The Institute of Corporate Secretaries of Pakistan 

The Institute of Corporate Secretaries of Pakistan


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Module A : Group 1






Module A Group 1 Code 111



( 100 Marks)     








To provide understanding of main economic concepts and principles - their uses, relevance in economic analysis and application to economic environment of trade, industry and banking.




( 30 Marks)



Basic Concepts:

Nature, definition and scope of economics; micro economics, importance, limitations; macro economics, importance, limitations, need for integrating micro and macro economics, characteristics of economic wants and utility, scale of preferences, indifference curves, marginal rate of substitution, principles of diminishing marginal rate of substitution, properties of indifference curve, analysis of consumer behavior, utility analysis, application of indifference curve in consumption. Various economic systems and their approaches towards basic economic issues.



Demand and Supply Analysis:


The law of demand and supply, elasticity of demand and supply, elastic and inelastic demand and supply, types of elasticity, measurement of elasticity of demand and supply, scope of demand curve and price elasticity, income and substitution effect, supply functions, equilibrium of demand and supply.


Factors of Production:


Scale of production, production possibility curve, and production function, equal product curves or isoquants, cost and cost curves. Laws of Diminishing Returns; fixed, variable, total, average, marginal, opportunity, shadow, short-run costs.


Market Price Structure:


Meaning of market, classification of market, perfect and imperfect markets. Perfect competition, imperfect competition, monopoly, oligopoly, duopoly. Equilibrium approaches, equilibrium under perfect competition, monopolistic competition.




Significance of factor pricing, meaning of distribution, functional vs personal distribution, marginal productivity theory, determination of rent, wages, interest and profit; role of price mechanism.








National Income:

Meaning and concept of national income, distribution of national income and marginal productivity theory. Concept of personal income, disposal personal income and their mutual relationship. Concepts of gross domestic product (GDP), gross national product (GNP), net national product (NNP). The income approach and expenditure approach to GNP; real versus money income; GNP defoliators other social accounts link NNP.


Tools of Macro-economics:


Consumption function; meaning, factors influencing consumption, short-run and long-run consumption function, average propensity to consume, marginal propensity to consume. Investment and saving function; determinate of investment, marginal efficiency of capital, interest rate, investment and income, instability of income; income, output and employment determination. Aggregate demand and aggregate supply approach. Simple multiplier and accelerator analysis.


Public Finance:


Distinction between public and private finance, importance. General principles, forms and methods of taxation; sources of revenue, public expenditure. Fiscal incentives for promoting investments; managing aggregate demand through fiscal policy.


Money and Banking:


The nature, forms and functions of money. Quantitative theory of money. Theories of inflation, deflation and stagflation and their impact on growth, price stability and unemployment. Role and functions of central bank, commercial banks, specialized financial institutions, non-banking financial institutions, capital and money markets including stock and bond markets with regard to financial needs of business and government.


International Trade:


Trade and balance of payments, mechanism of foreign exchange rates, principle of comparative advantage, import control and protective tariffs, GATT and W.T.O. Agreements and their impact on international trade.








The Role of Agriculture and Industry:

The importance, role and growth of agriculture and industries; their main problems and evaluation of measures taken for solution. Role of small scale and cottage industries, critical study of five years plans and need for foreign assistance and investment.


Economic Development:


Role of financial institutions in capital formation and economic development of Pakistan. Role and functions of State Bank of Pakistan with regard to monetary and fiscal policies, inflation, foreign investment. Rupee exchange rate and its convertibility, balance of trade and balance of payments.








Nature and Scope:

Islamic economic system, its nature, scope and importance. Interest and its elimination. Zakat and Ushr and the principles of taxation. Income distribution and social responsibility in Islamic economics. Distinction between Islamic economic system and other economic systems.





Module A Group 1 Code 112



( 100 Marks)     








To provide fundamental understanding of the principles, role and scope of accounting in relation to the preparation of financial statements for incorporated and unincorporated businesses, analysis and interpretation of financial information for decision making.





Conceptual Framework:

The scope and purpose of accounting, principles, concepts, conventions, and systems of accounting and bases of accounting. Generally accepted accounting principles, going concern, accruals, consistency, prudence, materiality, matching. The interpretation and recording of business transactions and its codification in computer based accounting system including internal control. Control accounts. Income measurement. Recognition of revenue and expenses, matching of expenses and revenue. Capital and revenue classification.


Reporting Process:


Accounting process relating to preparation of trial balance, rectification of errors. Reconciliation statement. Adjustments to record transactions. Provisions for anticipated revenue, expenses and losses. Stock valuation methods and adjustments. Depreciation accounting. Treatment of intangible assets. Preparation of profit and loss account and balance sheet. Accounting statements from incomplete records. Accounts of sole traders. Accounts of simple consignment, department and joint ventures. Branch accounts excluding foreign branches. Formation of partnership and preparation of accounts of firm and distribution of partnership profits. Conversion of partnership into limited company.






Company Accounting:

Accounting treatment of ordinary and preference shares, debentures and redeemable securities. Basic assumptions and qualitative criteria underlying the accounting system and financial reporting of incorporated companies. Preparation and presentation of financial statements and reports as per requirements of the Companies Ordinance, 1984 and International Accounting Standards as adopted in Pakistan.



Analysis and Interpretation of Financial Reports:


Elementary ratio analysis in respect to profitability and efficiency of fund employed. The form and contents of cash flow statement and an elementary interpretation of its significance. Limitations of historical reporting.





Module A Group 1 Code 113



( 100 Marks)     








To provide knowledge of basic techniques of mathematics and statistics as applied in the operation and decision making of a business.





Basic Mathematics:

Fundamentals of mathematics, number system, integers, decimals and fractions, sets and notations. Basic algebraic operations; involution, evolution, H.C.F. and L.C.M. Techniques of factorization; sequence and series, arithmetic and geometrical progression, linear and non-linear equations of one and more than one variables. Laws of indices, exponential and logarithmic equations and expressions; perambulation, combination, binomial theorem. Locus and its equation. Geometrical mean of an equation. Straight line and its equations and its application in business. Application of curves in business and finance.

Financial Mathematics:


Ratio, direct and indirect proportion, percentage, simple and compound interest, effective rate of interest, annuities, present and future values. Discounting.




Limits and basic concept of differentiation: sum, difference, product and quotient, rules of differentiation. Marginal function. Application of derivatives and anti-derivatives in business and finance..

Quantitative Techniques


Linear Programming:


Introduction, graphical linear programming, simplex techniques, transportation technique & assignment technique.


Network Analysis:


Critical path analysis, Gantt chart, analysis of network, crashing program, evaluation, probabilities network.


Games Theory:


Introduction, pure strategy games, mixed strategy games.






Collection and Presentation of Numerical Information:

Official sources of economics and business data. Survey methods. Design of questionnaire. Sampling methods; interview, postal questionnaire. Tabulation. Graphs, charts and diagrams. Frequency distribution. Measures of location; mean, median and mode, Measures of dispersion: Quartile deviation and Standard deviation. Skewness coefficient of variation.


Relationship and Forecasting:


Correlation and regression. Product moment correlation coefficient. Rank correlation coefficient. Linear regression using the least square method. Time series analysis. Component of a time series: trend, cynical, seasonal and random. Moving average. Simple method forecasting.



Index Numbers:

Price relative method. Aggregate method. Problems involved in the rise of index numbers.


Probability and Statistical Inference:


Introduction to probability from practical viewpoint. Equity likely outcomes. Combinations of events. Union of events, conditional probability, mutually exclusive events. Statistical inference. Confidence intervals and hypothesis testing for a single mean and single proportion.