Common Proficiency Test (CPT) Syllabus - www.icai.org
(One paper – Four
hours – 200 Marks)
COMMON PROFICIENCY TEST
SYLLABUS
One Paper, Two
Sessions 200 Marks
Session I:
Section A: Fundamentals of Accounting 60 Marks
Section B: Mercantile Laws 40 Marks
Session II:
Section C: General Economics 50 Marks
Section D: Quantitative Aptitude 50 Marks
Level of Knowledge: Basic knowledge
SESSION – I
(Two Sections– Two hours – 100 Marks)
Section A:
Fundamentals of Accounting ( 60 Marks )
Objective:
To develop conceptual understanding of the fundamentals of
financial accounting system.
Contents
1. Theoretical Framework
(i) Meaning and Scope of accounting
(ii) Accounting Concepts, Principles and Conventions
(iii) Accounting Standards – concepts, objectives, benefits
(iv) Accounting Policies
(v) Accounting as a measurement discipline – valuation
principles, accounting estimates
2. Accounting Process
Books of Accounts leading to the preparation of Trial
Balance, Capital and revenue expenditures,
Capital and revenue receipts, Contingent assets and
contingent liabilities, Fundamental errors
including rectifications thereof.
3. Bank Reconciliation Statement
4. Inventories
Basis of inventory valuation and record keeping.
5. Depreciation accounting
Methods, computation and accounting treatment of
depreciation, Change in depreciation
methods.
6. Preparation of Final Accounts for Sole Proprietors
7. Accounting for Special Transactions
(a) Consignments
(b) Joint Ventures
(c) Bills of exchange and promissory notes
(d) Sale of goods on approval or return basis.3
8. Partnership Accounts
Final accounts of partnership firms – Basic concepts of
admission, retirement and death of a partner
including treatment of goodwill.
9. Introduction to Company Accounts
Issue of shares and debentures, forfeiture of shares,
re-issue of forfeited shares, redemption of
preference shares.
Section B: Mercantile
Laws ( 40 Marks )
Objective:
To test the general comprehension of elements of mercantile
law
Contents
1. The Indian Contract Act , 1872: An overview of Sections 1
to 75 covering the general nature of
contract , consideration , other essential elements of a
valid contract , performance of contract and
breach of contract.
2. The Sale of Goods Act, 1930: Formation of the contract of
sale – Conditions and Warranties –
Transfer of ownership and delivery of goods – Unpaid seller
and his rights.
3. The India Partnership Act, 1932: General Nature of
Partnership – Rights and duties of partners –
Registration and dissolution of a firm.
SESSION – II
(Two Sections– Two hours – 100 Marks)
Section C: General
Economics ( 50 Marks )
Objective:
To ensure basic understanding of economic systems, economic
behaviour of individuals and
organizations.
Contents
(I) Micro Economics
1. Introduction to Micro Economics
(a) Definition, scope and nature of Economics
(b) Methods of economic study
(c) Central problems of an economy and Production
possibilities curve.
2. Theory of Demand and Supply
(a) Meaning and determinants of demand, Law of demand and
Elasticity of demand ─ Price, income and
cross elasticity
(b) Theory of consumer ’s behaviour – Marshallian approach
and Indifference curve approach
(c) Meaning and determinants of supply, Law of supply and
Elasticity of supply.
3. Theory of Production and Cost
(a) Meaning and Factors of production
(b) Laws of Production – The Law of variable proportions and
Laws of returns to scale
(c) Concepts of Costs ─ Short-run and long-run costs, Average and marginal costs,
Total, fixed and
variable costs.
4. Price Determination in Different Markets
(a) Various forms of markets – Perfect Competition,
Monopoly, Monopolistic Competition and Oligopoly
(b) Price determination in these markets.4
(II) Indian Economic Development
5. Indian Economy – A Profile
(a) Nature of the Indian Economy
(b) Role of different sectors – Agriculture, Industry and
Services in the development of the Indian
economy, their problems and growth
(c) National Income of India – Concepts of national income,
Different methods of measuring national
income, Growth of national income and per capita income in
various plans.
(d) Basic understanding of tax system of India – Direct and
Indirect Taxation
6. Select Aspects of Indian Economy
(a) Population – Its size, rate of growth and its
implication for growth
(b) Poverty – Absolute and relative poverty and main
programs for poverty alleviation
(c) Unemployment – Types, causes and incidence of
unemployment
(d) Infrastructure ─ Energy, Transportation, Communication, Health and Education
(e) Inflation
(f) Budget and Fiscal deficits
(g) Balance of payments
(h) External debts.
7. Economic Reforms in India
(a) Features of economic reforms since 1991
(b) Liberalisation, Privatisation and Disinvestment
(c) Globalisation.
8. Money and Banking
(a) Money – Meaning and functions
(b) Commercial Banks – Role and functions
(c) Reserve Bank of India – Role and functions, Monetary
policy.
Section D:
Quantitative Aptitude ( 50 Marks )
Objective:
To test the grasp of elementary concepts in Mathematics and
Statistics and application of the same as
useful quantitative tools.
Contents
1. Ratio and proportion, Indices, Logarithms
2. Equations
Linear – simultaneous linear equations up to three
variables, quadratic and cubic equations in one
variable, equations of a straight line, intersection of
straight lines, graphical solution to linear equations.
3. Inequalities
Graphs of inequalities in two variables ─ common
region.
4. Simple and Compound Interest including annuity ─
Applications
5. Basic concepts of Permutations and Combinations
6. Sequence and Series – Arithmetic and geometric
progressions
7. Sets, Functions and Relations
8. Limits and Continuity ─ Intuitive Approach5
9. Basic concepts of Differential and Integral Calculus
(excluding trigonometric functions)
10. Statistical description of data
(a) Textual, Tabular & Diagrammatic representation of
data.
(b) Frequency Distribution.
(c) Graphical representation of frequency distribution –
Histogram, Frequency Polygon, Ogive
11. Measures of Central Tendency and Dispersion
Arithmetic Mean, Median – Partition Values, Mode, Geometric
Mean and Harmonic, Mean, Standard
deviation, Quartile deviation
12. Correlation and Regression
13. Probability and Expected Value by Mathematical
Expectation
14. Theoretical Distributions
Binomial, Poisson and Normal.
15. Sampling Theory
Basic Principles of sampling theory , Comparison between
sample survey and complete enumeration ,
Errors in sample survey , Some important terms associated
with sampling , Types of sampling , Theory of
estimation , Determination of sample size .
16. Index Numbers
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