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Accounts Practice Exam

Accounts Practice Exam


As accounting professional candidates are responsible to handle the bookkeeping and prepares financial documents like profit-and-loss statements, balance sheets and more. They guide the company on making the best decisions on their finances and make sure that the data they provide and collect is correct and all the taxes are paid correctly. Therefore, it has become necessary for companies to hire a well-qualified business accountant for examining their finances and preparing financial reports. 


Roles and Responsibilities

Some of the major roles and responsibilities of a business accountant are as follow:

  • Analyse problems that include disappearing inventory, increased costs for products or equipment.
  • Maintain cash flow at acceptable levels.
  • Point out potential areas of growth by analysing pricing, cash flow patterns, inventory management, etc.
  • Prepare tax returns accurately and ensure the accuracy of financial documents.
  • Evaluate financial operations to recommend best practices, identify issues and strategize solutions.
  • Conduct forecasting and risk analysis assessments


Who should take this exam?

Candidates with a bachelor’s or a master’s degree in the accounting field or commerce background can take this exam. Moreover, you can also this exam after your MBA.


Skills Required

  • Communication skills
  • Strategic management
  • Critical thinking
  • Analytical skills


Technical Skills

  • Advanced Excel ability
  • Enterprise resource planning (ERP) experience
  • Expertise in big data analysis
  • Knowledge of Accounting software like QuickBooks
  • Microsoft Visual Basic skills
  • Competency with Microsoft Office Suite


Career Prospects

  • Business Accountant
  • Finance manager
  • Financial controller
  • Financial advisor
  • Directors
  • Certified public accountant


Table of Content

The Accounts Exam covers the following topics - 

Meaning and scope of accounting

Learning the meaning of accounting

Basics of bookkeeping and accounting

Learning Accounting concepts and principles

Learning Branches of accounting

Classification of expense, income, assets and liabilities

Learning Financial statements

Systems of accounting

Source document

Journal

Learning Ledger

Trial balance

Subsidiary books

Learning Purchases books

Journal proper

Learning Cash book

Bank pass book

Petty cash book

Imprest system

Bank reconciliation statement

Rectification of errors

Suspense account

Capital expenditure and revenue expenditure

Capital receipts and revenue receipts

Depreciation

Company final accounts

Shares


Taxation

Learning Terminologies

Residential status of an entity

Learning Income tax liability

Computation of total income

Learning Heads of income tax

Learning Taxability of income

Income under house and property

Deductions from gross total income

Income from other source

Learning Advance tax

Tax deduction at source (TDS)

Wealth tax in India

Learning Service tax and statutory provisions

Vat general provisions

Learning Cenvat


Banking & Finance Concepts

Introduction

Learning Banking acts and regulations

Learning Types of banks

Services offered by a bank

Deposit products

Learning Mortgage and loans

Banking instruments

Clearing house

Learning Micr – magnetic ink character recognition

Learning Atm – automated teller machine

Learning Electronic banking

Learning Corporate banking

Learning Telebanking/telephone banking

Voice-mail facility

Learning Plastic money

Loan scheduling and development


Costing & auditing

Introduction to costing

Learning Concept of cost accounting

Material/inventory

Learning Activity-based costing (ABC)

Marginal costing/ break-even analysis

Learning Variance analysis

Introduction to auditing

Learning Book-keeping, accountancy and auditing

Advantages of auditing

Learning Limitations of auditing

Purpose of audit

Learning Types of audit

Learning Vouching

Learning Verification of assets and liabilities

Valuation


Investment & financial market

Investment market and its operation

Risk and return

Learning Financial market, participants and instruments

Security market and emerging trends

Learning Company capital/shares

Portfolio management

Bonds and debentures

Learning Derivatives

Learning Hedging

Learning Depository

Dematerialisation and rematerialisation

Learning Mutual funds

Learning Stock exchange/screen-based trading

Investors protection, grievance and education

Learning Time value money

Learning Ratio analysis

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