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ISC
ACCOUNTS
INTERNAL ASSESSMENT GUIDE BOOK 2016-17
Dr. UNNI JOSE
HOD- Department of Commerce (Ambassador School, Dubai)
IA – 01 Background
Comprehensive Accountancy Project on Sole Proprietorship or Partnership Firm .Some points that you
should keep in mind while making project are:
STORY : There should be nicely written story in the project. The story should include all the major
decisions of the firm. It should give an overview of the business. Students are advised not to add all the
entries to the story. There should be 5 adjustment entries in project which should be shown in story.
CAPITAL: Since students are required to prepare accounts of sole proprietorship or Partnership, capital of
the firm should not exceed 50 lakhs.
JOURNAL: There should be around 60-75 journal entries or as specified by your teacher . Journal Entries
should be realistic and related to business on which you are making the project.
LEDGER: There should be around 25-30 ledger accounts.
TRIAL BALANCE
TRADING , PROFIT & LOSS A/C
BALANCE SHEET
Analysis of the Financial Statements using Accounting ratios to enable you to comment on the
liquidity, solvency, activity and profitability positions.
Step by step guide to the Research Your Internal assessment MUST begin with the story. The story must be a fictional one not real.
Title Page I have attached a sample title page – please
follow the exact outline.
Acknowledgements Here is where you acknowledge and thank the
people who helped you with your research.
Contents Page List of contents of your project
Introduction Introduction of the project will be the story.
The story of the business can be either a sole
trade business or partnership business. The
story should include the name of the business
and its objective and other relevant
information of the business like its capital,
assets etc. (Minimum 200 words)
Transaction and journal List out the transactions of the business for a
period of 1 year, minimum 3 to 5 transactions
in a month. Journalising the transaction in
properly drawn journal including narration.
Make sure you have covered entries of capital,
assets, purchases cash and credit, sales cash
and credit, expenses and other incomes.
(Minimum of 60 transactions)
Ledger Prepare ledger accounts for all of the above
transactions. Use neatly drawn ledger accounts
for this. Post all the journal entries and get the
balances of all ledger accounts. (Minimum 25-
30 ledger accounts)
Trial balance Prepare a trial balance from the ledger account
balances. Total the trial balance and debit side total
should be equal to credit side of trial balance.
Trading and profit and loss account
Balance sheet
Prepare a Trading and profit and loss account &
Balance sheet from the above trial balance and
some adjustments. Adjustments can be closing
stock, outstanding expense, prepaid expense,
depreciation etc. You should get your balance
sheet equal.(There should be minimum of 6
adjustments)
Analysis and interpretation of financial
statements.
You may analyze the financial statements with
the help of liquidity and profitability rations
such as Current ratio, liquid ratio, Gross profit
ratio, net profit ratio etc. You may interpret the
results of the analysis in detail.
Bibliography and references
These must be detailed, well referenced throughout
and well organized
Appendices
Any further data which you may wish to attach to
the project.
You may find the formats for journal, ledger, trial balance, financial statements below in this file. Certificate
and front page are also you may find below.
EVALUATION CRITERIA
PAPER II – PROJECT WORK – 20 Marks Candidates will be expected to have completed two projects from any topic covered in Theory. The project work will be assessed by the teacher and a Visiting Examiner appointed locally and
approved by the Council. Mark allocation for each Project [10 marks]:
Overall format 1 mark
Content 4 marks
Findings 2 marks
Viva-voce based on the Project 3 marks
NOTE: No question paper for Practical work will beset by the Council.
IA – 02
Research Project
Background You must select a real organization for this, not a fictional one, and collect their financial audited
reports (Income statement and Balance sheet) Your research question is ‘Financial statement analysis of -------company’. You must produce a hand written report that does not exceed 1,000 words.
Bear in mind that some organizations fail to provide data, which may undermine the quality of your
report. So before you start, make sure that you will be able to obtain the necessary data from the chosen
organization. You must also be aware of ethical considerations. Step by step guide to the Research Your Internal assessment MUST begin with the audited financial reports of a company.
These will become the primary planning documents – and will give your research project
overall direction. The following is the format for your research. You MUST follow this
format. Each step is clearly explained for you in the box below…
Title Page I have attached a sample title page – please
follow the exact outline.
Acknowledgements Here is where you acknowledge and thank the
people who helped you with your research.
Contents Page List of contents of your project
Introduction Introduction about the company. (Not less
than 100 words)
Introduction to financial statement analysis
and its importance. (Not less than 150
words)
Methodologies used List out and explain the methodologies used
in the project to analyse the financial
performance analysis of the company which
you may have used. Example: Comparative
income statement and balance sheet, Ratio
analysis, Cash flow statement etc.(Not less
than 100 words)
Analysis of data Data may be analysed by using any 2
financial statement analysis tools which will
suit the requirement of the company’s
profile. Use graphs for your analysis. ( this
chapter is the most important part of the
study, which has more advantage in the
whole project)
Main results and findings This must include ALL findings and results.
Conclusion and Recommendations It shows the out comes you could
generate from the study. At the end of
your conclusion: what does the future
hold for your company?
Bibliography and references
These must be detailed, well referenced
throughout and well organized
Appendices
Any further data which you may wish to attach
to the project. (Eg: Copy of balance sheet)
NOTE:
The project should be hand written and you may use A4 size plain sheet for the same. You
must right only one side of the page. Other side of the sheet can be used for sticking
appropriate drawings or pictures. You can find the prescribed title page and certificate
page in this file. Audited financial report of Samsung company is also attached for your
reference but you have to find another companies audited financial statements.
EVALUATION CRITERIA
PAPER II – PROJECT WORK – 20 Marks Candidates will be expected to have completed two projects from any topic covered in Theory. The project work will be assessed by the teacher and a Visiting Examiner appointed locally and
approved by the Council. Mark allocation for each Project [10 marks]:
Overall format 1 mark
Content 4 marks
Findings 2 marks
Viva-voce based on the Project 3 marks
NOTE: No question paper for Practical work will beset by the Council.
CERTIFICATE This is to certify that Ms/Mst
……………………………………………………………………………………………………
Has satisfactorily completed the project in ..………………………………………………………. prescribed
by ISC BOARD – Grade XII of this institution in the year 2016-17.
Teacher in charges Head of the department
Name: ………………………………………… Name: . .…………………………………
Date: ………………………………………….. Date: ……………………………………
Reg. No. Of the candidate: ……………………………………………………
Living a few years of your life like most people won’t,
so that you can spend the rest of your life like most people can’t !
Dr. UNNI JOSE
HOD- Department of Commerce (Ambassador School, Dubai)
Dr. UNNI JOSE
HOD- Department of Commerce (Ambassador School, Dubai)