UPMSP Vocational Accountancy & Auditing study plan
UPMSP Vocational Accountancy & Auditing · Give each week a clear focus.
8 weeks · About 6 hours per week
Accounting Fundamentals and Journal & Ledger and Trial Balance
Apply the dual-aspect (double-entry) rule to record 40 mixed transactions covering cash, credit, returns, and drawings without reversing debit and credit
Classify accounts into the five heads (assets, liabilities, capital, income, expenses) and state the normal balance of each with a one-line reason
Journalise adjusting-type entries such as outstanding expenses, prepaid expenses, accrued income, and depreciation in the standard narration format
Post 25 journal entries to the correct ledger accounts and balance them off, carrying forward opening balances correctly
Your checkpoint
A handwritten or spreadsheet journal-register of 40 transactions with matching ledger postings and all accounts balanced off, self-checked for debit-credit equality
Ledger and Trial Balance & Subsidiary Books and Bank Reconciliation Statement
Prepare a trial balance from a given ledger set and locate at least three deliberately planted errors using the suspense-account logic
Distinguish errors of principle, omission, commission, and compensating errors, and state which ones a trial balance fails to reveal
Record transactions in the four subsidiary books (purchase, sales, returns, cash book) and total them to agree with the control totals
Prepare a bank reconciliation statement from a cash book and pass book extract, reconciling at least six difference types including cheques deposited but not cleared, unpresented cheques, bank charges, and direct collections
Correct entries through a suspense account and show its disposal after all errors are rectified
Your checkpoint
A trial balance that agrees, plus a bank reconciliation statement with a reconciliation schedule listing each reconciling item and its amount
Final Accounts of Sole Proprietorship
Prepare a trading account and profit and loss account from a given trial balance, correctly classifying carriage inward, carriage outward, and goods drawn for personal use
Draft a balance sheet in the prescribed vertical or horizontal format, placing every item under the correct head and sub-head
Compute and adjust closing stock, outstanding and prepaid items, bad debts, and provision for doubtful debts before finalising the accounts
Explain the going-concern and accrual assumptions and show how each changes a reported figure in the final accounts
Your checkpoint
A complete set of final accounts (trading, profit and loss, balance sheet) from a 25-item trial balance, with an adjustment working note for each of the six adjustments given
Depreciation Accounting & Final Accounts of Sole Proprietorship
Compute depreciation under straight-line and written-down-value methods for the same asset over four years and explain why the annual charges diverge
Record depreciation in the books, including the asset-disposal account on sale of an asset, and show the resulting profit or loss on sale
Change a depreciation method mid-life in a worked example and state how the change is disclosed
Integrate depreciation and asset-disposal adjustments into a full set of final accounts without breaking balance-sheet agreement
Your checkpoint
A four-year depreciation schedule for two assets under both methods, plus final accounts incorporating one asset sale and the related depreciation adjustment
Partnership Accounts
Draft a partnership deed clause-by-clause covering profit-sharing ratio, interest on capital and drawings, salary, and admission terms
Prepare a profit and loss appropriation account and partners' capital and current accounts under both fixed and fluctuating capital methods
Work an admission-of-partner problem computing the sacrificing ratio, goodwill adjustment, and revaluation of assets and liabilities
Compute the gain or sacrifice on retirement or death of a partner and settle the retiring partner's account including goodwill
Your checkpoint
One complete admission problem and one retirement problem, each with appropriation account, all partners' accounts, and a revaluation account that balances
Company Accounts & Cost and Management Accounting Basics
Distinguish shares from debentures and record issue of shares at par, at premium, and at a discount, including calls in arrears and calls in advance
Prepare the share capital and securities premium columns of a company balance sheet in the statutory format
Classify costs into direct and indirect and prepare a simple cost sheet showing prime cost, works cost, cost of production, and cost of sales
Compute contribution, break-even point in units and value, margin of safety, and profit-volume ratio from given cost and sales data
Explain the difference between financial accounting and cost accounting using three concrete examples from a manufacturing unit
Your checkpoint
A company share-issue working (journal entries plus balance sheet extract) and a cost sheet with break-even and margin-of-safety calculations for one product
Auditing Concepts, Objectives and Types & Audit Evidence, Procedure and Documentation & Internal Control, Internal Check and Internal Audit
State the objectives and scope of an audit and differentiate statutory, internal, and government audit by appointing authority, scope, and reporting duty
Draft a short audit programme for a trading entity listing at least eight procedures mapped to the assertions they test
Classify five given items as sufficient or insufficient audit evidence and justify each judgement against relevance and reliability
Design an internal check system for cash receipts and payments, naming the segregation-of-duties points that prevent fraud
Distinguish internal control, internal check, and internal audit, and state two limitations of each
Your checkpoint
An audit programme of at least eight procedures with assertion mapping, plus a one-page internal check flowchart for cash transactions with the control gaps marked
Audit of Financial Statements and Audit Report & Auditing Concepts, Objectives and Types & Audit Evidence, Procedure and Documentation
Identify the elements of a standard unmodified audit report and state where a qualified opinion differs from an adverse one and from a disclaimer
Match six given situations (going-concern doubt, scope limitation, misstatement, subsequent event, related-party issue, non-compliance) to the appropriate opinion or emphasis paragraph
Complete two timed mixed-domain papers of 30 questions each and score at least 70 percent on both
Review every missed question, write the underlying rule in one line, and re-attempt those items until all are correct
Your checkpoint
Two timed mock papers with scores recorded, plus a personal error log listing each missed item, the correct rule, and the re-attempt result
Milestones
Week 2: Trial balance agrees to the rupee, and the bank reconciliation statement reconciles the cash book and pass book balances with every reconciling item listed
Week 4: Depreciation schedules under both methods are complete for four years, and the final accounts with asset sale balance correctly on both sides
Week 6: Company share-issue entries and cost sheet are complete, with break-even point and margin of safety computed and cross-checked
Week 8: Both timed mocks scored at or above 70 percent, and every logged error re-attempted correctly at least once