Business Accountancy Practice Exam

Business Accountancy Practice Exam

Business accounting is a rapidly expanding field with high demand from the small and medium-sized business sectors. A Business Accountants is required to keep track of and analyze financial data for the businesses they work for. They are frequently found in executive and financial teams. Certified Business Accountants can work in SMEs all around the country.

Skills Acquired

• Learn necessary accounting concepts
• Wide knowledge of Taxation
• Complete information on Banking & Finance sectors
• Learning and utilizing Costing & Auditing
• Understand Investment & Financial Market
• GST (Goods and Services Tax)

What does a Business accountancy expert do?

A business accountant's job is to keep track of and evaluate a company's financial data. This certification, on the other hand, will teach applicants about important accounting and financial tools for understanding business, as well as the fundamentals of preparing financial statements. Furthermore, this course will assist applicants in learning the tools for recording and evaluating a company's financial data.

Career Opportunities

A career in business accounting allows you to specialize in a range of areas and work in a variety of settings. It also allows you to experiment with new things. Business accountants are in high demand because practically every company needs one. Accountants in the business world will find work in both the public and private sectors.

You have the option of launching your own firm as a business accountant. This is one of the reasons why so many people choose to work as business accountants: they have a lot of flexibility.

Course Outline

The business Accountancy practice exam covers the following topics:

MEANING AND SCOPE OF ACCOUNTING

• Meaning of Accounting
• Basics of Bookkeeping and Accounting
• Accounting Concepts and Principles
• Branches of Accounting
• Classification of Expense, Income, Assets and Liabilities
• Financial Statements
• Systems of Accounting 
• Source Document
• Journal
• Ledger  
• Trial Balance
• Subsidiary Books
• Types of Subsidiary Books
• Journal Proper
• Cash Book
• Bank Pass Book
• Petty Cash Book
• Imprest system
• Bank Reconciliation Statement 
• Rectification of Errors
• Suspense Account
• Capital Expenditure and Revenue Expenditure
• Capital Receipts and Revenue Receipts
• Depreciation
• Company Final Accounts  
• Shares

TAXATION

• Terminologies
• Residential Status of an entity
• Income Tax Liability
• Computation of Total Income
• Heads of Income Tax
• Taxability of Income 
• Income under House and Property  
• Deductions from Gross Total Income  
• Income from other source
• Advance Tax 
• Tax Deduction at Source (TDS)  

BANKING & FINANCE

• Introduction
• Banking Acts and Regulations
• Types of Banks 
• Services offered by a Bank
• Deposit Products
• Mortgage and Loans
• Banking Instruments
• Clearing House
• MICR – Magnetic Ink Character Recognition
• ATM – Automated Teller Machine 
• Electronic Banking
• Corporate Banking
• Telebanking/Telephone Banking 
• Voice-Mail Facility
• Plastic Money
• Loan Scheduling and Development  

COSTING & AUDITING

• Introduction to Costing
• Concept of Cost Accounting
• Material / Inventory
• 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
• Types of Audit
• Vouching
• Verification of Assets and Liabilities
• Valuation 

INVESTMENT & FINANCIAL MARKET

• Investment Market and its operation  
• Risk and Return
• Financial Market, Participants and Instruments
• Security Market and Emerging Trends
• Company Capital/Shares  
• Portfolio Management  
• Bonds and Debentures  
• Derivatives
• Hedging
• Depository
• Dematerialisation and Rematerialisation
• Mutual Funds
• Stock Exchange/Screen Based Trading
• Investors Protection, Grievance, and Education
• Time Value Money
• Ratio Analysis 

GST (Goods and Services Tax)

• What is Direct and Indirect Tax
  
• What is GST
• Why GST
• GST Model
• IGST Method
• GST Terms
• Taxable Event
• Threshold Limits
• GST Exempt Supply
• Input Tax Credit
• Electronic Ledger
• GST Input Tax Credit (ITC)
• GST Composition Scheme or Levy
• Reverse Charge
• Input Service Distributor (ISD)
• GST Supply
• GST Value of Supply
• GST Time of Supply
• GST Place of Supply
• GST Compliance Rating
• GST Registration
• GSTIN
• GST Registration Forms
• Casual Registration
• Non-Resident Person
• Deemed Registration
• Voluntary GST Registration
• Amendment to GST Registration
• GSTIN Cancellation and Revocation
• HSN Codes
• GST Invoicing
• GST Bill of Supply
• GST Supplementary and Revised Invoices
• GST Return
• GSTN Dashboard
• Return Filing on GSTN
• GST Valuation