ACCOUNTANCY REVISED SYLLABUS FOR HIGHER SECONDARY FIRST YEAR COURSE
W.E.F. SESSION: 2024-25
Theory: 80 Marks
Time: Three Hours
Project: 20 Marks
Unit-wise Distribution of Marks & Periods:
| Unit | Topics | Marks | Periods |
|---|---|---|---|
| PART-A: FINANCIAL ACCOUNTING-I (60 Marks) | |||
| Unit-1 | Introduction to Accounting | 10 | 15 |
| Unit-2 | Theory Base of Accounting | 10 | 20 |
| Unit-3 | Recording of Business Transactions | 20 | 45 |
| Unit-4 | Trial Balance and Rectification of Errors | 10 | 25 |
| Unit-5 | Depreciation, Provisions, and Reserves | 10 | 25 |
| PART-B: FINANCIAL ACCOUNTING-II (20 Marks) | |||
| Unit-6 | Financial Statements | 20 | 40 |
| PART-C: PROJECT WORK | 20 | 10 | |
| Total (Part A + Part B + Part C) | 100 | 180 |
Unit-wise Distribution of Course Contents:
Part –A: FINANCIAL ACCOUNTING –I
Unit-1: Introduction to Accounting (Marks: 10)
- Accounting – Meaning, Objectives, Accounting as a Source of Information, Internal and External Users of Accounting Information and their needs, Role of Accounting.
- Qualitative Characteristics of Accounting Information: Reliability, Relevance, Understandability, and Comparability.
- Basic Accounting Terms: Account, Debit, Credit, Entity, Asset, Liability, Capital, Expense, Income, Expenditure, Revenue, Debtors, Creditors, Goods, Cost, Gain, Stock, Purchases, Sales, Loss, Profit, Voucher, Discount (Trade Discount and Cash Discount), Transaction, Drawings, Revenue Items, Capital Items.
Unit-2: Theory Base of Accounting (Marks: 10)
- Generally Accepted Accounting Principles (GAAP): Meaning and Nature.
- Basic Accounting Concepts: Business Entity, Money Measurement, Going Concern, Accounting Period, Cost Concept, Dual Aspect, Revenue Recognition (Realisation), Matching, Accrual, Full Disclosure, Consistency, Conservatism, Materiality, Objectivity.
- Accounting Standards: Needs, Benefits, Limitations, Applicability. Concept of Ind.AS.
- Goods and Services Tax (GST): Meaning, Characteristics, and Advantages.
- System of Accounting: Single Entry and Double Entry.
- Bases of Accounting: Cash Basis, Accrual Basis.
Unit-3: Recording of Business Transactions (Marks: 20)
- Voucher and Transaction: Origin of Transaction, Source documents and Vouchers, Preparation of Vouchers, Rules of Debit and Credit (English and American Approach), Accounting Equation.
- Recording of Transactions: Books of Original Entry – Journal, Ledger, Posting from Journal, Balancing of Accounts.
- Special Purpose Books:
- (i) Cash book – Single Column, Double Column, Triple Column, and Petty Cash book
- (ii) Purchases Book, Sales Book, Purchases Returns Book, Sales Return Book, and Journal Proper.
- Special Purpose Books:
- Bank Reconciliation Statements: Meaning, Needs, and Preparation.
Unit-4: Trial Balance and Rectification of Errors (Marks: 10)
- Trial Balance: Meaning, Objectives, and Preparation.
- Errors: Types of Errors; Errors affecting trial balance; Errors not affecting Trial balance.
- Rectification of Errors, Suspense Account.
Unit-5: Depreciation, Provisions, and Reserves (Marks: 10)
- Depreciation: Meaning, Features, Causes, and Need for charging depreciation, Factors affecting depreciation.
- Methods of Depreciation: Straight Line Method, Written Down Value Method.
- Accounting for Depreciation: Charging to asset account, creating provision for depreciation/accumulated depreciation account, Treatment of disposal of an asset, Addition/Extension to the existing asset.
- Provisions and Reserves: Meaning, Importance, Accounting treatment for Provisions for Bad and Doubtful Debts.
- Difference between Provisions and Reserves.
- Types of Reserves: Revenue Reserve, Capital Reserve, General Reserve, Specific Reserve, and Secret Reserve.
- Difference between Revenue Reserve and Capital Reserve.
PART-B: FINANCIAL ACCOUNTING-II
Unit-6: Financial Statements (Marks: 20)
- Financial Statements: Meaning and Users.
- Capital Expenditure, Revenue Expenditure, Capital Receipts, and Revenue Receipts.
- Trading Account, Profit and Loss Account, and Balance Sheet: Needs, Marshalling of Assets and Liabilities, Horizontal and Vertical Format of Balance Sheet.
- Preparation of Trading and Profit and Loss Account and Balance Sheet of Sole Proprietorship Business.
- Adjustments in preparation of financial statements:
- Closing stock
- Outstanding expenses
- Prepaid expenses
- Accrued income
- Income received in advance
- Depreciation
- Bad debts
- Provision for doubtful debts
- Provision for discount on debtors
- Manager’s Commission
- Interest on Capital
PART-C: PROJECT WORK (Marks: 20)
- Project Preparation: 12 Marks
- Project VIVA VOCE: 8 Marks
Format for Project Work:
- Cover Page: Title of the Project, Student Information (Name, Roll No, Registration No, Year).
- Acknowledgement: Second Page.
- Declaration by the Student: Third Page.
- Certificate from Supervisor/Guide and Head of Institution: Fourth Page.
- Contents/Index: Fifth Page (Main text, References/Bibliography).
Project Design:
Step-I: Visit any selected Trading Organization.
Step-II: Collect required accounting or financial data.
Step-III (Common for all):
- Collect source documents.
- Identify account heads & debit and credit aspects.
- Record in the journal.
- Post to ledger accounts.
Step-IV (Any one of the following):
- Prepare a Trial Balance.
- Prepare a Cash Book.
- Prepare Debit/Credit Vouchers.
- Prepare a Bank Reconciliation Statement.
- Any other suitable accounting process/practice.
Main Text of the Project:
- Chapter-I: Introduction (Objectives, Methodology, Limitations).
- Chapter-II: Profile of the Organization.
- Chapter-III: Summary of the Project Work.
- Chapter-IV: Conclusion.
This syllabus follows the revised guidelines for the academic session 2024-25