Podcast
Questions and Answers
Which Indian Accounting Standard (Ind AS) deals with 'Provisions, Contingent Liabilities and Contingent Assets'?
Which Indian Accounting Standard (Ind AS) deals with 'Provisions, Contingent Liabilities and Contingent Assets'?
According to Schedule III of the Companies Act, which of the following is a mandatory component of a company's financial statements?
According to Schedule III of the Companies Act, which of the following is a mandatory component of a company's financial statements?
In the context of cost accounting, which costing method is most suitable for industries dealing with highly customized or unique projects?
In the context of cost accounting, which costing method is most suitable for industries dealing with highly customized or unique projects?
Which provision of the Companies Act specifies the requirements related to Corporate Social Responsibility (CSR)?
Which provision of the Companies Act specifies the requirements related to Corporate Social Responsibility (CSR)?
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Which of the following is a fundamental concept in working capital management?
Which of the following is a fundamental concept in working capital management?
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Which of the following fall UNDER TDS provisions?
Which of the following fall UNDER TDS provisions?
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Which of the following is a key function of a Management Information System (MIS)?
Which of the following is a key function of a Management Information System (MIS)?
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Which logical reasoning concept involves drawing conclusions based on two or more propositions that are assumed to be true?
Which logical reasoning concept involves drawing conclusions based on two or more propositions that are assumed to be true?
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Flashcards
Ind AS
Ind AS
Indian Accounting Standards applicable to companies for financial reporting.
Cash Flow Statement
Cash Flow Statement
A financial document showing cash inflows and outflows over a period.
Ratio Analysis
Ratio Analysis
Assessment of financial statements using various ratios to evaluate performance.
Budgeting
Budgeting
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TDS Provisions
TDS Provisions
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Internal Audit
Internal Audit
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ERP
ERP
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GST Provisions
GST Provisions
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Study Notes
Financial & Management Accounting, Costing, and Legal
- Ind AS 7, 8, 16, 19, 23, 24, 28, 37, 38, 40, 108, 110, 111, 115, 116 standards for financial statements preparation and presentation.
- Schedule-III of Companies Act and consolidated financial statement analysis.
- Cash flow statement preparation and presentation.
- Audit of company accounts by internal, statutory, and CAG auditors.
- Ratio analysis, budgeting, revenue and capital budgets, budgetary control, dividend decisions.
- Working capital concepts and estimation for joint ventures and subsidiaries.
- Concepts of costing (marginal, absorption, standard, contract, service).
- Costing provisions of companies act concerning accounts, audit, and corporate governance.
- Auditor appointments, director appointments, director qualifications, board meetings, and their powers.
- Roles and functions of regulatory bodies affecting finance and accounts.
- Regulatory compliance by companies under various acts.
- Joint ventures and subsidiaries accounting, CARO provisions, CSR provisions.
English
- Comprehension and basic grammar, synonyms and antonyms, error spotting.
- Analogies, fillers, tenses, adjectives, adverbs, vocabulary, sentence improvement.
- Active and passive voice.
- Abbreviations, banking and financial awareness, infrastructure sector.
- Urban transport.
- Capital and money markets, functions, instruments, and recent developments.
General Awareness
- Current affairs (economic and political), government schemes and policies.
- Indexes and who's who.
Number Quantitative Ability
- Simplification, number series, simple and compound interest, percentage, average.
- Profit and loss, ratio and proportion, volume, data sufficiency (odd man out), work and time, permutation and combination, probability.
Basic of Computers
- MS Office (including advanced Excel and PowerPoint), ERP, management information systems.
- Digital transactions, financial inclusion (use of technology, AI).
- Sequences and series, direction and distance, coding and decoding.
- Input/output, syllogism, analogies, similarities, differences, problem-solving, analysis, and judgment.
- Comparisons.
Reasoning
- Individual, corporate, and international taxations.
- TDS/TCS provisions, advance tax.
- Returns and assessments.
- ICDS customs provisions, GST provisions.
Taxation
- Companies bank accounts, foreign exchange transactions.
- Financial risk management, credit rating, bank reconciliation statements, letters of credit/bank guarantees.
- Treasury management in PSUs.
- Investment of surplus funds in PSUs
- Types of tenders in PSUs, MSME & GeM procurements.
- TReDS payments.
- GOI guidelines applicable on procurement of goods/services/works.
- GOI guidelines for approval of projects and investment.
- Project management, payment of engineering/works bills, billing/un-billing in engineering contracts.
Banking & Treasury
- Collection of amounts from customers, aging of trade payables/receivables, expected credit loss provisioning.
Procurement & Payment
- Payment of engineering/works bills, billing/un-billing in engineering contracts, collection of amounts from customers.
- Ageing of trade payables/receivables.
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Description
This quiz covers the key standards like Ind AS and Companies Act that guide the preparation and presentation of financial statements. It also explores auditing practices, cash flow preparation, ratio analysis, and various costing concepts. Test your knowledge on regulatory compliance and the roles of different financial bodies!
