FINANCIAL ACCOUNTING AND AUDITING (FAA)

Accounting is defined as an art of Recording, Classifying, Summarizing transaction and events which are of financial in nature, in term of money and providing results thereof. CS foundation student should be well versed with basics of Financial Accounting. Along with this he should also be well versed with accounts related to partnership firm and companies. As this knowledge is required to understand topics that are covered in CS Executive. 

On the other hand Auditing is process to ascertain the authenticity and reliability of accounting information prepared by accountant. In modern business environment where there is divorce between ownership and management it becomes important that account are audited. 

ICSI has designed exam of Financial Accounting and Auditing to make CS foundation students well versed with concepts of accounting and auditing. Exam is divided in two parts.

Part one covers basics of accounting, journal, Subsidiary Books, BRS, depreciation, Partnership and company accounts. 

Part two cover auditing and legal provisions related to auditing and auditor.
Exam is conducted on computers and students are allowed to use non scientific calculators in their exam of Financial Accounting and Auditing (FAA)

PART A:       FUNDAMENTALS OF ACCOUNTING (70%)
PART B:       FUNDAMENTALS OF AUDITING (30%)

FINANCIAL ACCOUNTING AND AUDITING (FAA) Chapters

Theoretical Framework Start Test (55 Questions)
Accounting Concepts, Principle & Conventions Start Test (27 Questions)
Journalizing , Posting & Balancing Start Test (49 Questions)
Cash Book Start Test (30 Questions)
Subsidiary Books Start Test (24 Questions)
Capital & Revenue Expenditure & Receipts Start Test (45 Questions)
Bank Reconciliation Statement Start Test (36 Questions)
Rectificaiton of Error Start Test (45 Questions)
Depreciation Start Test (42 Questions)
Final Accounts Of Sole Proprietor Start Test (39 Questions)
Fundamental Of Partnership Start Test (57 Questions)
Goodwill Start Test (15 Questions)
Change In Profit Sharing Ratio Start Test (8 Questions)
Admission of Partner Start Test (50 Questions)
Retirement & Death of Partner Start Test (54 Questions)
Company A/c. Issue of shares I Start Test (43 Questions)
Company A/c. Issue of shares II Start Test (40 Questions)
Redemption Of Preference Shares Start Test (28 Questions)
Issue Of Debentures Start Test (37 Questions)
Concept of Auditing Start Test (48 Questions)
Types of Audit Start Test (126 Questions)
Tools of Auditing Start Test (46 Questions)
Audit Evidence Start Test (49 Questions)
Auditor and Related Provisions Start Test (38 Questions)
 
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