ACCOUNTING & AUDITING
EMPLOYMENT POTENTIAL * WAGE EMPLOYMENT
Account Assistant
Book Keeper
* SELF EMPLOYMENT
Office Book Keepers
job Work from C.As and other Establishments
EMPLOYING AGENCIES * Account Sections of Government Departments,
* Public Undertakings,
* Private Enterprises,
* Offices of Professionals,
* Small and Big Business Organisations
73
SCHEME OF STUDIES CLASS XI
1 2 3 4 5
SI. No. Subject Pds./Week Examination Total
Th. Prac. Total Th. Hrs. Prac. Hrs.
1. Language I 7 - 7 100 3 - - 100
2. Language II or Introduction 7 - 7 100 3 - - 100
to Computer Applications
Business Studies (054) or as per subject concerned
3. General Foundation
Course 5 - 5 100 3 - - 100
4. Vocational Electives
I. Financial Accounting 5 3 8 60 3 40 3 100
II. Elements of Cost
Accountancy and
Auditing 5 3 8 60 3 40 3 100
III Office Practice &
Secretaryship 2 6 8 30 2 70 2 100
5. Physical and Health Edu. 2 - 2 - - - - -
6. Additional (Optional)
I. Store Accounting 5 3 8 60 3 40 3 100
II. Typewriting 2 6 8 30 2 70 2 100
7. On-The-Job
Training : Total 8 Weeks in Classes XI & XII as per convenience
of collaborating institution/organisation. Suggestive
period after class XI summer vacaton and in class
XII autumn and winter break before January.
NOTE (i) Subjects at SI. Nos. 1,2 (except Introduction to Computer Applications) and 5 are as per Academic Stream. Senior School Curriculum of the concerned year should be referred to for the courses in respect of said subjects.
(ii) Other subject(s) from Academic Stream or from Additional prescribed in the scheme may be offered in lieu of language-II by school if that is in relevance with Horizontal/Upward mobility.
74
GENERAL FOUNDATION COURSE CLASS XI
(Same as given on page no.25)
ELECTIVE I
FINANCIAL ACCOUNTING
3 HOURS CLASS XI MARKS : 60
Theory
1. Accounting 5
i) Meaning (summarisation of accounting process in simple words);
(a) Financial Transactions; (b) Recording; (c) Classification and
summarisation; (d) Analysis and interpretation
ii) Objectives; (a) To maintain records of business; (b) Calculation
of Profit and Loss (c) Depiction of financial position; (d) To make
the information available to various groups and users.
iii) Basic Terms : (a) Financial transaction, (b) Capital, (c) Assets (d)
Liability, (e) Revenue, (f) Debtors, (g) Creditors.
iv) Basic Assumption : (a) Separate entity, (b) Going Concern, (c)
Money measurement (d) Accounting Period,
v) Basic principles; (a) Revenue Realisation, (b) Matching; (c) Full
Disclosure, (d) Verifiable objectives and Dual aspect
2. Recording of Transaction 15
i) Accounting Equation
ii) Rules of Debit and Credit
iii) Books of original Entry - meaning, format and entries - (a)
journal; (b) Cash Book - Single, Double and Tripple Column,
(c) Petty Cash Book; (d) Day Books - purchases, sales, purchases
returns & sales returns.
iv) (a) Ledger - meaning, utility and format; (b) classification of ledger
accounts (c) Posting from journal, Cash Book and Day Books (d)
Balancing of Accounts.
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v) Bank Reconciliation Statement - (a) Meaning and need (b) Format
(c) Preparations.
3. Vouchers and their Preparations 10
(a) Meaning and importance (b) Different types of vouchers - cash
voucher, debit voucher, credit voucher, adjustment voucher etc.
4. Trial Balance and Errors : 10
i) Meaning and Objectives
ii) Preparation of Trial Balance
iii) Errors : (a) Errors of omission, (b) Errors of commission (c) Errors
of principle and (d) Compensating Errors
iv) Rectification of Errors
v) Suspense account - meaning, utility preparation and disposal.
5. Financial statements - Simple Final Accounts 20
i) Trading Account : Meaning, need and preparation.
ii) Profit and Loss account : Meaning, need and preparation.
iii) Balance Sheet : Meaning, need and preparation.
PRACTICAL
FINANCIAL ACCOUNTING 3 HOURS MARKS : 40
1. Recording of financial transactions in different subsidiary books, ledger posting, ledger balancing, preparation. of trial balance and final accounts (Approximately 30 transactions may be given for this purpose).
2. Preparation of different types of vouchers on the basis of given transactions approximately 15 vouchers.
3. Ledger posting on the basis of different vouchers (Approximately of 30 vouchers)
4. Preparation of Bank Reconciliation statement on the basis of the information given in the cash book and pass book.
76
ELECTIVE II
ELEMENTS OF COST ACCOUNTANCY & AUDITING
3 HOURS CLASS XI MARKS 60
Theory
1. Introduction 8
(Meaning and Objectives of Costing and Cost Concepts)
(i) Meaning of costing
(ii) Distinction between Cost-Accounting and Financial Accounting.
(iii) Objectives of Costing.
(iv) Cost Concepts - Fixed Cost; Variable Cost, Semi-Variable Cost,
- Direct Cost Indirect Cost.
2. Elements of Cost 8
Direct Material, Direct Labour, Direct Expenses Factory over-heads;
General Office and Administrative overheads; Selling and Distribution
overheads.
3. Costing of Raw Materials and Stores 14
(i) Store Records : Bin Card
Stores ledger Meaning and Format
(ii) Preparation of Stores Ledger
on the basis of FIFO; LIFO and weighted Average Price Method
(iii) Concept of Material losses
Wastage, spoilage; Scraps;
Defectives; Normal losses; Abnormal losses
(iv) Stock Level - Meaning and Computation
a) Minimum level
b) Maximum level
c) Average stock level
d) Re-order level
e) Economic Order Quantity (EOQ)
4. Auditing 15
Introduction : Meaning, Nature and objectives. Types of Auditing -
Statutory, Internal, Continuous, Periodic and Interim Audit.
5. Audit Process 15
1. Audit Programme (i) Meaning and Purpose.
(ii) Types of Audit Programme
- Fixed and Flexible
2. Internal control and internal check
(i) Meaning and form
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(ii) Difference between Internal control and Internal check.
3. Audit Note Book and Working papers (i) Meaning, forms and preparation of audit note book (ii) meaning and methods of maintaining working papers - permanent File and Current File.
4. Audit work in relation to Trial Balance- (i) Types of Errors. (ii) Meaning and difference between errors and fraud.
PRACTICAL :
ELEMENTS OF COST ACCOUNTANCY AND AUDITING 3 HOURS MARKS : 40
1. Calculation of Minimum level, Maximum level, Average stock level, Recorder level and Economic Order Quantity from the given.
2. Grouping of various given items under the following-heads: Direct Material; Direct Labour; Direct-Expense; Factory Overheads; Office and Administrative Overheads; Selling & Distribution Overheads.
3. A visit to store Departments of a manufacturing concern to study the Receipts and issue of material. The students should submit a Report of their observations.
4. Visit to a business firm to find and report on system of Internal check and control in operation and reasons for particular audit.
MARKING SCHEME 40 MARKS
Distribution of Marks
I. i) One exercise based on S. No. 1 and 2 5
ii) Visit Reports (10 marks each) 20
(a) Based on S. No. 3
(b) Based on S. No. 4
iii) Maintenance of Work Book 5
(Costing & Auditing)
III. Viva Voce 10
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ELECTIVE III
OFFICE PRACTICE AND SECRETARYSHIP CLASS XI
(Same as given on Page 27)
ADDITIONAL (OPTIONAL) SUBJECTS
1. STORE ACCOUNTING CLASS XI (Same as given on page no.110)
2. TYPEWRITING CLASS XI (Same as given on page no. 47)
79
SCHEME OF STUDIES CLASS XII
1 2 3 4 5
SI. No. Subject Pds./Week Examination Total
Th. Prac. Total Th. Hrs. Prac. Hrs.
1. Language I 7 - 7 100 3 - - 100
2. Language II or Introduction 7 - 7 100 3 - - 100
to Computer Applications
Business Studies (054) or as per subject concerned
3. General Foundation
Course 5 - 5 100 3 - - 100
4. Vocational Electives
I. Financial Accounting 5 3 8 60 3 40 3 100
II. Elements of Cost
Accountancy and
Auditing 5 3 8 60 3 40 3 100
III Office Practice &
Secretaryship 2 6 8 30 2 70 2 100
5. Physical and Health Edu. 2 - 2 - - - - -
6. Additional (Optional)
I. Store Accounting 5 3 8 60 3 40 3 100
II. Typewriting 2 6 8 30 2 70 2 100
7. On-The-Job
Training : Total 8 Weeks in Classes XI & XII as per convenience
of collaborating institution/organisation. Suggestive
period after class XI summer vacaton and in class
XII autumn and winter break before January.
NOTE (i) Subjects at SI. Nos. 1,2 (except Introduction to Computer Applications) and 5 are as per Academic Stream. Senior School Curriculum of the concerned year should be referred to for the courses in respect of said subjects.
(ii) Other subject(s) from Academic Stream or from Additional prescribed in the scheme may be offered in lieu of language-II by school if that is in relevance with Horizontal/Upward mobility.
80
GENERAL FOUNDATION COURSE CLASS XII
(Same as given on page no. 34)
ELECTIVE I
FINANCIAL ACCOUNTING
3 HOURS CLASS XII MARKS
Theory
I. Financial Statements - Final Accounts with adjustments regarding (i)
Depreciation; (ii) provision for bad debts (iii) provision for taxation;
(iv) interest on Capital; (v) Outstanding expenses, (vi) Income received
in advance; (vii) closing stock. 15
II. Depreciation : (a) Meaning of depreciation, (b) Need for charging
depreciation; (c) Methods of charging depreciation - straight line
method and written down value method. 5
III. Accounts of Non-profit organisations (i) Meaning of non profit organisations
with examples (ii) Receipt and payment Account - meaning and relevant
items; (iii) Income and Expenditure Account and Balance Sheet -
meaning and relevant items and preparation (iv) Distinction between
Receipt and Payment; Account and Income and Expenditure Account. 15
IV. Account Current and Average due date : Account current ; (i) Meaning,
(ii) Computation of interest - calculation of days (a) Forward method,
(b) Backward Method, (c) Daily Balance method - Calculation of amount,
of interest (a) Calculation of interest on each item, (b) product method,
(c) Eboque method, (d) Periodical balance method; (e) Red ink Interest.
Average Due date : (i) meaning, (ii) utility, (iii) calculation - (a) when
the amount is lent in number of instalments; (b) when the amount is
lent in a single instalment. 10
V. Self balancing and Sectional Balancing System
(i) Concept of self balancing system;
(ii) Posting from subsidiary books to ledger kept on self balancing system
(iii) Transfer from one ledger to another.