Paper 10: Applied Indirect Taxes (One Paper: 3 hours:100 marks)
• To gain knowledge of various provisions of Central Excise, Service tax, VAT & Sales Tax.
• To know the applications of provisions in different situations
• To understand the statutory compliance under indirect taxes including audits
1. Canons of Taxation - Indirect Taxes 5%
• Features of Indirect Tax. Constitutional validity. Indirect Tax Laws, administration and relevant procedures
2. Central Excise 25%
• The Central Excise Law
• Goods, Excisable goods, Manufacture and manufacturer, Classification, Valuation, Related Person, Captive
Consumption, CAS 4, CENVAT.
• Basic procedures, Export, SSI, Job Work.
• Assessment, Demands, Refund, Exemptions;
• Powers of Officers.
• Adjudication, Appeals, Settlement Commission, Penalties .
• Central Excise Audit and Special Audit under 14A and 14AA of Central Excise Act
• Impact of tax on GATT 94, WTO, Anti Dumping processing;
• Tariff Commission and other Tariff authorities.
3. Customs laws 15%
• Basic concepts of customs law;
• Territorial waters, high seas;
• Types of custom duties., Anti- Dumping Duty, Safeguard Duty;
• Customs Procedures, Import and Export Procedures, Baggage.
• Warehousing, Demurrage;
• Project Imports and Re- Imports;
• Penalties and Offences.
• Export Promotion Schemes. EOU
• Duty Drawback.
• Special Economic Zones.
4. Service Tax 15%
• Introduction, Nature of Service Tax.
• Service Provider and Service Receiver.
• Registration procedure
• Records to be maintained
• Classification of taxable services
• Valuation of taxable services.
• Exemptions and Abatements.
• Payment of service tax, Return
• Cenvat Credit Rules
• Export and import of services.
• Other aspects of Service Tax.
• Taxable Services.
• Special Audit under 14A and 14AA of Central Excise Act
5. Central Sales Tax Act & VAT Act. 15%
• Introduction, definition of sale under CST;
• Stock transfer, branch transfer under CST;
• Inter state sale,
• Various forms for filing of sales tax returns under CST;
• Sales outside territorial waters under CST;
• Practical examples on CST.
• VAT, Salient features of State VAT Acts
• Treatment of stock & branch transfer under State VAT Acts
• Filing & Return under State VAT Acts
• Accounting & Auditing VAT
6. Practical problems and Case Studies under Indirect Tax Laws 25%
Paper 9: Operation Management and Information Systems (One Paper: 3 hours:100 marks)
• To gain knowledge of Operation Management, Production planning and resource management
• To develop understanding of Information Technology and its use in business environment.
A. Operation Management ( 50 marks)
1. Overview of Production Process 15 %
• Fabrication process
• Metal working process – forming, heat treatment, welding, surface treatment etc.
• Machining process
• Class of machine – Lathes, drilling, grinding, milling, planing, shaping, slotting etc.
• Special purpose machine – special grinding, hobbing, honing, cutting tools, jigs and fixtures etc.
• Pump, motor, transformer, electrical drives,
• Classification of industries based on production process
• Technological aspects of different production process like power, pollution control, recovery process,
• Plant layout , material handling system etc
2. Production Planning & Productivity management 15%
• Time study, work study, method study, Job Evaluation.
• Production planning and control-Introduction.
• Capacity planning and Utilization.
• Process planning,
• Project planning.
• Progressing and follow-up.
• Scheduling Technique & Line Balancing Problem
• Economic batch production
• Human Resource Planning
• Material Requirement Planning
• Productivity measurement techniques of factors of production
• Quality Control
3. Maintenance Management 10%
• Obsolescence, replacement of machinery
• Breakdown maintenance, preventive maintenance & Routine Maintenance
• Maintenance Techniques
• Maintenance organization
• Maintenance problems etc
4. Resource Management 10%
• Input-output ratio
• Linear programming
• Replacement of machine
• Change of Technology and its implication
B. Information Systems ( 50 marks)
1. Information System Analysis and Design. 10%
• Information System-Systems development life cycle, Structured Systems Analysis and Design, Physical and Logical
Data Flow Diagrams, Requirements Analysis, Design of New Systems. Data Modeling, data dictionary, entity
relationship diagram, structure charts, Transform and Transaction Analysis, Applications in Financial & Cost
2. Database Management Systems 15%
• File & Data Base Concept, Overview of DBMS, Data Models, Database Administrator, Database Users, Schema.
Data Independence, Relational Database Management System (RDBMS), some applications of RDBMS using
Oracle & SQL Server
3. Management Information Systems (MIS) 15%
• Introduction, People & Organization, System & models, Decision process and evaluation thereof, transaction
processing & management reporting, MIS in functional areas: Finance & Cost Management, Inventory, Marketing,
4. Enterprise Resource Planning (ERP) 10%
• Functional architecture of ERP, Material requirement planning & ERP, Business Process Reengineering & ERP,
Supply chain management, Some applications involving SAP & Oracle (Financial), Change Management and ERP
Implementations, Technology and International Considerations in implementation of ERP.
Paper 8: Cost & Management Accounting (One Paper: 3 hours:100 marks)
• To understand basic concept, processes used to determine product cost
• To gain knowledge of preparation of budgets , standard costs and variance statements
• To gain skill for controlling cost and decision making
1. Basic aspects of Cost Accounting 15 %
• Cost Concepts and Classification of costs
• Materials: accounting and control systems procedures and techniques
• Labour: accounting, incentive schemes and control systems and procedures
• Direct Expenses
• Indirect expenses: allocation, apportionment, re-apportionment and absorption of overhead costs.
• Cost Accounting Standards.
2. Cost Accounting Methods and systems 20%
• Job, batch, contract and process costing.
• Cost accounting for service sector
• Accounting entries for an integrated accounting system – cost ledgers
• Reconciliation between cost and Financial profit and loss account.
• Interlocking accounting
3. Decision Making Tools 20%
• Marginal costing, break even analysis and its applications in decision making
• Absorption costing as a system of profit reporting and stock valuation.
• Throughput accounting as a system of profit reporting and stock valuation.
• Activity-based costing for profit reporting and stock valuation.
• Integration of standard costing with marginal cost accounting, absorption cost accounting and throughput
• Process costing including establishment of equivalent units in stock, work-in-progress and abnormal loss accounts
and use of various methods like first-in-first-out, average cost and standard cost methods of stock valuation.
4. Budgeting 15%
• Budget Concepts and Preparation
• Fixed and Flexible Budgets
• Time series analysis including moving totals and averages, treatment of seasonality, trend analysis using
regression analysis and the application of these techniques in forecasting product and service volumes.
• Fixed, variable, semi-variable and activity-based categorizations of cost and their application in projecting
• Zero base budgeting
5. Standard Costing 15%
• Manufacturing standards for material, labour, and overhead.
• Price/rate and usage/efficiency variances for materials, labour and overhead. Further subdivision of total
usage/efficiency variances into mix and yield components.
• Fixed overhead variances.
• Planning and operational variances.
• Sales price and sales revenue/margin volume variances (calculation of the latter on a unit basis related to revenue,
gross margin and contribution margin). Application of these variances to all sectors, including professional services
and retail analysis.
• Interpretation of variances: interrelationship, significance.
• Benchmarking for setting standards
6. Costing and performance management 10%
• Business performance measurement for performance improvement
8. Recent trends in cost and Management Accounting 5%