changed pattern of accounting.
 

Dear friends,
All the members, who have given the attempt of 2011,saw a completely changed pattern of accounting. There was a big change in all the sections of both papers. Members and senior members are requested to discuss and guide respectively with reference to the following questions:
[B][U]Paper-1:[/U][/B]
1.Which format,vertical or horizontal,for the financial stats should be followed?
2.Which books for financial stats should be studied?
3.Which book(s)for MCQs should be studied?
4.Are IAS/IFRS to be studied now?

[B][U]Paper-2:[/U][/B]
1.Which book(s)for MCQs should be studied?
2.Which book(s)for the section titled BUSINESS ORGANIZATION AND FINANCE should be studied? In this section,in 2011,a numerical question was asked. Is this trend expected to continue? If yes,which book(s)should be studied for it?
3.We saw the biggest change in the sections titled AUDITING AND INCOME TAX. Which books should now be studied for these section keeping in view the changes?

Respected senior members are requested especially for the guidance.


Regards.

[QUOTE=FarazAli;293085]Dear friends,
All the members, who have given the attempt of 2011,saw a completely changed pattern of accounting. There was a big change in all the sections of both papers. Members and senior members are requested to discuss and guide respectively with reference to the following questions:
[B][U]Paper-1:[/U][/B]
1.Which format,vertical or horizontal,for the financial stats should be followed?
[/QUOTE]

Since in 2011, Income Statement was required which is always in vertical format. So it is clerared for Income Statement. In case of Trading and Profit & Loss A/C, I will suggest Horizontal Format.

[QUOTE=FarazAli;293085]
2.Which books for financial stats should be studied?
[/QUOTE]

Following is a very comprehensive thread regarding selection of books, please go through:
[url=http://www.cssforum.com.pk/css-optional-subjects/group/accounting-auditing/]Accounting & Auditing - CSS Forums[/url]

[QUOTE=FarazAli;293085]
3.Which book(s)for MCQs should be studied?
[/QUOTE]

In CE-2011 paper MCQs were full fledge questions in itself, so go through the whole syllabus, there is no separate book for MCQs.

[QUOTE=FarazAli;293085]4.Are IAS/IFRS to be studied now?[/QUOTE]

For your own knowledge you may study but for CSS, I don't think it necessary.

[QUOTE=FarazAli;293085][B][U]Paper-2:[/U][/B]
1.Which book(s)for MCQs should be studied?
2.Which book(s)for the section titled BUSINESS ORGANIZATION AND FINANCE should be studied? In this section,in 2011,a numerical question was asked. Is this trend expected to continue? If yes,which book(s)should be studied for it?
3.We saw the biggest change in the sections titled AUDITING AND INCOME TAX. Which books should now be studied for these section keeping in view the changes?
[/QUOTE]

I didn't used any separate book for MCQs.
For business organization and finance I studied selected portion of Corporate Law and Secretarial Practices by Prof. Shaheen.
We couldn't say anything for trend, one must be prepared for surprises
For auditing I used Auditing by Muhammad Irshad
For Income Tax - selected portion of Synopsis of Taxes by Munawar Mirza

[QUOTE=FarazAli;293085]
Respected senior members are requested especially for the guidance.

Regards.[/QUOTE]

Although, I am not considering myself in seniors, I replied as an accounting professional and I have done in CE-2011 without much difficulty. The trend of papers is moving from bookish to conceptual. So, one must need a deep and through study of the subjects to tackle with the papers.

Best Regards,

Thanks dear Syed Ahmed Ali for your valuable advice.But a few questions still remain to be answered.
[QUOTE]Since in 2011, Income Statement was required which is always in vertical format. So it is clerared for Income Statement. In case of Trading and Profit & Loss A/C, I will suggest Horizontal Format. [/QUOTE]
Generally format for the F/Stats as given in the b.com books,like books by Sohail Afzal and M.A.Ghani,is recommended because syllabus of the css is no more than that of the graduation level.And these authors have used horizontal format for both income stat as well as trading and profit and loss account.

At ICMAP,we followed the format as prescribed the IFRS and Co.ordinance 1984. But in CSS issue of which format is to be used has not yet been resolved despite lapse of considerable time. So what do you recommend now?
[QUOTE]In CE-2011 paper MCQs were full fledge questions in itself, so go through the whole syllabus, there is no separate book for MCQs.[/QUOTE]
mcqs during the paper could all be solved if we were allowed sufficient time.the issue at hand does not relate to knowledge but time management. i think we need to practice from a book in order to enable us to solve all mcqs within half an hour.so recommendation for mcqs book is needed.
[QUOTE]Quote:
Originally Posted by FarazAli
4.Are IAS/IFRS to be studied now?
For your own knowledge you may study but for CSS, I don't think it necessary.[/QUOTE]
in 2011, IFRSs have been examined/tested. So I think we ll ve to study these too.


[QUOTE]For auditing I used Auditing by Muhammad Irshad[/QUOTE]
I think,in 2011, short notes were set on international standards on auditing. So in future one need to be careful of the standards.
[QUOTE]For Income Tax - selected portion of Synopsis of Taxes by Munawar Mirza[/QUOTE]
In 2011,the commission shifted from individual salaried person to the company.

And yes you are right synopsis is better but there are also other recommended books like notes by Khalid Petiwala.

For the section titled BUSINESS ORGANIZATION AND FINANCE we need further discussion as the commission shifted from simple b.com level questions to more advanced levels questions.


Regards.

What is "Statement of Changes in owner Equity" plz guide me.

[QUOTE=afaq_hunts;337380]What is "Statement of Changes in owner Equity" plz guide me.[/QUOTE]

The Statement of Changes in owner Equity also known as Statement of owners equity or Statement of retained earning is and integral part of financial statements.

This accounting report shows all the changes to the owners equity that have occurred during the period. These changes comprise capital, drawings and the profit for the period.

This statement is relatively simple and easy as compared to Income Statement and comprised few items. Just like the income statement, this statement normally covers a twelve-month period.

Following is a simple format of the said statement:
[IMG]http://i1109.photobucket.com/albums/h424/aliahmadsyed/Statement_of_Owners_Equity1_550.jpg[/IMG]