Taxation Practice Exam

Taxation

Every company need to handle their accounts, taxation, and finances. Therefore, it is always better to hire a professional who do all the business enquiries, accounts, prepare financial reports, and examine finances. Moreover, they also ensure that all the data is well organised and correct and all the taxes are paid correctly. These professionals have the ability to record and analyse the financial information of the companies. They are usually part of the executive and the financial team.

Roles and Responsibilities

Some of the major roles and responsibilities of such professionals are as follow:

• Recognize issues that include disappearing inventory, increased costs for products or equipment, or customers who aren’t paying on time.
• 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
• 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 business administration, finance, or accounting can take up this exam to enhance their skills as well as career opportunities.

Skills Required

• Communication skills

• Strategic management

• Analytical skills

• Critical thinking

Career Prospects

• Finance managers

• Financial controllers

• Financial advisors

• Directors

• Certified Public Accountant

Table of Content

The Taxation exam covers the following topics - 

Meaning and scope of accounting

• Learning the meaning of accounting

• Learning the basics of bookkeeping and accounting

• accounting concepts and principles

• Learning branches of accounting

• Learning classification of expense, income, assets and liabilities

• Learning financial statements

• systems of accounting

• source document

• journal

• ledger

• Learning trial balance

• subsidiary books

• purchases books

• journal proper

• cash book

• bank pass book

• petty cash book

• imprest system

• Learning bank reconciliation statement

• rectification of errors

• suspense account

• capital expenditure and revenue expenditure

• capital receipts and revenue receipts

• depreciation

• Learning company final accounts

• shares

Taxation Concepts

• Learning terminologies

• residential status of an entity

• income tax liability

• computation of total income

• Learning heads of income tax

• taxability of income

• income under house and property

• deductions from gross total income

• income from other source

• Learning advance tax

• Learning tax deduction at source (tds)

• Learning wealth tax in india

• service tax and statutory provisions

• vat general provisions

• Learning cenvat

Banking and Finance

• introduction

• Learning banking acts and regulations

• Learning types of banks

• Learning services offered by a bank

• deposit products

• mortgage and loans

• banking instruments

• clearing house

• Learning micr – magnetic ink character recognition

• Learning atm – automated teller machine

• electronic banking

• corporate banking

• telebanking/telephone banking

• voice-mail facility

• plastic money

• Learning loan scheduling and development

Costing and Auditing

• introduction to costing

• Learning the concept of cost accounting

• material / inventory

• Learning activity-based costing (ABC)

• marginal costing/ break-even analysis

• variance analysis

• introduction to auditing

• book-keeping, accountancy and auditing

• advantages of auditing

• limitations of auditing

• purpose of audit

• Learning types of audit

• vouching

• verification of assets and liabilities

• valuation

Investment & Financial Market

• investment market and its operation

• Learning risk and return

• financial market, participants and instruments

• security market and emerging trends

• company capital/shares

• Learning portfolio management

• bonds and debentures

• derivatives

• hedging

• depository

• dematerialisation and rematerialisation

• Learning mutual funds

• stock exchange/screen based trading

• investors protection, grievance and education

• time value money

• Learning ratio analysis