CUET Accountancy

CUET Accounts

CUET Accountancy, commonly referred to as accounting, is a framework used to track commercial activity, compile data into presentations, and make the results available for selection. Financial statements are the records that link various conclusions about an organization's success in terms of money.

The study of accounting requires conceptual thinking. Calculations shouldn't be your primary topic at this point. Because it's a brand-new subject for CUET, using any application is not essential till you don't understand the principles.

The structure would be solid if your thoughts were obvious. Don't ever try to memorise anything at all and cram. Ask someone if you don't understand something just to get it clarified for you because everything will be useful to you in your future educational career.

A user needs to be extremely skilled at posting entries in a journal. In accountancy, it all begins with the journal. You will already have learned 50% of accounting if you successfully acquire the capacity to analyse every transaction that occurs and identify the debit and credit components.

Points to follow to become an expert in CUET Accountancy

Accounting is very different as compared to other subjects. The concepts of accounts are built upon one another. What you learn in Chapter 2 is always and fully based on the concept of Chapter 1. It is necessary to learn or understand the concept of each chapter before moving to the next one.

Complete all the provided homework assignments if you desire to study accounting. Practising with accounting issues is the best approach to learning how to conduct accounting.

Accountancy is as simple to grasp as the worksheets from your textbook, study materials, and in-class assignments. You will learn to account if you put effort into solving your assignment issues.

Try to summarise a new concept you just finished learning from your textbooks. Communicate the novel idea to something or to oneself. It is much more beneficial to put thoughts into words and then speak them aloud rather than to repeatedly read a text.

CUET Accountancy syllabus 

1. Accounting for Not-for-Profit Organisations and Partnership Firms

Unit I: Accounting Not-for-Profit Organisation

1. Not-for-profit organization: Meaning and Examples.

2. Receipts and Payments: Meaning and Concept of fund-based and non-fund-based accounting.

3. Preparation of Income and Expenditure Account and Balance sheet from receipt and payment account with additional information.

Unit II: Accounting for Partnership

1. Nature of Partnership Firm: Partnership deed (meaning, importance).

2. Final Accounts of Partnership: Fixed v/s Fluctuating capital, Division of profit among partners, Profit and Loss Appropriation account.

Unit III: Reconstitution of Partnership

1. Changes in profit sharing ratio among the existing partners – Sacrificing ratio and Gaining ratio.

2. Accounting for Revaluation of Assets and Liabilities and Distribution of reserves and accumulated profits.

3. Goodwill: Nature, Factors affecting and Methods of valuation: Average profit, Super profit, Multiplier, and Capitalisation methods.

4. Admission of a Partner: Effect of admission of a partner, Change in profit sharing ratio, the Accounting treatment for goodwill, Revaluation of assets and liabilities, Reserves (accumulated profits), and Adjustment of capitals.

5. Retirement/Death of a Partner: Change in profit sharing ratio, Accounting treatment of goodwill, Revaluation of assets and liabilities, Adjustment of accumulated profits (Reserves).

Unit IV: Dissolution of Partnership Firm

Meaning, Settlement of accounts: Preparation of realization account and related accounts (excluding piecemeal distribution, sale to a company and insolvency of a partner)

2. Company Accounts and Financial Statement Analysis

Unit V: Accounting for Share and Debenture Capital

1. Share Capital: Meaning, Nature and Types.

2. Accounting for Share Capital: Issue and Allotment of Equity and Preference Shares; Oversubscription and Under subscription; Issue at par, premium and at discount; Calls in advance, Calls in arrears, Issue of shares for consideration other than cash.

3. Forfeiture of Shares: Accounting treatment, Re-issue of forfeited shares.

4. Presentation of shares and Debentures Capital in the company’s balance sheet.

5. Issue of Debenture – At par, premium, and discount; Issue of debentures for consideration other than cash.

5. Redemption of the debenture.

6. Out of proceeds of fresh issue, accumulated profits, and sinking fund.

Unit VI: Analysis of Financial Statements

1. Financial Statements of a Company: Preparation of simple financial statements of a company in the prescribed form with major headings only.

2. Financial Analysis: Meaning, Significance, Purpose, Limitations.

3. Tools for Financial Analysis: Comparative statements, Common size statements.

4. Accounting Ratios: Meaning and Objectives, Types of ratios:

5. Liquidity Ratios: Current ratio, Liquidity ratio.

6. Solvency Ratio: Debt to equity, Total assets to debt, Proprietary ratio.

7. Activity Ratio: Inventory turnover, Debtors turnover, Payables turnover, Working capital turnover, Fixed assets turnover, Current assets turnover.

8. Profitability Ratio: Gross profit, Operating ratio, Net profit ratio, Return on Investment, Earning per Share, Dividend per Share, Profit Earning ratio.

Unit VII: Statement of Changes in Financial Position

Cash Flow Statement: Meaning and Objectives, Preparation, Adjustments related to depreciation, dividend and tax, sale and purchase of non-current assets (as per revised standard issued by ICAI).

3. Computerized Accounting System

Unit I: Overview of Computerized Accounting System

1. Concept and Types of Computerised Accounting System (CAS).

2. Features of a Computerised Accounting System.

3. Structure of a Computerised Accounting System.

Unit II: Using Computerised Accounting System

1. Steps in the installation of CAS, Preparation of chart of accounts, Codification, and Hierarchy of account heads.

2. Data entry, Data validation, and Data verification.

3. Adjusting entries, Preparation of financial statements, Closing entries, and Opening entries.

4. Security of CAS and Security features are generally available in CAS (Students are expected to understand and practice the entire accounting process using an accounting package.)

Unit III: Accounting Using Database Management System (DBMS)

1. Concepts of DBMS. Objects in DBMS: Tables, Queries, Forms, Reports.

2. Creating data tables for accounting.

3. Using queries, forms, and reports for generating accounting information. Applications of DBMS in generating accounting information such as shareholders’ records, sales reports, customers’ profiles, suppliers’ profiles payroll, employees’ profiles, and petty cash registers.

Unit IV: Accounting Applications of Electronic Spreadsheet

1. Concept of an Electronic Spreadsheet (ES).

2. Features offered by Electronic Spreadsheet.

3. Applications of Electronic spreadsheets in generating accounting information, preparing depreciation schedules, loan repayment schedules, payroll accounting, and other such companies.

Important MCQ Questions for CUET domain subjects-2023-24