Here I am looking for the syllabus of ICWA: Intermediate, can you provide me the same????

As per your request here I am sharing the syllabus of ICWA: Intermediate:

• To have working knowledge of accounting concepts, detailed procedures and documentation involved in financial accounting system
• To gain working knowledge of the principles and procedures of accounting and their application to different practical situations
1. Accounting Conventions and Practices 10%
• Concept
• Depreciation and various methods thereof
• Stock valuation
• Distinction between Capital and Revenue

2. Royalty and Hire Purchase 10%
• Royalty accounting
• Need for hire purchase and installment systems and parties involved.
• Accounting from the point of view various parties.
• Possession and repossession in case of default in payments.

3. Receipts & Payments/ Income & Expenditure Accounts 10%
• Receipts & Payments
• Income & Expenditure Account

4. Partnership Accounting 10%
• Past adjustments and guarantee
• Admission & Retirement
• Assignment of life policy
• Amalgamation and Sale of Business
• Dissolution, Insolvency
• Piecemeal Distribution

5. Branch and Departmental Accounts 10%
• Branch accounts- Debtors system, Stock & Debtors system, Foreign Branch.
• Treatment of shortages.
• Calculation of net profit of various departments and allocation of expenses on the basis of suitable base.
• Preparation of common balance sheet.
• Treatment of Unrealized profit.

6. Accounting Standards 10%
• Applicability of a particular accounting standard.
• Interpretation of various accounting standards.
• Scope of accounting standards.
• Compliance with the Accounting Standards.

7. Joint Stock Companies 20%
• Issues of shares at par, discount & premium, forfeiture, reissue of shares
• Bonus issue and right issue
• Buy back of shares
• Redemption of Preference of shares
• Profit prior to incorporation
• Issue and redemption of debentures

8. Preparation of Company Accounts
• Preparation of Final Accounts under Company Law

9. Accounting services in organizations 10%
• Construction companies ,Project Accounting
• Service sector such as Software, ITES, Telecommunication, Entertainment, Hospital, educational institutions
• Banking , Electricity and Insurance companies

10. Accounting and Interpretation of Financial Statements. 10%


A. Commercial & Industrial Law ( 50 Marks)
1. Laws of Contracts 15%
• Essential elements of a valid simple contract.
• Legal status of the various types of statements which may be made by negotiating parties. Enforceable offers and acceptances, and the application of the rules to standard form contracts and modern forms of communication.
• Meaning and importance of consideration.
• Principles for establishing that the parties intend their agreement to have contractual force.
• How a contract is affected by a misrepresentation.
• Conditions and warranties
• Manner in which law controls use of exclusion clauses and unfair terms in consumer and non-consumer transactions
• Level of performance sufficient to discharge contractual obligations
• Valid reasons for non-performance by way of agreement, breach by the other party and frustration

2. Laws relating to Sale of Goods 10%
• Formation of Contract of sale
• Conditions and warranties
• Transfer of ownership and delivery of goods
• Unpaid seller and his rights

3. Industrial Laws 20%
• Factories Act
• Industrial Dispute Act
• Workman Compensation Act
• Payment of Wages Act, Minimum Wages Act
• Provident Funds Act
• Payment of Bonus Act
• Payment of Gratuity Act
• Consumer Protection Act etc

4. Other Laws 5%
• Limited Liability Partnership
• RTI Act
• Competition Commission Act
• Negotiable Instruments Act.
• Dissolution, Insolvency
• Piecemeal Distribution

B. Auditing ( 50 Marks)
1. Auditing Basics 10%
• Major influences of auditing; nature and scope of auditing; basic concepts of auditing; role of evidence in auditing; auditing techniques and practices – generally accepted auditing standards; the concept of materiality in auditing.
• Fixed assets, investments, inventories, debtors, loans and advances, cash and bank balances, debentures and creditors, provisions for taxation, proposed dividend and gratuity – other items in the balance sheet; verification of items in the profit and loss account; contingent liabilities; disclosure of accounting policies, practice; expenditure during the period of construction; adjustments for previous year – provisions of the Companies Act, 1956 regarding accounts. Restructure
• Statistical sampling in auditing. Use of ratios and percentages for comparison and analysis trends - inter-firm and intra-firm comparison.

2. Companies Act Provisions relating to Audits 10%
• Auditors' appointment, remuneration, removal, rights of statutory auditors, duties of statutory auditors, joint auditors, branch audits.
• report versus certificate, contents of the reports, qualifications in the report.
• relevant provisions of the Companies Act, 1956 and the Income-tax Act, 1961.
• Interface between statutory auditor and internal auditor.
• Corporate Governance

3. Review and Audit of Internal Control Systems 15%
• Nature and scope of internal auditing, financial versus operational audit; concepts of efficiency audit, propriety audit, voucher audit, compliance audit, pre and post audits.
• CARO
• Audit Report
• Internal auditing function
• Planning and process of internal audit
• Verification of evidence, detailed checking versus sampling plans, statistical sampling as used in internal auditing; flow chart techniques.
• Internal control, nature and scope, internal auditor and internal controls.
• Field work, collecting evidences, interviews; memoranda.
• Audit notes and working papers.
• Audit reports - techniques of effective reporting; follow up of audit report.
• Summary reports of top management.
• Communications in internal auditing - improving auditor-auditee relationship.
• Scope of Audit Committee
• Internal audit and investigation of fraud

4. Information System Audit. 10%
5. Introduction to Management Audit. 5%


Basic aspects of Cost Accounting
• Cost Concepts and Classification of costs
• Materials: accounting and control systems procedures and techniques
• Labour: accounting, incentive schemes and control systems and procedures
• Direct Expenses
• Indirect expenses: allocation, apportionment, re-apportionment and absorption of overhead costs.
• Cost Accounting Standards.

Cost Accounting Methods and systems
• Job, batch, contract and process costing.
• Cost accounting for service sector
• Accounting entries for an integrated accounting system – cost ledgers
• Reconciliation between cost and Financial profit and loss account.
• Interlocking accounting

Decision Making Tools
• Marginal costing, break even analysis and its applications in decision making
• Absorption costing as a system of profit reporting and stock valuation.
• Throughput accounting as a system of profit reporting and stock valuation.
• Activity-based costing for profit reporting and stock valuation.
• Integration of standard costing with marginal cost accounting, absorption cost accounting and throughput accounting.
• Process costing including establishment of equivalent units in stock, work-in-progress and abnormal loss accounts and use of various methods like first-in-first-out, average cost and standard cost methods of stock valuation.

Budgeting
• Budget Concepts and Preparation
• Fixed and Flexible Budgets
• Time series analysis including moving totals and averages, treatment of seasonality, trend analysis using regression analysis and the application of these techniques in forecasting product and service volumes.
• Fixed, variable, semi-variable and activity-based categorizations of cost and their application in projecting financial results.
• Zero base budgeting

Standard Costing
• Manufacturing standards for material, labour, and overhead.
• Price/rate and usage/efficiency variances for materials, labour and overhead. Further subdivision of total usage/efficiency variances into mix and yield components.
• Fixed overhead variances.
• Planning and operational variances.
• Sales price and sales revenue/margin volume variances (calculation of the latter on a unit basis related to revenue, gross margin and contribution margin). Application of these variances to all sectors, including professional services and retail analysis.
• Interpretation of variances: interrelationship, significance.
• Benchmarking for setting standards

Costing and performance management
• Business performance measurement for performance improvement

Recent trends in cost and Management Accounting


For complete syllabus download the attachment given below:

Attached Files

syllabus of ICWA Intermediate.doc (317.0 KB, 64 views)