICAI examinations.
Accordingly, each subject has been divided into various topics and topics have been grouped into sections and weightage range has been assigned to these sections. The question paper would take into consideration the weightage range assigned to different sections.
Following are the detail section wise weightage of marks assigned to the Paper-1 Accounting of CA Intermediate course examination to be held in May 2018 under New Scheme of Education and Training.
Section wise Weightage of Marks for Paper 1
Intermediate Course Paper 1: Accounting (100 Marks)
Section I (20 Marks to 25 Marks)
- Process of formulation of Accounting Standards including Ind AS (IFRS converged standards) and IFRSs; convergence vs adoption; objective and concepts of carve outs.
- Framework for Preparation and Presentation of Financial Statements (as per Accounting Standards)
- Application of Accounting Standards:
AS 1: Disclosure of Accounting Policies
AS 2: Valuation of Inventories
AS 3: Cash Flow Statements
AS 4: Contingencies and Events occurring after the Balance Sheet Date
AS 5: Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies
AS 10: Property, Plant and Equipment
AS 11: The Effects of Changes in Foreign Exchange Rates
AS 12: Accounting for Government Grants
AS 13: Accounting for Investments
AS 16: Borrowing Costs
AS 17: Segment Reporting
AS 22: Accounting for Taxes on Income
Section II (25 Marks to 30 Marks)
- Company Accounts:
(i) Preparation of financial statements – Statement of Profit and Loss, Balance Sheet and Cash Flow Statement;
(ii) Managerial Remuneration;
(iii) Accounting for tax: Concept of deferred tax asset and deferred tax liability in line with AS 22 “Accounting for Taxes”;
(iv) Profit (Loss) prior to incorporation;
(v) Accounting for bonus issue and right issue;
(vi) Redemption of preference shares;
(vii) Redemption of debentures.
Section III (30 Marks to 35 Marks)
- Accounting for Special Transactions:
(ii) Insurance claims for loss of stock and loss of profit;
(iii) Hire – purchase and Instalment Sale Transactions.
- Special Type of Accounting:
(i) Departmental Accounting;
(ii) Accounting for Branches including foreign branches;
(iii) Accounts from Incomplete Records.
Section IV (15 Marks to 20 Marks)
- Dissolution of partnership firms including piecemeal distribution of assets; Amalgamation of partnership firms; Conversion of partnership firm into a company and Sale to a company; Issues related to accounting in Limited Liability Partnership.