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CSEET Paper 2 - Fundamentals of Accounting
Fundamentals of Accounting is Paper 2 of ICSI's restructured CSEET, effective from the June 2026 session. It is a 100-mark descriptive paper of 3 hours. Note that auditing, which the old CS Foundation paper carried alongside accounting, is no longer part of this paper.
Theoretical framework
- Meaning and scope of accounting; accounting concepts, principles and conventions
- Accounting standards - purpose and applicability at an introductory level
- Capital and revenue expenditure; contingent assets and liabilities
Recording and reconciling
- Double-entry system, journal, ledger, subsidiary books and trial balance
- Bank reconciliation statement - a reliably scoring topic if the format is drilled
- Rectification of errors and depreciation accounting - straight line and written down value
Final accounts
- Trading and profit and loss account, balance sheet, and adjustment entries
- Accounts of non-trading concerns - receipts and payments versus income and expenditure
- Partnership accounts - admission, retirement, death of a partner and basic dissolution
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