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ICWAI | CMA Inter Group 1 Syllabus 2016 

ICWAI | CMA Intermediate Syllabus 2016

ICWAI | CMA Intermediate Syllabus 2016 with detail contains of Group 1 with detail contain of Paper 5, Paper 6, Paper 7,Paper 8.

Group – 1

  • Paper – 5 Financial Accounting
  • Paper – 6 Laws & Ethics
  • Paper – 7 Direct Taxation
  • Paper – 8 Cost Accounting

ICWAI | CMA Inter Group 1 Syllabus 2016:-PAPER-5 : FINANCIAL ACCOUNTING

ICWAI | CMA Inter Group 1 Syllabus 2016:-Section A : Accounting – Basics

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1. Fundamentals of Accounting:

Accounting – Meaning, Scope and Significance of Accounting – Accounting Principles, Concepts and Conventions – Capital and Revenue Transactions – Depreciation – Rectification of Errors.

2. Accounting for Special Transactions

Bills of Exchange – Consignment – Joint Venture – Insurance Claims (Loss of Stock and Loss of Profit)

ICWAI | CMA Inter Group 1 Syllabus 2016:-Section B : Preparation of Financial Statements

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

  • (i) Preparation of Financial statements of Profit Oriented organizations: P&L Account, Balance Sheet.
  • (ii) Preparation of Financial Statements of Non-Profit making organizations: Preparation of Receipts & Payments Account, Income& Expenditure account and Balance Sheet.
  • (iii) Preparation of Financial Statements from incomplete records (Single entry)

4. Partnership Accounts

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Admission, Retirement, Death, Treatment of Joint Life Policy ,Dissolution of partnership firms including piece meal distribution, Amalgamation of partnership firms, Conversion of partnership firm into a company and sale of partnership firm to a company

ICWAI | CMA Inter Group 1 Syllabus 2016:-Section C: Self Balancing Ledgers, Royalties, Hire Purchase & Installment System, Branch & Departmental Accounts.

5. Self-Balancing Ledgers
6. Royalty Accounts, Hire Purchase and Installment System.
7. Branch and Departmental Accounts.

ICWAI | CMA Inter Group 1 Syllabus 2016:-Section D: Accounting in Computerized Environment and Accounting Standards

8. Computerized Accounting System – Features, Significance, Grouping of Accounts, Ledger hierarchy, Accounting Packages and their selection criteria

9. Accounting Standards (AS-1, AS-2, AS-6, AS-7, AS-9, AS-10)

ICWAI | CMA Inter Group 1 Syllabus 2016:-PAPER – 6: LAWS AND ETHICS

ICWAI | CMA Inter Group 1 Syllabus 2016:-Section A : COMMERCIAL LAWS

1. Indian Contracts Act, 1872

(a) Essential elements of a contract, offer and acceptance
(b) Void and voidable agreements
(c) Consideration
(d) Legality of object
(e) e-contracts
(f) Constraints to enforce contractual obligations
(g) Quasi-contracts, contingent contracts, termination or discharge of contracts
(h) Special contracts: Indemnity and Guarantee; Bailment and Pledge; Laws of Agency

2. Sale of Goods Act, 1930

(g) Definition
(h) Transfer of ownership
(i) Conditions and Warranties
(j) Performance of the Contract of Sale
(k) Rights of Unpaid Vendor
(l) Auction Sales

3. Negotiable Instruments Act, 1881

(a) Definition and features of NI
(b) Crossing, Endorsement and Material Alteration
(c) Acceptance, Assignment and Negotiation
(d) Rights and liabilities of Parties
(e) Dishonor of a Negotiable Instrument.

4. Indian Partnership Act, 1932

(a) Nature of Partnership
(b) Rights and liabilities of Partners
(c) Formation, Reconstitution and Dissolution of Firms

5. Limited Liability Partnership Act, 2008

a) Concept, formation, membership, functioning
b) Dissolution

ICWAI | CMA Inter Group 1 Syllabus 2016:-SECTION B: INDUSTRIAL LAWS: Objects, Scope and applicability of the following acts.

6. Factories Act, 1948

7. Payment of Gratuity Act, 1972

8. Employees Provident Fund Act, 1952

9. Employees State Insurance Act, 1948

10. Payment of Bonus Act, 1965

11. Minimum Wages Act, 1948

12. Payment of Wages Act, 1936

ICWAI | CMA Inter Group 1 Syllabus 2016:-SECTION C: CORPORATE LAWS
13. Companies Act 2013

  • a) Company types, promotion, formation and related procedures i.e, Sec 1 to Sec 122 of Companies Act, 2013.
  • b) Director-Role, Responsibilities, Qualification, disqualification, appointment, retirement, resignation, removal, remuneration and powers, Director Identification Number.

ICWAI | CMA Inter Group 1 Syllabus 2016 :-SECTION D: ETHICS

14. Business Ethics:

  • a) Ethics-meaning, importance, nature and relevance to business
  • b) Values and attitudes of professional accountants.
  • c) Seven principles of public life-selflessness, integrity, objectivity, accountability, openness, honesty and leadership.
  • d) Ethics in Business:

ICWAI | CMA Inter Group 1 Syllabus 2016:- PAPER – 7: DIRECT TAXATION

ICWAI | CMA Inter Group 1 Syllabus 2016:-Section A: INCOME TAX ACT BASICS

1. Introduction to Income Tax Act, 1961

  • a) Basic Concepts and definitions
  • b) Background, concepts, definitions
  • c) Capital and revenue – receipts, expenditures
  • d) Basis of charge and scope of total income
  • e) Residential Status and Incidence of Tax

2. Incomes which do not form part of Total Income [Sec.10, and 11 to 13A]

ICWAI | CMA Inter Group 1 Syllabus 2016:- SECTION B: HEADS OF INCOME AND COMPUTATION OF TOTAL INCOME AND TAX LIABILITY

3. Heads of Income and Computation of Total Income under various heads

  • (a) Income from salaries
  • (b) Income from House property
  • (c) Profits and gains from Business or Profession
  • (d) Capital gains
  • (e) Income from other sources

4. Clubbing Provisions, Set off and Carry forward of Losses, Deductions:

  • (a) Income of other persons included in Assessee’s Total Income
  • (b) Aggregation of Income and Set off or Carry Forward of Losses
  • (c) Deductions in computing Total Income
  • (d) Rebates & Reliefs;
  • (e) Applicable Rates of Tax and Tax Liability

5. Assessment of Income of different persons:

  • (a) Taxation of Individuals including Non-residents
  • (b) Hindu Undivided Family,
  • (c) Firms, LLP, Association of Persons,
  • (d) Co-operative Societies,
  • (e) Trusts, Charitable and Religious Institutions

6. Corporate Taxation:

  • (a) Classification, tax incidence, computation of taxable income and assessment of tax liability.
  • (b) Dividend Distribution Tax (DDT)
  • (c) Minimum Alternate Tax (MAT)
  • (d) Other special provisions relating to companies

7. TDS, TCS and Advance Tax:

  • (a) Tax Deduction at Source
  • (b) Tax Collection at Source
  • (c) Advance Tax

ICWAI | CMA Inter Group 1 Syllabus 2016:-SECTION C: ADMINISTRATIVE PROCEDURE AND ICDS

8. Administrative procedures

  • a) Return Filing and Refund procedures
  • b) Demand, Recovery, Assessment, appeal, revision, and settlement.
  • c) Special Procedure for Assessment of search cases
  • d) E-commerce Transaction and liability in special cases
  • e) Penalties, fines and prosecution.

9. Income computation and disclosure standards – Basic Concepts only

ICWAI | CMA Inter Group 1 Syllabus 2016:-PAPER – 8: COST ACCOUNTING

1. INTRODUCTION TO COST ACCOUNTING:

  • a. Definition, Scope, objectives and significance of cost accounting, its relationship with financial accounting and management accounting
  • b. Cost Objects, Cost centers and cost units
  • c. Elements of cost
  • d. Classification of costs

2. COST ASCERTAINMENT – ELEMENTS OF COST:

a) Material Costs:

  • i) Procurement of Materials,
  • ii) Inventory Management and Control,
  • iii) Inventory Accounting & Valuation
  • iv) Physical Verification, treatment of losses
  • v) Scrap, spoilage, defectives and wastage.

b) Employee Costs:

  • i) Time keeping, Time booking and payroll,
  • ii) Labour Turnover, Overtime and idle time
  • iii) Principles and methods of remuneration and incentive schemes
  • iv) Employee cost reporting and measurement of efficiency.

c) Direct Expenses

d) Overheads:

  • i) Collection, classification and apportionment and allocation of overheads
  • ii) Absorption and treatment of over or under absorption of overheads
  • iii) Reporting of overhead costs

3. COST ACCOUNTING STANDARDS (Basic Understanding only)
(CAS 1 to CAS 23)

4. COST BOOK KEEPING:

  • a) Cost Accounting Records, Ledgers and Cost Statements
  • b) Items excluded from cost and normal and abnormal items/cost
  • c) Integral accounts
  • d) Reconciliation of cost accounting records with financial accounts
  • e) Infrastructure, Educational, Healthcare and Port services

5. METHODS OF COSTING:

  • a) Job Costing
  • b) Batch Costing
  • c) Contract Costing
  • d) Process Costing – Normal and abnormal losses, equivalent production, Joint and By Products.
  • e) Operating Costing or Service Costing – Transport, Hotel and Hospital

6. COST ACCOUNTING TECHNIQUES: (Basic Understanding only)

(A) Marginal Costing

  • i) Meaning of Marginal Cost and Marginal Costing
  • ii) Absorption Costing vs. Marginal Costing
  • iii) Break-even analysis
  • iv) Margin of safety
  • v) Application of Marginal Costing for decision making (simple problems only)

(B) Standard Costing & Variance Analysis

  • i) Concept of standard cost and standard costing
  • ii) Advantages and limitations
  • iii) Computation of variances relating to material and labour costs only

(C) Budget and Budgetary Control (simple problems only)

  • i) Concepts, Types of Budgets
  • ii) Budgetary Control Vs Standard Costing
  • iii) Advantages and limitations
  • iv) Preparation of Budgets (simple problems only)

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