Railway Accounts Chapter III Quiz
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What is the purpose of preparing statements in Form A-328?

  • To reconcile transactions under the head 'Transfers Railway'. (correct)
  • To outline the monthly profit and loss of the railway.
  • To report safety incidents on the railway lines.
  • To summarize employee salaries for the month.

    • Which accounts need to be included in the figures shown in Form A-328?

  • Revenue Accounts and Operational Costs.
  • Construction Accounts and Safety Inspections.
  • Only Capital Accounts.
  • Capital, Revenue, and Construction Accounts. (correct)

    • Which schedule must accompany the monthly Capital Account Current?

  • Schedule of Railway Staff Payments.
  • Schedule of Customer Complaints.
  • Schedule of credits and debits to Transfer Railways. (correct)
  • Schedule of Promotional Offers.

    • What is the ruling paragraph applicable to the Capital Account Current of Open Lines and New Constructions?

    <p>The rules laid down in paragraph 325 are applicable.</p> Signup and view all the answers

    What type of account is NOT mentioned as part of the summary for Form A-328?

    <p>Operational Account.</p> Signup and view all the answers

    What action should be taken by the Accounts officer after three years regarding amounts credited to 'Deposit unpaid Wages'?

    <p>Transfer them to the 'Staff Benefit Fund'.</p> Signup and view all the answers

    How soon should the adjustment related to unpaid wages be made after three years?

    <p>Prior to the fifteenth day after the period.</p> Signup and view all the answers

    Who will release the money from the Staff Benefit Fund to the claimant?

    <p>The Chairman of the Staff Benefit Fund Committee.</p> Signup and view all the answers

    What is required for the funds to be published in local newspapers?

    <p>They must be published in two newspapers and displayed on notice boards.</p> Signup and view all the answers

    Who can make claims for the unpaid wages according to the rules specified?

    <p>Spouse or children, or dependent relatives if no spouse or children exist.</p> Signup and view all the answers

    For how long can unpaid wages remain with the paymaster before being transferred?

    <p>For a period of seven years.</p> Signup and view all the answers

    Which of the following is NOT a duty of the Accounts officer regarding unpaid wages?

    <p>Processing claims for relatives of deceased employees.</p> Signup and view all the answers

    What is the purpose of Form VI as outlined in the content?

    <p>To transfer undisbursed wages to the Staff Benefit Fund</p> Signup and view all the answers

    Which of the following is NOT included in the details required in Form VI?

    <p>Employee performance evaluations</p> Signup and view all the answers

    What must be mentioned in the Form VI regarding the establishment?

    <p>The name and address of the establishment</p> Signup and view all the answers

    How should the amount of undisbursed wages be stated in Form VI?

    <p>Both in numbers and words</p> Signup and view all the answers

    What happens if the employed person has not made a nomination?

    <p>Wages will remain undisbursed and can be transferred to the Staff Benefit Fund</p> Signup and view all the answers

    What is included in Annexure I of Form VI?

    <p>Details of employees with undisbursed wages</p> Signup and view all the answers

    What is the significance of the rubber stamp in Form VI?

    <p>It verifies the authenticity of the establishment's signatures</p> Signup and view all the answers

    What does the statement 'no nomination had been made' imply regarding wage disbursement?

    <p>Wages are to be transferred to the Staff Benefit Fund</p> Signup and view all the answers

    What should be indicated regarding the number of cases in Form VI?

    <p>The number of undisbursed wage cases and nominees</p> Signup and view all the answers

    What is the deadline for submitting the accounts for the month of June?

    <p>16th of August</p> Signup and view all the answers

    When should the accounts for March be submitted to the Railway Board?

    <p>By the 31st July</p> Signup and view all the answers

    What should be done with the subsidiary registers after submitting the accounts?

    <p>They should be reconciled with the General Books.</p> Signup and view all the answers

    What must be recorded each month in the subsidiary registers?

    <p>Certificate of reconciliation</p> Signup and view all the answers

    What accounts should be prepared separately for Capital and Revenue transactions?

    <p>Accounts Current</p> Signup and view all the answers

    In which months should the accounts be closed in the same manner as March?

    <p>June, September, December</p> Signup and view all the answers

    When should the monthly accounts of the Divisions/Workshops be submitted?

    <p>By the last day of the following month</p> Signup and view all the answers

    What additional time allowed for accounts closure should be utilized for?

    <p>Reconciling and adjusting outstanding transactions</p> Signup and view all the answers

    What is a requirement when accounts of expenditure on Construction are maintained by a separate organization?

    <p>Separate Schedules of expenditure must be prepared.</p> Signup and view all the answers

    Whose signature is required for the reconciliation record in the subsidiary registers?

    <p>An Accounts Officer</p> Signup and view all the answers

    What should be done if the accounts cannot be sent to the Railway Board on the prescribed date?

    <p>Report the delay immediately with an explanation.</p> Signup and view all the answers

    What is the principle for preparing an Account Current?

    <p>All entries should be shown net.</p> Signup and view all the answers

    What should the 'account to date' column in the Accounts Current show?

    <p>Transactions from the start of the official year.</p> Signup and view all the answers

    What is required for changes to be made to the major or minor heads in the Revenue Account Current?

    <p>The Railway Board's prior approval.</p> Signup and view all the answers

    What is Appendix XI associated with in the context of the Revenue Account Current?

    <p>The preparation guidelines for Account Current.</p> Signup and view all the answers

    Which form should be used for preparing schedules under each head?

    <p>Form A-327.</p> Signup and view all the answers

    What is required for the schedules of debits and credits to the Transfers Railway?

    <p>Two separate schedules, one for debits and one for credits.</p> Signup and view all the answers

    For expenditures classified under Part II 'Contingency Fund', what should be done?

    <p>Prepare and submit separate schedules.</p> Signup and view all the answers

    What is one of the reasons for classifying receipts and disbursements under prescribed heads in Account Current?

    <p>To facilitate easier auditing and review.</p> Signup and view all the answers

    Which of the following statements is true regarding opening and closing balances in the Accounts Current?

    <p>Opening and closing balances must be shown for the year and the month referred to.</p> Signup and view all the answers

    In which circumstance should an expenditure that is disputed be charged to the accounts?

    <p>When the final decision regarding the expenditure is made</p> Signup and view all the answers

    What is the responsibility of the Accounts Officer regarding anticipated liabilities?

    <p>To prepare accurate reports highlighting all anticipated liabilities</p> Signup and view all the answers

    What should be done with the Final Accounts Current after the financial year closes?

    <p>They must reach the Railway board by a specific deadline</p> Signup and view all the answers

    What action is required if demands for appropriation of amounts for expenditures are presented to Parliament?

    <p>Suitable provisions must be made for anticipated liabilities</p> Signup and view all the answers

    How are the Accounts Current consolidated on Railways before submission to the head office?

    <p>Compiled accounts from subordinate Officers are aggregated into one document</p> Signup and view all the answers

    What is one of the primary duties of the Accounts Officer related to their accounts circle?

    <p>To collect and account for all receipts and disbursements of their accounts circle.</p> Signup and view all the answers

    Which document serves as the initial record for a cash transaction?

    <p>Cash voucher</p> Signup and view all the answers

    For what purpose is a journal slip used in the accounts management process?

    <p>To document adjustments between one accounting head and another.</p> Signup and view all the answers

    What is included in the General Books of the railway as essential records?

    <p>The Daily Abstract of Cash Transactions.</p> Signup and view all the answers

    Which type of transactions is classified under book adjustments?

    <p>Adjustments between accounting heads for issued stores.</p> Signup and view all the answers

    What is the frequency at which an Accounts Officer must compile detailed accounts for their circle?

    <p>Monthly and annually.</p> Signup and view all the answers

    Which of the following best describes a cash book in accounting?

    <p>A systematic record of cash receipts and disbursements.</p> Signup and view all the answers

    What is required to support every entry in the Daily Abstract of Cash Transactions?

    <p>A voucher signed by an Accounts Officer</p> Signup and view all the answers

    What purpose do the two sets of Journals and Ledgers serve?

    <p>To maintain separate records for revenue and capital accounts</p> Signup and view all the answers

    Which of the following actions is NOT a responsibility when maintaining the General Cash Book?

    <p>Updating fees for services rendered</p> Signup and view all the answers

    What should the debit side of the General Cash Book represent?

    <p>All cash received</p> Signup and view all the answers

    In case of capital cash transactions, which account should be referenced for allocations?

    <p>Transfers, Railway Capital</p> Signup and view all the answers

    Which of the following forms is specifically related to the General Cash Book?

    <p>Form A-304</p> Signup and view all the answers

    Which of the following should be included in the posting for the General Cash Book?

    <p>Station remittances from the Cash Check Sheets</p> Signup and view all the answers

    How should the balance of the Daily Abstract of Cash Transactions be checked?

    <p>By reconciling with the Cashier's Cash Book</p> Signup and view all the answers

    What is the detailed allocation of cash transactions chargeable to Capital meant to accomplish?

    <p>Track funding for railway projects</p> Signup and view all the answers

    What should each Journal entry include to support its validity?

    <p>A narration providing detailed reasons for the adjustment</p> Signup and view all the answers

    Which of the following is necessary to verify the accuracy of postings in the Journal?

    <p>Preparing a Trial Balance from totals of debit and credit</p> Signup and view all the answers

    By what date should the accounts for June be submitted to the Railway Board?

    <p>16th August</p> Signup and view all the answers

    How should Journal Slips be arranged for ease of access?

    <p>Filed in a distinct numerical series from Cash vouchers</p> Signup and view all the answers

    What is the primary purpose of the additional time allowed for closing accounts for June, September, and December?

    <p>For complete reconciliation and adjustments</p> Signup and view all the answers

    What should be done within a week after submitting the Accounts?

    <p>Reconcile subsidiary registers with General Books</p> Signup and view all the answers

    What is the role of the Ledger in the accounting process?

    <p>To record all receipts and charges under various heads of account</p> Signup and view all the answers

    What is the maximum date by which March accounts can reach the Railway Board?

    <p>31st July</p> Signup and view all the answers

    What is a crucial step the accounting circle must perform with the closing totals of the journal?

    <p>Post them in the General Ledger record</p> Signup and view all the answers

    Who needs to sign the reconciliation certificate recorded in subsidiary registers?

    <p>An Accounts Officer</p> Signup and view all the answers

    Which subsidiary record is NOT explicitly mentioned as necessary for each accounting circle?

    <p>Cash Flow Statements</p> Signup and view all the answers

    What is the requirement for the Cash Transactions of the month in the Revenue Journal?

    <p>They need to be included at the bottom of the Journal</p> Signup and view all the answers

    What should be prepared separately when maintaining accounts for New Constructions?

    <p>Accounts Current</p> Signup and view all the answers

    When are the monthly accounts of the Divisions/Workshops due to be submitted?

    <p>By the last day of the following month</p> Signup and view all the answers

    What must be compared to ensure that the Trial Balance is correct?

    <p>The totals of debits and credits under each head</p> Signup and view all the answers

    What document must accompany the monthly Accounts Current submitted to the Railway Board?

    <p>Supporting schedules</p> Signup and view all the answers

    What is one of the main functions of the Journal Slips in relation to the accounts?

    <p>To document detailed account adjustments</p> Signup and view all the answers

    What is the essential step to be undertaken after closing the General Books for a month?

    <p>Prepare the monthly Accounts Current</p> Signup and view all the answers

    What type of entries should Journal Slips bear compared to Cash vouchers?

    <p>Separate series of numbers distinct from Cash vouchers</p> Signup and view all the answers

    What kind of records should be maintained for accounts of expenditure on Construction if not by a separate organization?

    <p>Separate Schedules of expenditure</p> Signup and view all the answers

    Study Notes

    Chapter III: Compilation of Railway Accounts

    • Introduction (301): Accounts officers have duties related to collecting and recording receipts and expenditures for their assigned accounts circle. This includes transferring items to other circles, adjusting accounts for their circle, and generating monthly and annual financial reports.

    General Books and Subsidiary Records

    • Daily Abstract of Cash Transactions (General Cash Book, Form A-304): A daily record of all cash transactions in the accounts circle. A voucher must support each entry. The total must match the cashier's cash book.

    • Monthly Classified Abstract of Cash Transactions (General Cash Book, Form A-306): A monthly summary of cash transactions posted daily from the General Cash Book (A-304). This is kept in two parts: receipts and disbursements.

    • Journal (Form A-307): A record of transactions that don't involve direct cash, such as transfers or adjustments. Each entry is supported by a journal slip (A-308).

    • Ledger (Form A-310): A book containing accounts from the journal. It summarizes and records balances for each account.

    Subsidiary Accounts Records

    • Registers of Earnings (A-313): Records earnings information.

    • Revenue Allocation Registers (A-312): Track revenue allocation.

    • Registers of Works (E-1473): Records work expenditures.

    • Suspense Registers (A-320): Record transactions that can't immediately be classified to final accounts.

    Deposits Unpaid Wages (A-316)

    • Unpaid wages are recorded, detailing return information from the Pay office.

    • Statements are created to track cash transactions for these unpaid wages.

    • Unpaid wage amounts greater than 100 rupees are retained in a register for three years or until no further claims are expected.

    Miscellaneous Registers

    • Miscellaneous Advances (Capital/Revenue), Loans, Advances to Government Servants, and Deposits (Miscellaneous): Separate registers for miscellaneous transactions and amounts.
    • These registers facilitate tracking of miscellaneous advances, loans, advances to government servants, and miscellaneous deposits.

    Accounts Current

    • Capital and Revenue Accounts Current (323): Monthly or final account statements summarizing transactions. These accompany schedules.

    • Account Current Schedules (324-331): Detailed schedules accompany the account current, with different forms for capital and construction accounts.

    • Consolidation (338, 340): Individual railway account statements are grouped into one Account for each Railway office or by the Railway Board.

    Other Key Topics

    • Annual Closing of Books (332): Financial year-end closure procedure. Ensuring all transactions are recorded and reconciled.

    • Statement of Approximate Receipts and Disbursements (344): General overview of cash flows, detailing receipts and expenditures.

    • Approximate Account Current (341): A summary version of the account current with key information.

    • Consolidation (340): The final consolidated accounts presented to the relevant authorities/departments.

    • Detailed financial forms and their associated schedules used to record and consolidate revenue and expenditure data exist and are important.

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    Railway Accounts Compilation PDF

    Description

    Test your knowledge on the compilation of railway accounts in this Quiz based on Chapter III. Explore the processes of recording cash transactions, adjusting accounts, and generating financial reports. Ideal for accounts officers and financial professionals within the railway sector.

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