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