Annual Accounts and Returns Overview
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Questions and Answers

Which head of account is associated with Gauge conversion?

  • 1400 (correct)
  • 4100
  • 3200
  • 5300

    • What is the purpose of Schedule H?

  • To record the depreciation of assets
  • To document major projects and their expenditures
  • To summarize operational budgets
  • To detail expenditures from the Contingency Fund (correct)

    • Which minor head is related to staff amenities?

  • 2100
  • 5300 (ii) (correct)
  • 6100
  • 3500

    • What is the primary focus of Form A.740?

    <p>Expenditure under major head 5002/5003 met from Depreciation Reserve Fund</p> Signup and view all the answers

    Which expenditure category includes rolling stock?

    <p>2100</p> Signup and view all the answers

    What is the primary focus of the Capital Account?

    <p>To track capital transactions from the start of operations to the end of the year</p> Signup and view all the answers

    Which of the following should NOT be shown in the Capital Account?

    <p>Revenue from sales</p> Signup and view all the answers

    What is the significance of the statement being prepared in Form A.710?

    <p>It standardizes the presentation of capital transactions</p> Signup and view all the answers

    In the Revenue Account, which type of expenses is generally included?

    <p>Superintendence and repairs</p> Signup and view all the answers

    According to the capital transaction requirements, the total should include which of the following?

    <p>Expenditures incurred in the previous fiscal year and the current fiscal year</p> Signup and view all the answers

    What does the note about the Capital Account signify?

    <p>It should show transactions throughout the entire operational period</p> Signup and view all the answers

    Which item is likely to be included in the Revenue Account's expenses?

    <p>Repairs and Maintenance of Motive Power</p> Signup and view all the answers

    What is the purpose of Form 715 in the context of earnings?

    <p>To prepare a separate statement for each Abstract of Earnings.</p> Signup and view all the answers

    Which statement is associated with outstanding earnings?

    <p>Form A-716</p> Signup and view all the answers

    What type of outstanding earnings are due from public companies according to the statement?

    <p>Sundry dues from municipal boards</p> Signup and view all the answers

    Which category is NOT listed under the reasons for outstanding earnings?

    <p>Internal account discrepancies</p> Signup and view all the answers

    What does Statement No. XV represent?

    <p>Net revenue account for railways</p> Signup and view all the answers

    What information is recorded in the column labeled 'Reasons for outstanding'?

    <p>The specific entity that owes the earnings</p> Signup and view all the answers

    In Form A-716, which of the following is NOT considered a category for outstanding earnings?

    <p>Outstanding payment from contractors</p> Signup and view all the answers

    What should be prepared for each Abstract of Revenue Working Expenses?

    <p>A separate statement</p> Signup and view all the answers

    Which item would typically appear under 'Sundries' in outstanding earnings?

    <p>Cash in transit</p> Signup and view all the answers

    What is the purpose of the Depreciation Reserve Fund?

    <p>To accumulate funds for asset depreciation</p> Signup and view all the answers

    What is the interest rate for the subsidy on pre-1964 capital?

    <p>@ 5.5%</p> Signup and view all the answers

    Which line item is NOT included in the details of subsidy under specific heads?

    <p>Accident Compensation Claims</p> Signup and view all the answers

    What does T.W.F.A. stand for?

    <p>Transfer without financial adjustment</p> Signup and view all the answers

    Which statement outlines the accounts for Pension Fund and Accident Compensation?

    <p>Statement No.XVII</p> Signup and view all the answers

    What type of lines are defined as strategic lines in the context?

    <p>Lines critical for national security</p> Signup and view all the answers

    Which form is used to prepare the statement for Depreciation Reserve Fund?

    <p>Form A.720-A</p> Signup and view all the answers

    What is the subsidy rate for new lines taken after April 1, 1955?

    <p>Average borrowing rate</p> Signup and view all the answers

    What type of account is the Safety and Passenger Amenities Fund considered?

    <p>Reserve account</p> Signup and view all the answers

    What is one of the categories for capital outlay relating to the subsidy?

    <p>Welfare Buildings</p> Signup and view all the answers

    What is the purpose of Form A. 732?

    <p>To detail expenditure for railway policy formulation.</p> Signup and view all the answers

    Which minor head of expenditure falls under the Railway Board?

    <p>Pensionary charges</p> Signup and view all the answers

    Which of the following is NOT mentioned as a component of Research, Design and Standards Organisation expenditures?

    <p>Cost of Railway Audit Staff</p> Signup and view all the answers

    What type of fund is mentioned in relation to accident compensations?

    <p>Safety and passenger Amenities fund</p> Signup and view all the answers

    What should be prepared on Form A. 733?

    <p>Detailed accounts of surveys that have been closed.</p> Signup and view all the answers

    Which of the following is listed under Miscellaneous Charges?

    <p>Total Misc. Charges</p> Signup and view all the answers

    What needs to be deducted from the Grand Total according to the document?

    <p>Expenditure in England.</p> Signup and view all the answers

    What is the relationship between ‘amount met from Railway pension Fund’ and ‘Pensionary charges’?

    <p>Amount met from Railway pension Fund is deducted from Pensionary charges.</p> Signup and view all the answers

    Which of the following expenditures is associated with the Audit processes?

    <p>Pay of Officers</p> Signup and view all the answers

    What represents the net financial output after adjustments in the financial reporting?

    <p>Net Indian Outlay</p> Signup and view all the answers

    Which statement best describes the purpose of Schedule A?

    <p>It provides details on closed surveys and their financial implications.</p> Signup and view all the answers

    What does Statement No. XIX primarily address?

    <p>Details related to pension and accident compensation funds.</p> Signup and view all the answers

    Which of the following best characterizes the contents of Form A.740?

    <p>It showcases the receipts and expenditures of the dividend accounts.</p> Signup and view all the answers

    Which item is included under the supplementary accounts category?

    <p>Outstanding revenue earnings records.</p> Signup and view all the answers

    In the context of capital accounts, which of the following statements is accurate?

    <p>It includes provisions for depreciation and loss recovery.</p> Signup and view all the answers

    What is the function of the Depreciation Reserve Fund within the annual accounts?

    <p>To set aside funds for asset depreciation and maintenance.</p> Signup and view all the answers

    Which of the following best explains the significance of Statement No. VIII?

    <p>It offers insights into the capital structure and asset distribution.</p> Signup and view all the answers

    What is included in the detail of transactions listed under 'Suspense balances affecting credit to Revenue'?

    <p>Traffic Account related adjustments</p> Signup and view all the answers

    Which of the following statements best describes the purpose of confirming the balances under the several Suspense heads?

    <p>To verify the financial integrity of revenue accounts</p> Signup and view all the answers

    What type of balance is likely to be impacted by the line item 'Increase/Decrease in suspense balances during the year'?

    <p>Suspense balances related to other Railways</p> Signup and view all the answers

    What does the term 'Cash Government Total' encompass in the provided context?

    <p>The total cash balance verified from Disbursing officers</p> Signup and view all the answers

    Which statement accurately reflects the significance of the certified statement regarding the Finance Account?

    <p>It verifies that accounts compiled align with existing rules and orders</p> Signup and view all the answers

    What should be shown separately for both open lines and lines under construction in Schedule C?

    <p>Capital outlay</p> Signup and view all the answers

    What specific information is required in Schedule D regarding railway construction?

    <p>Capital outlay during the year</p> Signup and view all the answers

    What must be certified by the Financial Adviser and Chief Accounts Officers according to Schedule E?

    <p>Internal check of suspense balances</p> Signup and view all the answers

    Which of the following forms should be prepared for the Depreciation Reserve Fund?

    <p>Form A. 736</p> Signup and view all the answers

    What is the focus of the information detailed in Form A. 735?

    <p>Construction expenses charged against state governments</p> Signup and view all the answers

    What aspect of railway finances is highlighted in Schedule E?

    <p>Balances in the Accounts Officer's book</p> Signup and view all the answers

    What categorization does Schedule C require for the capital outlay?

    <p>Commercial lines versus strategic lines</p> Signup and view all the answers

    What does Form A. 734 need to be prepared based on?

    <p>Concordance List of old and revised classifications</p> Signup and view all the answers

    In what situation is Form A. 736 necessary?

    <p>To exhibit balances in the Accounts Officer's book</p> Signup and view all the answers

    Which statement is required to accompany Schedule E regarding finance accounts?

    <p>A certification of correctness by statutory audit</p> Signup and view all the answers

    What does the Capital Authorised statement primarily outline?

    <p>Estimates of capital expenditures related to operations</p> Signup and view all the answers

    Which of the following statements correctly describes the Accidental Compensation Fund?

    <p>Primarily deals with compensation for accidents and safety measures</p> Signup and view all the answers

    Which statement is not part of the statements for the Revenue Account?

    <p>Statement of expenses under Policy Formulation</p> Signup and view all the answers

    What is the purpose of the Depreciation Reserve Fund Account?

    <p>To record depreciation on assets and reserve funds</p> Signup and view all the answers

    Which statement requires preservation for ten years according to the noted guidelines?

    <p>Accounts of the worked lines</p> Signup and view all the answers

    What does Statement No. II provide relevant information about?

    <p>Stock and Share Capital created</p> Signup and view all the answers

    Which type of account includes both the Pension Fund and compensation aspects?

    <p>Accident Compensation, Safety and Passenger Amenities Fund</p> Signup and view all the answers

    Which statement does NOT reflect expenses charged under the Development Fund?

    <p>Charging of ongoing projects to the general revenue</p> Signup and view all the answers

    What information is likely captured in the Statement showing capital-at-Charge?

    <p>Dividend calculations for stakeholders</p> Signup and view all the answers

    Which of the following items directly contributes to the Pension Fund as indicated in the expenditure categories?

    <p>Deduct-amount met from Railway pension Fund</p> Signup and view all the answers

    What is included in the expenditures associated with the Research, Design and Standards Organisation?

    <p>Pay of Officers</p> Signup and view all the answers

    Which of the following expenditures is NOT categorized within the Miscellaneous Establishments?

    <p>Appropriation to Pension Fund</p> Signup and view all the answers

    Which minor head of expenditure must be prepared for each circle related to inspections?

    <p>Inspection</p> Signup and view all the answers

    For which of the following does the document suggest an appropriation to the Accident compensations fund?

    <p>Appropriation to Accident compensations</p> Signup and view all the answers

    What category is specifically excluded from being accounted for under the Railway pension Fund according to the expenditures listed?

    <p>Deduct-amount met from Pension Fund</p> Signup and view all the answers

    Which type of costs is primarily associated with the payment of officers in the context of the Railway Board?

    <p>Pay of Officers</p> Signup and view all the answers

    Which of the following represents the total financial output related to surveys according to the outlined expenditures?

    <p>Closed Accounts of Surveys</p> Signup and view all the answers

    What distinguishes the miscellaneous charges from total misc. charges as indicated in the section?

    <p>Nature of the charges</p> Signup and view all the answers

    What constitutes the overall expenditures in the context of inspection processes for each circle?

    <p>Minor heads of expenditure</p> Signup and view all the answers

    Study Notes

    Annual Accounts and Returns

    • Introductory (701): Annual accounts are compiled after final accounts are submitted.
    • Capital and Revenue Account (702): These accounts review railway finances as a commercial undertaking. They include details of capital expenditure, revenue expenditure, earnings, and working expenses.
    • Capital Authorised (703): This statement details the authorized capital, including that raised through loans, debentures, and debenture stock.
    • Capital Account, details (703-710): A series of statements detail capital received through different means, stocks, shares, etc.
    • Receipts and Expenditure on Capital Account (706): The receipts and expenditure on capital account are detailed. These are only for worked lines
    • Revenue Account (710-717): These statements summarize the distribution of earnings and proportional working expenses. Details of revenue, working expenses, and net revenue accounts are shown.
    • Dividend Account (717): Details of dividend payments are recorded in this account.
    • Depreciation, Pension, and Accident Compensation Funds (719): Expenditure related to these funds and associated accounts are tracked.
    • Expenditure under Policy Formulation (719): Statement detailing expenditure related to formulated policies.
    • Expenditure on Development Fund (721): Details of expenditure charged to the development fund.
    • Expenditure on Open-Line Works Revenue (722): Statement of expenditures on open-line work revenues.
    • Supplementary Accounts (725): Additional supplementary accounts are discussed.
    • Finance Accounts (728): Definition, scope (e.g., Closed Surveys, Capital Expenditure), and date of submission (e.g., 15th September) of financial accounts are described.
    • Schedule A – F Detailing Accounts (729-741): Additional information, schedules, and accompanying descriptions detailing accounts are listed. (Detailed financial information on various aspects of the railway system, shown in separate forms or schedules)
    • Debt Head Report (748): Due date (e.g., 15th September) and analysis of balance data for debt reports are detailed.
    • Annual Expenditure (753): Accounting and procedures for annual expenditure (e.g., Worked lines, construction) are detailed.
    • Statements of Exchange (754): Statements related to currency exchange transactions are outlined.
    • Statements showing Balance under Debt Heads (750): Descriptions of financial statements to account for outstanding balances are provided.
    • Certificates regarding Accounts for the Year (727): Required certification statements for various accounts (e.g., Audit Certificate, Permanent Way, Rolling Stock) are listed.
    • Statement Showing Balance under Debt Heads for the year ending 31st March (750): A statement shows the financial situation under debt accounting for a designated fiscal year.
    • Appendix A detailing indirect charges (742): Provides information about indirect charges related to Capital and Revenue accounts, including those for pensionary charges or land revenue.

    Additional Statements for Various Accounts

    • Capital Outlay/Authorised (704): Details of capital funds creation to support lines and projects; information applies only to worked lines.
    • Capital Raised (705): Information on loans, debentures, and debenture stocks; information applies only to worked lines.
    • Details of Capital Expenditure (707): Detailed breakdown of capital expenditure for different types of lines (open for traffic or under construction).
    • Estimates of Further Expenditure (708): Estimates of further capital expenditure for lines opened or under construction; specific instructions for preparing these estimates are included.
    • Capital, Powers, and Assets (709): Summary of capital powers, and assets available for future expenditures, for worked lines.
    • Revenue (710-717): Summarised distribution of earnings, and working expenses; for each revenue reporting category, the details are specified, like working expenses of rolling stock and equipment and fuel.
    • Summary of Working Expenses (713): Summary of working expenses is detailed; separated by account like, for staff amenities, and welfare.
    • Net Revenue Account (714): Statement summarizing net revenue; including calculations of dividends.
    • Outstanding Earnings (715): Reporting on outstanding earnings; classified by categories.

    Accounting Forms/Formats

    • Forms A.703, A.704, A.705, A.706, etc.: Specific forms with detailed instructions for reporting various capital and revenue-related account statements. (Specific examples of formats for different accounts)
    • Detailed statements relating to specific topics: Multiple statements exist to clarify areas of financial accounts (e.g., Capital Outlay, Receipts, and Expenditure)

    Additional Information

    • Appendices (various): Additional appendices in financial reports (e.g., Depreciation Reserve, Pension, Accident Compensation, Safety, or Passenger Amenities Fund, detailing specific categories of expenses); often accompanied by specific forms.
    • Supplementary Accounts (725): Additional information to support the financial statements.
    • Statements specific to closed surveys (733): Specific financial statements for closed survey work.
    • Statements for capital expenditure outside revenue accounts (734): Financial statements focused on construction or related capital expenditure not included within the revenue accounts.

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    Chapter VII: Annual Accounts and Returns (PDF)

    Description

    This quiz covers the key concepts of annual accounts and returns, including capital and revenue accounts, receipts and expenditures, and dividend payments. It provides insights into how railway finances are managed and reported. Test your understanding of financial facts presented in these accounts.

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