JKSSB Account Assistant Important Study Notes
The written exam for JKSSB Finance Account Assistant is going to be conducted from 1st June 2021 to 10th June 2021. The 972 vacancies announced is a wonderful opportunity for the candidates in the valley to start their career as a finance account assistant. Now, the huge amount of vacancies means high competition. And high competition means determined preparation. But how it can be ensured? To start with, this article will provide you a guided approach to tailor the preparations for Accountancy & Bookkeeping. Check out Oliveboard’s Latest Pattern Notes & Mock Tests (website link). It can also be accessed anywhere, anytime from mobile with the help of the Oliveboard app.
Introduction To Financial Accounting For JK Finance Account Assistant Exam
Accountancy and Bookkeeping consist of 30 marks and is one of the primary sections in the upcoming JKSSB Finance Account Assistant exam.
Accounting is one topic where study notes could be very helpful as it gives a brief idea from
Introduction to “Financial Accounting and its terms” to “Public Financial Management System”.
JKSSB Finance Account Assistant study notes are designed by experienced faculty and exam toppers covering all the important facts and concepts. Since accounting is not very common in most of the exams so preparing for it could be a bit tricky. Get study notes here.
Let’s dive deep into the aspects of “Introduction To Financial Accounting” in the form of short notes. Given below are the partial snapshots of the actual study notes and aspirants can access the entire notes on their Onliveboard App or Oliveboard website. This is also the first part of the study notes of the entire Accountancy and Booking keeping a section of the JKSSB Finance Account Assitant study noted.
1.1 Meaning & Scope of Accounting
Financial accounting (or financial accountancy) is the field of accounting concerned with the summary, analysis, and reporting of financial transactions related to business. This involves the preparation of financial statements available for public use.
Everyone performs some economic activity i.e there are some receipts and there are some payments. Receipts are the income that one earns on a periodical/ daily basis. Expenditure is the expenses that one incurs on a daily basis. The net amount after adjusting the income & Expenses is called surplus or deficit. Economic activity is performed through a transaction or series of transactions or events. Such activity performed is recorded. Accounting measures economic activity through various means & methods which are useful in the decision-making process.
1.2 Detailed Accounting Definition
Hence from the above, we can conclude that Accounting involves:
- a) Systematic Reading of Transactions.
b) Ascertainment of the results of the above-recorded transactions.
c) Ascertainment of the financial position of the business and
d) Providing informant to the users for rational decision making.
1.3 Functions of Accounting
- Measurement of past information to depict its current position.
- Forecasting of future performance & financial position.
- Decision making.
- Comparison and evaluation.
1.4 Types/ Fields of Accounting
1.5 Accounting Concepts
- Entity Concept
- Money Measurement Concept
- Going Concern Concept
- Cost Concept
- Realization Concept
- Periodicity concept
- Accrual Concept.
- Matching Concept
- Dual Aspect Concept
- Conservatism Concept
1.6 Accounting Terms
To understand the subject, it is important to know the meaning of some basic accounting terms, which are briefly explained below:
Transactions are those activities of the business, which involve the transfer of money or goods or services between two persons or two accounts. Transactions are of two types:
- a) Cash Transaction is one where cash receipt or payment is involved in the transaction.
b) Credit Transaction is one where cash is not involved immediately but will be paid or received later.
A person who owns a business is called its proprietor. He contributes capital to the business with the intention of earning profit.
It is the amount invested by the proprietor in the business. This amount is increased by the amount of profits earned and the amount of additional capital introduced. It is decreased by the amount of losses incurred and the amounts withdrawn.
An asset is a source with the economic value that a business owns or controls with the expectation that it will provide a future benefit.
A liability is something a person or company owes, usually a sum of money. Liabilities are settled over time through the transfer of economic benefits including money, goods, or services.
It is the amount of cash or value of goods withdrawn from the business by the proprietor for his personal use. It is deducted from the capital.
A person (individual/ firm) who receives a benefit without giving money or money is worth immediately, but liable to pay in the future in due course of time is a debtor. The debtors are shown as an asset in the balance sheet.
A person who gives a benefit without receiving money or money is worth it immediately but to claim in the future, is a creditor.
Purchases refer to the amount of goods bought by a business for resale or for use in production. Goods purchased for cash are called cash purchases. If it is purchased on credit, it is called credit purchases. Total purchases include both cash and credit purchases.
Purchases Return or Return Onwards
When goods are returned to the suppliers due to defective quality or not as per the terms of purchase, it is called a purchase return.
1.7 Capital & Revenue Expenditure
As discussed that the Accounting involves recording, classifying, and summarizing and interpreting the results thereof. Hence to record the transactions one must know whether the transaction is of revenue or capital in nature.
Revenue Expenditure refers to those expenditures which are incurred during normal business operation by the business.
Benefits of which will be received in the same accounting period. For example, rent, utility, expenses, salary, insurance, commission, manufacturing expenses, etc.
Capital expenditure generates enduring benefits and helps in revenue generation over more than one accounting period.
1.7.1 How To Identify whether revenue or capital expenditure?
- Nature of business.
- Recurring Nature.
- Purpose of Expense.
- Revenue generating capacity.
1.8 Capital Receipts & Revenue Receipts
Prepare With Oliveboard Study Notes For JK Finance Account Assistant Exam 2020-21
Oliveboard study notes for JK Finance Account Assistant Exam will help you understand or
memorize every minute concept. These notes save your energy and time consumed to prepare
such notes and are an easier way to cover a vast syllabus in less time. Summary Notes For All
Sections Are As Follows:
- JK GK (Get Study Notes Here)
- Accountancy & Book Keeping (Get Study Notes Here)
- General English (Get Study Notes Here)
- Statistics (Get Study Notes Here)
- Mathematics (Get Study Notes Here)
- Economics (Get Study Notes Here)
- General Science (Get Study Notes Here)
- Knowledge of Computers (Get Study Notes Here)
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This brings us to the end of the article of “Introduction To Financial Accounting” brief study notes. Attempt Mock Tests and prepare with the best study notes available. This will make sure you are completely prepared for the exam and achieve your goal.
All The Best!
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