Name of the Post: OSSC Assistant Training Officer 2024 Preliminary Exam Result Released
Post Date: 18-03-2024
Last Update: 27-07-2024
Total Vacancy: 250
Brief Information: Odisha Staff Selection Commission (OSSC) has published a notification for the post of Assistant Training Officer (ATO) under director of technical education & training, Govt of Odisha. Candidates who are interested and fulfill all eligibility criteria can apply for the post.
Important Dates
Starting Date for Online Registration/ Re-Registration: 18-04-2024
Last Date for Online Registration/ Re-Registration: 15-05-2024
Starting Date for Submission of Online Application: 18-04-2024
Last Date for Submission of Online Application: 18-05-2024
Date of Editing : 26-04-2024 to 21-05-2024
Date of Preliminary Exam: 14-07-2024 (Sunday)
Date for Downloading of Preliminary Exam Admit Card: from 09-07-2024 onwards
Age Limit (As on 01-01-2024)
Minimum Age Limit: 21 Years
Maximum Age Limit: 38 Years
Age Relaxation is applicable as per rules.
Educational Qualification
For NTC/ NAC holders: Candidates should possess NTC/ NAC/ ITI Pass (Relevant Trade).
For Diploma/ Degree holders: Candidates should possess Diploma/ BE/ B.Tech (Relevant Engg).
Vacancy Details
Post Name
Total
Assistant Training Officer (NTC/ NAC holders)
125
Assistant Training Officer (Diploma/ Degree holders)
Brief Information: Heavy Vehicles Factory, Avadi, Chennai has published a Notification for the Graduate Apprentices under the Apprentices [Amendment)] Act 1973. Candidates who are interested and fulfill all the eligibility criteria can apply for the post.
Total Vacancy: 320
Important Dates
Starting Date for Apply Online : 29-07-2024
Last Date for Apply Online : 19-08-2024
Declaration of Shortlisted list: 26-08-2024
Verification of certificates : 09-09-2024 & 11-09-2024 (Tentatively).
Note: The list of shortlisted candidates shall be published in the website: http://www.boatsrp.com under Organized Events & News Section in home page.
Age Limit: Age limit will be followed as per Apprenticeship Rules
EducationalQualification
Graduate Apprentices
Technician (Diploma) Apprentices
Non-Engineering Graduate Apprentices
A Degree in Engineering or Technology (Full time).
A Diploma in Engineering or technology (Full time).
A Degree in Arts / Science / Commerce / Huminites such as BA /B.S c . , / B . C o m / BBA / BBM / BCA etc. , (Regular – Full time)
Vacancy Details:
Mechanical Engineering
100
Electrical and Electronics Engineering
60
Computer Science and Engineering / Information Technology
Brief Information: State Bank of India (SBI) has published a notification for the post of Officers and Clerks [Sportsperson] on Contractual Basis. Candidates who are interested and fulfill all eligibility criteria can read the notification and apply online.
Total Vacancy: 68
Name of the Post: Officers & Clerical [Sportsperson]
Important Dates
Starting Date for Apply Online & Payment of Fee: 24-07-2024
Last Date to Apply Online & Payment of Fee: 14-08-2024
Qualification
Candidates should possess any degree.
Application Fee
For General/EWS/OBC candidates: Rs.750/- (Application fees and Intimation Charges).
For SC/ ST/ PwBD candidates: Nil.
Payment Mode: Online through by using Debit Card/ Credit Card/ Internet Banking etc.
Brief Information: LIC Housing Finance Limited (LIC HFL) has published a notification for the post of juniorassistant . Candidates who are interested & fulfill all the eligibility criteria can read the notification carefully and apply online.
Posts: 200
Name of the Post: Assistant
Important Dates
Starting Date for Apply Online & Payment of Fee: 25-07-2024
Last Date for Apply Online & Payment of Fee: 14-08-2024
Date of online examination: Tentative September 2024
Age Limit (as on 01-07-2024)
Minimum 21 Years & maximum 28 Years
Educational Qualification
Candidates should posses any Degree
Application Fee
Application Fee: Rs. 800/- GST @ 18% will be charged on Application Fee.
Payment Mode: Debit Cards (RuPay/Visa/MasterCard/ Maestro), Credit Cards, Internet Banking, IMPS, Cash Cards/ Mobile Wallets.
Need of Accounting: Every businessman is interested to know the information about their business such as profit or loss of the year, amount invested as capital in the business, amount to be received from debtors & amount to be paid to creditors. These information can be received through complete records of their transactions which can be measured in terms of money.
Every individual performs some kind of economic activity [ activities which are performed for earning livelihood and to acquire wealth]. In business such activities are performed through transactions & events.
Transaction is an agreement buyer and seller while event is a consequence of transactions, a result. Therfore, all business transactions are recorded through accounting.
Meaning of Book-keeping: It is consist of two words i.e, Book + Keeping. In accounting, book means accounting books in which business traansactions are recorded & keeping means writing or maintaining business transactions in books of accounts.
Note: Financial data relating to business operation are recorded in book-keeping & book-keeping is the part of accounting.
Definition of Book-keeping: According to North Cott, “Book-keeping is the art of recording in the books of accounts the monetary aspects of commercial or financial transactions.”
Meaning of Accounting :
Accounting is the process used by business entities in which business transactions in monetary form are recorded by which profit or loss can be known by a busines person who invests money in the business.
Definition of Accounting: According to American Institute of Certified Public Accountants [ICPA], ” Accounting is the art of recording, classifying and summarising in a significant manner and in terms of money , transactions and events, in part, at least, of a financial character and interpreting the result thereof.”
Characteristics/Nature/Features of Accounting:
Recording: This is the basic function of accounting and those business transactions which can be measured in terms of money are recorded in the books of account. Further, the book in which transactions are recorded is called “Journal” and the journal may be divided into subsidiary books as per size of business.
Classifying: After recording business transactions in original books, transactions are classified according to nature and then record one nature in one place. The book in which transactions are classified is called a “ledger”. In a ledger, separate accounts of individuals, separate expenses, incomes, liabilities and assets etc. maintain.
Summarising: Summarizing is concerned with the preparation and presentation of financial statements that are useful to the internal & external users of financial statements. Under this, a trial balance is prepared. That is the basis of preparation of financial statements [Trading A/c, Profit & Loss A/c and balance sheet].
Analysis means classification of data of financial statements as the figures given in the financial statements will not understand by anyone unless they are in simplified form.
For example, all items relating to fixed assets and current assets are put at different place. Furthermore, Profit and Loss A/c and Balance Sheet provide the basis for interpretation.
5. Interpreting: Interpreting means the financial statements are interpreted in such a manner that the end users can make a meaningful judgement about the financial condition and profitability of the busines entities.
Difference between Book-keeping and Accounting
Sr. No
Book-keeping
Accounting
1.
It is the first step which is concerned with recording of transaction.
This is the second step which starts where book-keeping ends.
2.
It is a base for accounting.
It is considered as a language of the business.
3.
The purpose is to primary recording of business transactions.
The purpose is to ascertain profit & loss and balance sheet.
4.
Book-keeping has no sub-field.
It has several sub-fileds like financial, cost accounting etc.
5.
It does not include final accounts
It includes final accounts.
6.
With the help of these records, management cannot take decision relating to business.
With the help of these records, managerial decision can be taken.
Branches/Types of Accounting
Financial Accounting: It covers the preparation of financial statements [mainly profit & loss A/c and balance sheet] and interpreting thereof.
Cost Accounting: It prepares Cost sheet and ascertain cost of production [manufacturing A/c]. In brief, it helps the management to control cost.
Management Accounting: It is concerned with internal reporting to the managers. In fact, tools and techniques are used for analyzing financial statements such as ratio analysis, common size statements, trend analysis, fund flow analysis etc.
Objects/functions/Advantage of Accounting
Keep Systematic Records: The first function of accounting is to keep a systematic records of business transactions.
Ascertaining Profit/Loss: accounting helps to ascertain profit or loss for any period because profit & loss account is prepared at the end of every year.
Showing the Financial Position of the Business: Financial position as on or at a particular date is known throgh balance sheet because balance sheet is a true picture of financial position. Besides, how much the business has to receice from and how much the business has to pay, assets and how much capital was in the begining & how much is at the end of the year. These all are known with the help of balance sheet.
Protecting & Controlling Business Properties: Accounting furnishes information about money due from and due to various parties. Therefore, accounting helps in disposal of any property of the business entity.
Providing Information to various Parties: This is one of the main objective of accounting to provide the information to the interested parties like owners, creditors, management, employees, customers, government etc.
Helps in decision making: Accounting information relating to financial or cost helps the management in planning & decision making.
Evidence in Legal matters: Acounting information can be used as evidence in a court.
Comparison of Results: Accounting information is used to compare the results of different years.
9. Helps in Taxation matters: With the help of accounting information, tax authorities draw a conclusion about the taxation matter.
Limitation of Accounting
Incomplete Information: Transactions which are of financial character and expressed in terms of money are recorded only.
Accounting Information may be Biased: The accountant has to take decison regarding different methods of valuation of inventory , methods of depreciation, provision for doubful debts, treatment of capital and revenue items etc.
Hence, the income cannot be treated as correct.
Accounting can be Malipulated: Accounting information can be manipulated because owner does not express information in books of account which are of his own interest.
Fixed Assets are Recorded at the original Cost: The value of fixed assets change oover time and so there may be difference between original cost and current cost..
Unsuitable for forecasting: Factors like demand of goods, policy of firm, level of competition etc. are not considered in accounts.
Accounting Ignores Time value of Money: Accounting ignores some money factors like inflation.
Conflict in Accounting principles: There are occasions where accounting principles conflict with each other.
Introduction:- Any profits or gains arising from the transfer of capital asset in the previous year shall be chargeable to income tax under the head ‘Capital Gains‘.
Short Term Capital Asset
Short term capital asset means a capital assets held by an assessee for not more than 36 months immediately the date of its transfer.
Exception:-
The following shall be treated as short term capital asset if capital asset held by an assessee for not more than 12 months.
A Security (other than a unit ) listed in a recognized stock exchange in India or
Unit of Unit Trust of India or a unit of an equity oriented fund or Zero Coupon Bonds.
Exception:
The following shall be treated as short term capital asset if capital asset held by an assessee for not more than 24 months.
A share of a company [not listed in a recognized stock exchange or
An immovable property.
Long Term Capital Asset
Capital asset which not a short-term capital asset.
Derivative is a product whose value is derived from underlying assets, index or reference rate.
Examples of underlying assets: – Equity, commodity and Forex.
Users of Derivatives: –
Individual Investors.
Dealers
Institutional investor.
Corporation
Cash Vs Derivative Market
Cash
Derivative
Tangible assets are traded.
Contract based on tangible or intangibles.
Can purchase even one share.
Minimum lots are fixed
Risky
Risk is limited
for investment
for hedging, speculation
Requirestrading account with depository participants
requires future trading account.
Purchase shares of the company and get ownership.
does not happen as in cash market.
Difference between Forward and Future Contract
Sr. No
Forward
Future
1.
A forward contract is an agreement between two parties [buyer & a seller] that obligates the seller to deliver a specified asset of specified quality and quantity to the buyer on a specified date at a specified place and buyer as well, in turn, to pay a pre negotiated price at the time of delivery.
A future contract is an agreement between two parties in which both parties agree to buy and sell a particular underlying financial instrument [stock, bond or currency] or commodity [gold or natural gas] at a predetermined price at a future date.
2.
Example: -A and B agree to do a trade in 50 tolas of gold on 31.12.2023 at 15000/tola [forward price] here the buyer A is in long position and the seller B is in short position.
Example: – Buyer A and B enter into a 2500 kgs Corn future contract at 4 per kg.
3.
Forward contracts are traded on personal telephonic basis or otherwise.
Future contracts are traded in a competitive arena.
4.
Forward contracts have no standard size.
Future contracts are standardized in terms of quantity or amount.
5.
Forward contracts are traded in an over the counter market.
Future contracts are traded on exchanges with a physical location.
Accounting: -Accounting is a language of business by which financial statementscommunicate to the various stakeholders for decision making purpose.
Accounting Concepts: – Accounting concepts are the basic assumptions and conditions which work as the basis of recording of business transactions and preparing accounts.
The following are the widely accepted accounting concepts: –
Entity Concept: -According to this concept, business enterprise is a separate entity from its owners. All the business transactions are recorded in the books of business from the point of view of business.
In addition to this, entity concepts help to identify how much amount of money is due to the owner in form of his capital and share of profits.
For example: – Mr. Ram started business investing ₹ 5,00,000, out of this he purchased machinery for ₹ 3,00,000 and maintained the balance in the hand. The financial position will be as under:
Capital
₹ 5,00,000
Machinery
₹ 3,00,000
Cash
₹ 2,00,000
As a result,
The business owes to Mr. Ram ₹ 5,00,000 but if Mr. Ram spends ₹ 5,000 to meet his personal expenses from the business fund then it should not be taken as business expenses and would be charged to his capital account [investment would be reduced by ₹ 5,000].
Here, the entity concept will revise the financial position. This would be as under:-
Liability
₹
₹
Capital Less : Drawings
5,00,000 5000
4,95,000
Machinery
3,00,000
Cash
1,95,000
Going Concern Concept: –
It means the business will have an indefinite life [ it will continue for a long time]. The valuation of assets of a business is based on this assumption.
It is because of this concept that fixed assets are valued on the basis of cost less proper depreciation by considering expected useful life ignoring fluctuations in the prices of these assets.
Money Measurement Concept: –
According to money measurement, transactions and events which can be expressed in terms of money are recorded in the books of account. Consequently, events which cannot be expressed in terms of money do not find place in the books of account.
For example: – employees of the organization are the assets of the organizations but they cannot measure in monetary terms.
Accounting Period Concept: –
As per this concept, accounts should be prepared after every period [usually period is calendar year]. We generally follow 1st April to 31st March.
Moreover, period of one year takes up for the performance measurement and appraisal of financial position.
Cost Concept: –
Under this concept, assets are to be recorded at historical cost or at acquisition cost [purchase price + all expenses incurred to put the asset to use].
for example, if an enterprise buys a machine for ₹ 2,00,000, the asset [machine] would be recorded in the books of account at ₹ 2,00,000 even if its market value at that time happens to be ₹ 2,50,000.
The cost concept does not mean that the assets will always be shown at cost. The fixed asset will be recorded at cost at the time of its purchase but it may systematically be reduced in its value by charging depreciation.
Dual Aspect Concept: –
it means every transaction has two aspects. For every debit there is a corresponding and equal credit. This concept is based on double entry system.
Matching Concept: –
According to this concept, all expensesmatched with revenue of that relevant period should only be taken into consideration. This concept states that if any revenue recognizes then expenses related to earn that revenue should also be recognized.
Further, this concept is based on accrual concept as it considers the occurrence of expenses and income. Accounting period concept or periodicity concept has also been followed while applying matching concept.
As per this concept, various adjustments should be made for outstanding expenses, accrued incomes, unexpired expenses and unearned incomes etc.
Realisation Concept: –
According to this concept, normally, revenue is recognized when it is realized i.e., when the ownership of goods passes to the buyer and the buyer becomes legally liable to pay.
It covers all the probable losses but do not consider probable gain until it is realized.
Accrual Concept: –
Under this concept, all the transactions and events are recognized on the basis of their occurrence [i.e., mercantile basis] not on the basis of cash received or paid.
As per Accrual Concept:-
Profit = Revenue–Expenses
Accounting Conventions: –
Consistency: – This implies that same accounting policies should be followed from one period to another. A change in accounting policy is made only in exceptional circumstances. For example, methods of depreciation, methods of valuation of inventories.
Note:- As per consistency, enterprise should follow consistently same method of depreciation and valuation of inventories which is chosen by the enterprise.
Materiality: – According to this convention, all the material informationshoulddisclosed in the books of account. All the items have significant economic effect on business enterprise should be disclosed and ignored the insignificant items and should not be disclosed.
Conservatism :- Convention of conservatism is the policy of “playing safe“. As per this, accountant should not anticipate any future income but should take all possible losses while recording business transaction in the books of account.
Fundamental Accounting Assumptions: –
There are three fundamental accounting assumptions: –
Meaning of National Income: – Value of all final goods and services that are produced by residents in the country within an accounting year.
Example: – Value of final goods such as mobile, LED + value of final services such has telecom, health, insurance.
Note:- National income shows the performance of our economy and growth of our nation.
Circular flow of National Income
Mainly, the business sector and household sector play a vital role in the flow of national income.
The business sectorproduces goods and services by using the factors of production i.e., land, labour, capital and entrepreneurship.
Thereafter, provides these goods and services to the household sector for consumption.
Household sector receives the factor payment in the form of rent, wages, interest and profit and spend on consumption and investment.
Again payment for consumption goes to business sector.
Different Concepts of National Income
Gross Domestic Product (GDP) or GDPMP : -GDP is the value of final goods and servicesproduced within the domestic territory of a country during an accounting year.
GDPMP : – Value of final goods + value of final services [value = market price].
GDPMP : -GNPMP – Net Factor Income from Abroad [NFIA].
NFIA :- NFIA is the differencebetween the aggregate amount that a country’s citizen and company earn from abroad– aggregate amount that foreign citizens and overseas companies earn in that country.
In other words: – factor income earned by domestic factors of production from abroad – factor income earned by factors of production of abroad.
Note: – The basis of difference between gross and net is depreciation or consumption of fixed capital.
Note: -The basis of difference between market price and factor cost is net indirect taxes [indirect taxes – subsidies].
Gross National product or GNPMP :- GNP is the market value of all finalgoods and servicesproduced within the domestic territory of a country by normal residents during an accounting yearincluding net factor income from abroad (NFIA).
GNPMP : – GDPMP+ Net factor Income from Abroad
Note: – If Net Factor Income from Abroad (NFIA) is positive, then GNPMP will be greater than GDPMP
Net National Product at Market Prices or NNPMP : -NNPMP is the net market value of all finalgoods and servicesproduced within the domestic territory of a country by normal residents during an accounting yearincluding net factor income from abroad (NFIA) excludingdepreciation.
In other words,
NNPMP : – GNPMP–Depreciation
NNPMP : – NDPMP+ Net factor Income from Abroad (NFIA).
NNPMP : – GDPMP+ Net factor Income from Abroad (NFIA) – Depreciation
Further,
Net Domestic Product at Factor Cost or NDPFC : – NDPFC is the net market value of all finalgoods and servicesproduced within the domestic territory of a country by normal residents during an accounting yearexcluding net factor income from abroad (NFIA) and depreciation.
or It is sum of domestic factor incomes excluding depreciation.
NDPFC= GDPMP – Net Indirect taxes – Depreciation
NDPFC= NDPMP – Net Indirect taxes
Net National Product at Factor Cost or NNPFC : –
NNPFC is the net market value of all finalgoods and servicesproduced within the domestic territory of a country by normal residents during an accounting year.
or It is sum of domestic factor income and net factor income from abroad .
NNPFC = National Income = factor income earned in domestic territory + NFIA
In addition to,
Note: – Per Capita Income : – National income/total population
Note: – Personal Income = income earned by factor of production or income received by household sector.
Further,
Methods of Measuring National Income: –
Value Added Method or Product method: – Under this method, we calculate the aggregate annual value of goods and services.
In other words, Value addition means net contribution made by enterprise
Value addition : – value of production of the enterprise – value of intermediate goods used by the enterprise.
Example: –
Particular
Farmer
Baker
Total production
200
400
Intermediate goods used
0
100
Value added
200
300
Furthermore, all the producing enterprises fall under 3 main category i.e., primary sector, secondary sector, service sector.
In addition,
2. Income Method : – production sector makes payment to factors for their services. National income is the sum total of factor incomes .
production unit pays rent for land, wages and salaried for labour, interest for capital and lastly, profit for entrepreneurship.
3. Expenditure Method: – National income is the aggregate final expenditure in an economy during an accounting year.
Enterprise can make final expenditure on the following accounts: –
final consumption expenditure on the goods and services produced.
final investment expenditure
expenditure that the government makes on the final goods and services produced.
exportrevenues that enterprise earns by selling its goods and services abroad.
