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Provides Previous questions and Previous year question papers of Kerala PSC,UPSC, SSC,RRB,CTET,KTETand other Competitive Exams.ICDS Supervisor Study Materials ,ICDS Supervisor previous Questions, ICDS Supervisor MCQs,ICDS Supervisor Questions and Answers

Showing posts with label Accountacy. Show all posts
Showing posts with label Accountacy. Show all posts

30 June 2022

[Solved paper] Accounts Officer 040/2020 provisional answer key|Accounts Officer previous question paper

Accountacy , answer Key
[Solved paper] Accounts Officer 040/2020 provisional answer key|Accounts Officer previous question paper

 

[Solved paper] Accounts Officer 040/2020  provisional answer key|Accounts Officer previous question paper


PROVISIONAL ANSWER KEY Accounts Officer 040/2020

Question Paper Code: 30/2022/OL

Category Code: 040/2020

Exam: Accounts Officer (NCA- Ezhava/ Thiyya/ Billava)

Date of Test :  09-06-2022

Department:  Kerala Co operative Milk Marketing Federation Limited

Alpha code:  A

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19 October 2019

Kerala Financial Corporation Assistant Quick Revision Questions

Accountacy , divisional accountant
Kerala Financial Corporation Assistant Quick Revision Questions

1 Computerized Accounting System:


 A computerized accounting system is an accounting information system that processes financial transactions and events to produce reports as per user requirements. 

It is based on the concept of a database and has two basic requirements:


 (a) Accounting framework and
(b) Operating Procedure.


2 Advantages of Computerised Accounting System :



• Speed • Accuracy• Reliability • Up-to-date• Scalability • Legibility• Efficiency • Quality Report• MIS Reports • Real-time user interface• Storage and Retrieval • Motivation and Employees interest• Automated document production


3 Limitations of Computerised Accounting System :
• Cost of training • Staff Opposition• Disruption • System failure
• Breaches of security • Ill-effects on health• Inability to check
unanticipated errors

4 Categories of Accounting Packages :


• Ready-to-Use • Customised• Tailored



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Set 2 Kerala Financial Corporation Assistant Quick Revision Questions

Accountacy , divisional accountant
Set 2 Kerala Financial Corporation Assistant Quick Revision Questions

Set 2Kerala Financial Corporation Assistant Quick Revision Questions

Depreciation


• Depreciation is “a measure of the wearing out, consumption or other loss of value of depreciable asset arising from use, effluxion of time or obsolescence through technology and market change.


 Depreciation is allocated so as to charge a fair proportion of depreciable amount in each accounting period during the expected useful life of the asset. 

Depreciation includes amortization of assets whose useful life is pre-determined”.


• Depreciation has a significant effect in determining and presenting the financial position and results of operations of an enterprise. 

Depreciation is charged in each accounting period by reference to the extent of the depreciable amount.

• The subject matter of depreciation, or its base, are ‘depreciable’ assets “are expected to be used during more than one accounting period. have a limited useful life; 

and  are held by an enterprise for use in production or supply of goods and services,  for rental to others, or for administrative purposes and not for the purpose of sale in the ordinary course of business.”


• The amount of depreciation basically depends upon three factors, i.e. Cost, Useful life and Net realizable value.



• The cost of a fixed asset is “the total cost spent in connection with its acquisition, installation and commissioning as well as for add item or improvement of the depreciable asset”.


• The useful life of an asset is the “period over which it is expected to be used by the enterprise”.


• There are two main methods of calculating the depreciation amount.
       straight-line method
       written down value method


• Selection of appropriate method depends upon the following factors:

• type of the asset
• nature of the use of such asset
• circumstances prevailing in the business.


• The selected depreciation method should be applied consistently from period to period. Change in the depreciation method may be allowed only under specific  circumstances.

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18 October 2019

20 Basic Terms in Accounting Kerala Financial Corporation assistant Expected Questions

Accountacy , divisional accountant
20 Basic Terms in Accounting Kerala Financial Corporation assistant Expected Questions



Basic Terms in Accounting Kerala Financial Corporation assistant Expected Questions


Different Roles of Accounting



1.  As a language – it is perceived as the language of business which is used to communicate information on enterprises;

2.  As a historical record- it is viewed as chronological record of financial transactions  of an organisation at actual amounts involved;

3.  As current economic reality- it is viewed as the means of determining the true  income of an entity named the change of wealth over time;


4.  As an information system – it is viewed as a process that links an information  source (the accountant) to a set of receivers (external users) by means of a channel  of communication;

5. As a commodity- specialized information is viewed as a service that is in demand in society, with accountants being willing to and capable of providing it.

Basic Terms in Accounting


1 Entity



Entity means a thing that has a definite individual existence. Business entity means a specifically identifiable business enterprise like Super Bazaar, Hire  Jewellers, ITC Limited, etc. An accounting system is always devised for a specific business entity (also called accounting entity).

2 Transaction

An event involving some value between two or more entities. It can be a purchase of goods, receipt of money, payment to a creditor, incurring expenses, etc. 

It can be a cash transaction or a credit transaction.


3 Assets




Assets are economic resources of an enterprise that can be usefully expressed in monetary terms. 


Assets are items of value used by the business in its operations. 

For example, Super Bazar owns a fleet of trucks, which is used by
it for delivering foodstuffs; the trucks, thus, provide economic benefit to the enterprise. This item will be shown on the asset side of the balance sheet of Super Bazaar. 



Assets can be broadly classified into two types: 

Fixed Assets and Current Assets.

Fixed Assets are assets held on a long-term basis, such as land, buildings, machinery, plant, furniture and fixtures.

 These assets are used for the normal operations of the business.

Current Assets are assets held on a short-term basis such as debtors(accounts receivable), bills receivable (notes receivable), stock (inventory), temporary marketable securities, cash and bank balances.


4 Liabilities


Liabilities are obligations or debts that an enterprise has to pay at some time in the future. 

They represent creditors’ claims on the firm’s assets. Both small
and big businesses find it necessary to borrow money at one time or the other, and to purchase goods on credit. 


Super Bazar, for example, purchases goods for Rs. 10,000 on credit for a month from Fast Food Products on March 25,  2005. 

If the balance sheet of Super Bazaar is prepared as at March 31, 2005, Fast Food Products will be shown as creditors on the liabilities side of the balance sheet. 


If Super Bazaar takes a loan for a period of three years from  Delhi State Co-operative Bank, this will also be shown as a liability in the
balance sheet of Super Bazaar. 

Liabilities are classified as long-term liabilities and short-term liabilities (also known as short-term liabilities).



Long-term liabilities are those that are usually payable after a period of one year, for example, a term loan from a financial institution or debentures  (bonds) issued by a company.

Short-term liabilities are obligations that are payable within a period of one year, for example, creditors, bills payable, bank overdraft.

5 Capital


Amount invested by the owner in the firm is known as capital.


 It may be brought in the form of cash or assets by the owner for the business entity capital is an obligation and a claim on the assets of the business. 


It is, therefore,  shown as capital on the liabilities side of the balance sheet.


6 Sales



Sales are total revenues from goods or services sold or provided to customers.

Sales may be cash sales or credit sales.


7 Revenues


These are the amounts of the business earned by selling its products or providing services to customers, called sales revenue. 

Other items of revenue common to many businesses are commission, interest, dividends, royalties, rent received, etc. 

Revenue is also called income.


8 Expenses




Costs incurred by a business in the process of earning revenue are known as expenses. 

Generally, expenses are measured by the cost of assets consumed
or services used during an accounting period. 



The usual items of expenses are: depreciation, rent, wages, salaries, interest, cost of heater, light and water,  telephone, etc.


9 Expenditure


Spending money or incurring liability for some benefit, service or property received is called expenditure. 

Payment of rent, salary, purchase of goods, purchase of machinery, purchase of furniture, etc. are examples of expenditure.

If the benefit of expenditure is exhausted within a year, it is treated as an expense (also called revenue expenditure). 

On the other hand, the benefit of an expenditure lasts for more than a year, it is treated as an asset (also called capital expenditure) such as the purchase of machinery, furniture, etc.


10 Profit



The excess of revenues of a period over its related expenses during an accounting year profit. 

Profit increases the investment of the owners.


11 Gain



A profit that arises from events or transactions which are incidental to business such as the sale of fixed assets, winning a court case, appreciation in the value of an asset.


12. Loss


The excess of expenses of a period over its related revenues its termed as a loss.


It decreases in owner’s equity. It also refers to money or money’s worth lost  (or cost incurred) without receiving any benefit in return, e.g., cash or goods lost by theft or a fire accident, etc. It also includes loss on sale of fixed assets.

13. Discount



Discount is the deduction in the price of the goods sold. It is offered in two ways. 

Offering deduction of an agreed percentage of list price at the time selling goods is one way of giving a discount. Such a discount is called ‘trade discount’.

It is generally offered by manufacturers to wholesalers and by wholesalers to retailers. 

After selling the goods on a credit basis the debtors may be given certain deduction in the amount due in case if they pay the amount within the stipulated period or earlier. 

This deduction is given at the time of payment on the amount payable. Hence, it is called a cash discount. 


Cash discount acts as an incentive that encourages prompt payment by the debtors.


14 Voucher



The documentary evidence in support of a transaction is known as a voucher.

For example, if we buy goods for cash, we get a cash memo, if we buy on credit, we get an invoice; when we make a payment we get a receipt and so on.

15 Goods


It refers to the products in which the business units are dealing, i.e. in terms of which it is buying and selling or producing and selling. 

The items that are purchased for use in the business are not called goods. 

For example, for a furniture dealer purchase of chairs and tables is termed as goods, while for others it is furniture and is treated as an asset. 

Similarly, for a stationery merchant, stationery is goods, whereas for others it is an item of expense (not purchases) 

16 Drawings


Withdrawal of money and/or goods by the owner from the business for personal use is known as drawings. 

Drawings reduces the investment of the owners.

17 Purchases



Purchases are total amount of goods procured by a business on credit and on cash, for use or sale. 

In a trading concern, purchases are made of merchandise for resale with or without processing. 

In a manufacturing concern, raw materials are purchased, processed further into finished goods and then sold.

Purchases may be cash purchases or credit purchases.

18 Stock


Stock (inventory) is a measure of something on hand-goods, spares and other items in a business. 

It is called Stock in hand. In a trading concern, the stock on hand is the amount of goods which are lying unsold as at the end of an accounting period is called closing stock (ending inventory).

 In a manufacturing company, closing stock comprises raw materials, semi-finished goods and finished goods on hand on the closing date.

 Similarly, opening stock (beginning inventory) is the amount of stock at the beginning of the accounting period.

19. Debtors



Debtors are persons and/or other entities who owe to an enterprise an amount for buying goods and services on credit. 

The total amount standing against such persons and/or entities on the closing date is shown in the balance sheet as sundry debtors on the asset side.


20 Creditors



Creditors are persons and/or other entities who have to be paid by an enterprise an amount for providing the enterprise goods and services on credit. 

The total amount standing to the favour of such persons and/or entities on the closing date is shown in the Balance Sheet as sundry creditors on the liabilities side.




You can get the syllabus of Kerala Financial Corporation Assistant by clicking Here
 You can get the MCQ Questions set 1 HERE
Read the Accountancy Basic Questions HERE




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Kerala Financial Corporation Assistant Quiz|Accountancy Test

Accountacy , divisional accountant
Kerala Financial Corporation Assistant Quiz|Accountancy Test

Kerala Financial Corporation Assistant Quiz|Accountancy Test


Hi all, here I am providing some Questions on Accountancy from the topics which I have already discussed. You can go through the questions to check your understandings of the topic. And you can find the answers from the previous posts. The links are given at the bottom of this page

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Kerala Financial Corporation Assistant notes|Objectives of Accounting

Accountacy , divisional accountant
Kerala Financial Corporation Assistant notes|Objectives of Accounting

 Objectives of Accounting|Kerala Financial Corporation Assistant notes 

  Kerala PSC is conducting Kerala Financial Corporation Assistant Exam on 19 October 2019. Some Expected Questions on Accountancy are given below:

You can get the syllabus of Kerala Financial Corporation Assistant by clicking Here
 You can get the MCQ Questions set 1 HERE
Read the Accountancy Basic Questions HERE
Read What is Organization?
Read Why we need Accounting? Who are the users of Accounting?
Join Telegram Here

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Kerala Financial Corporation Assistant Expected Questions|Types of Accounting

Accountacy , divisional accountant
Kerala Financial Corporation Assistant Expected Questions|Types of Accounting

Types of Accounting|Kerala Financial Corporation Assistant Expected Questions

  Exam Name: Kerala Financial Corporation Assistant

  Kerala PSC is conducting Kerala Financial Corporation Assistant Exam on 19 October 2019. Some Expected Questions on Accountancy are given below:

You can get the syllabus of Kerala Financial Corporation Assistant by clicking Here
 You can get the MCQ Questions set 1 HERE
Read the Accountancy Basic Questions HERE
Read What is Organization?
Read Why we need Accounting? Who are the users of Accounting?

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Organization, Why need Accounting?|Kerala Financial Corporation Assistant Expected Questions

Accountacy , Financial corporation Assistant
Organization, Why need Accounting?|Kerala Financial Corporation Assistant Expected Questions

Kerala Financial Corporation Assistant Expected Questions|Organization, Why need Accounting?

Kerala Financial Corporation Assistant exam is conducted by Kerala PSC on 19 October 2019.Some Expected Questions on Accountancy are given below:

You can get the syllabus of Kerala Financial Corporation Assistant by clicking Here

 You can get the MCQ Questions set 1 HERE

 Read the Accountancy Basic Questions HERE
Join Telegram Here


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Kerala Financial Corporation Assistant Expected Questions Accounting Basics Notes

Accountacy , Financial corporation Assistant
Kerala Financial Corporation Assistant Expected Questions Accounting Basics Notes

Kerala Financial Corporation Assistant Expected Questions  Accounting Basics Notes

  
Kerala Financial Corporation Assistant exam is conducted by Kerala PSC on 19 October 2019.Some Expected Questions on Accountancy are given below:

You can get the syllabus of Kerala Financial Corporation Assistant by clicking Here

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17 October 2019

Kerala Financial Corporation Assistant Expected Questions|Accountancy MCQ

Accountacy , Financial corporation Assistant
Kerala Financial Corporation Assistant Expected Questions|Accountancy MCQ

Kerala Financial Corporation Assistant Expected Questions|Accountancy MCQ


  Exam Name: Kerala Financial Corporation Assistant

  Kerala PSC is conducting Kerala Financial Corporation Assistant Exam on 19 October 2019. Some Expected Questions on Accountancy are given below:

You can get the syllabus of Kerala Financial Corporation Assistant by clicking Here
Read the Accountancy Basic Questions HERE
Read What is Organization?
Read Why we need Accounting? Who are the users of Accounting?

Read more »
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