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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


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