Advance Accounts is a subject which includes the concept of accounts done in group 1. It covers finalization of accounts of various entities, books of non-going concerns and some other company related affairs. This subject has lot of accounting standard which are also important for Audit paper. It is a very scoring subject with negligible theory portion. Since the numbers of chapters are not very high so each topic is of great importance. Small question of 4 marks to full questions of 15 marks can be asked from any of the topics. Practice little more question to score high in this subject.
(One paper – three hours – 100 marks)
- To have an understanding of the conceptual framework for the preparation and presentation of financial statements;
- To gain working knowledge of the professional standards and application of accounting principles to different practical situations; and
- To gain the ability to solve advanced problems in the case of different entities.
- Conceptual Framework for Preparation and Presentation of Financial Statements.
- Accounting Standards
Working knowledge of: AS 4 , AS 5, AS 11, AS 12, AS 16, AS 19, AS 20, AS 26, AS 29
- Advanced Issues in Partnership Accounts Dissolution of partnership firms including piecemeal distribution of assets; Amalgamation of partnershipfirms; Conversion into a company and Sale to a company.
- Company Accounts
- Accounting for employee stock option plan, Buy back of securities, Equity shares with differential rights, Underwriting of shares and debentures, Redemption of debentures.
- Advanced problems for business acquisition, Amalgamation and reconstruction (excluding problems of amalgamation of inter-company holding).
- Accounting involved in liquidation of companies, Statement of Affairs (including deficiency/surplus accounts) and Iiquidator’s statement of account of the winding up.
- Financial Statements of Banking, Insurance and Electricity Companies.
- Accounting for Special Transactions Departmental and branch accounts including foreign branches