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Table of Content
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) www.vskills.in
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Course Outline
Meaning And Scope Of Accounting
Understand the Meaning and scope of Accounting Explains the basics concepts of Bookkeeping and Accounting Understand the Concepts and Principles of Accounting Explains about the Branches of Accounting and there applications Explain the Classification of Expense, Income, Assets and Liabilities Explains the various financial statements used in the accounting system Brief on the structure of accounting system Describes about the source documents used Explains the methodology of journalizing, the type of entries recorded in the journal and the advantages of journalizing. Understand the type of ledger accounts that can be maintained, procedure of posting ledger and how the accounts are balanced after posting Describes about the objectives, methodology and drawbacks of preparing trial balance Introduction to the types of subsidiary books, advantages of preparing a subsidiary Describes the types of Subsidiary Books such as purchase book, sales book, purchase return book, sales return book, bills receivable book and bills payable book Explains the concepts of Journal Proper i.e., how to pass an opening entry, transfer entry, adjusting entries and entries with rare transactions. Distinction between cash and non-cash transactions and the documents required to be maintained in a cash book Explains the types of cash books such as single column, double column and triple column cash book and provides with the rules and procedures of posting entries in these different types of cash book. Describes the Imprest system and the procedure of maintaining a Petty Cash Book Explains the causes of difference between the bank statements and cash book maintained, need and practice of maintaining Bank Reconciliation Statement Describes the types of accounting errors and the various stages of rectification of these accounting errors Explains the need for maintaining a suspense account and the procedure of disposal of suspense account Describes the types of capital and revenue expenditure incurred and distinction between capital and revenue expenditure. Describes the types of Capital Receipts and Revenue Receipts distinction between capital and revenue receipt. Explains the characteristics and objectives of charging depreciation Understand the causes of depreciation and explain the various methods of charging depreciation Explains the characteristics of a company and elaborates on the classification of companies on the basis of liability, number of members Provides details about the documents required to be filed in the formation of a company. www.vskills.in
Taxation Taxation
Understand the basic terminologies used in taxation Explains the income tax liability depending on the Residential Status of an entity such as an individual, an association of persons, a company, every other person and Hindu Undivided Family (HUF). Explains the classification of liability of income tax depending on Indian and Foreign income. Explains the procedure of Computation of Total Income Describes the five heads under which Income Tax is charged such as Income from salary, Income from house and property, Income from capital gains and Income from other sources Details of the mathematical computation of tax liability Describes the Taxability of Income under Partnership firm, Domestic company and Foreign company Elaborates the various deductions applicable from Gross Total Income such as Section 80C, 80CCC, 80CCD, 80D, 80DD, 80DDB, 80E, 80G, 80GG, 80GGA, 80GGC, 80QQB, 80RRB, 80U. Explain the concepts of Advance Tax and the section that are applicable Understand the concept and the procedure of application of Tax Deduction at Source (TDS) under different circumstances Gives details on the various types of assets that are subject to wealth tax and the assets that are exempted from wealth tax. Explains the procedure of filing return and the process of payment of wealth tax Explains the concepts and statutory provisions of service Tax in India Understand the general provisions of VAT, different stages of application of VAT and the method of calculation of VAT. Describe the new CENVAT scheme, the types of input and output services Provides details about the documents on the basis of which CENVAT credit can be availed and the penalty with respect to wrong availment of CENVAT credit
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Sample Questions
1. Which of the following statements is not true?
A. The auditors responsibility for detection and prevention of errors and frauds is similar. B. Management fraud is more difficult to detect than employee fraud C. Internal control system reduces the possibility of occurrence of employee fraud and management fraud D. All the statements are correct
2. Goods sent on approval basis basis have been recorded as Credit sales. Which Type of an error is it?
A. Error of Omission B. Error of Commission C. Error of Principle D. Compensating Error
3. Cost of material consumed under LIFO costing method is Rs.6,000. Rs.6,000. Conversion Cost is Rs.16, Rs.16, 500. 500. 1,000 units of the product were manufactured manufactured out of which 800 @ Rs.30 Rs.30 units sold. There were no beginning and ending inventories of work in process and finished goods. Then Then per unit cost is:
A. Rs.10 B. Rs.16.50 C. Rs.22.50 D. Rs.28.50
4. Deduction under section 80D in respect of medical insurance premium is allowed to:
A. Any assessee B. An individual or HUF C. Individual or HUF who is resident in India d) Individual only D. None of the above
which 5. The future value of a Rs.12, 000 investment made today, whi ch gives an annual rate of return of 10% per annum, after one year should be _________.
A. Rs.13,250 B. Rs.13,200 C. Rs.12,900 D. Rs.12,600
Answers: 1 (C), 2 (C), 3 (C), 4 (B), 5 (B)
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