Classification and Rectification of Errors- Accounting and Finance for Bankers

Classification and Rectification of Errors- Accounting and Finance for Bankers

Classification and Rectification of Errors- Accounting and Finance for Bankers

Introduction:

  • Tallying of the trial balance is not conclusive proof of the accuracy of accounts. This is because there are certain categories of errors which, even though has taken
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Trial Balance- Accounting and Finance for Bankers JAIIB

Trial Balance- Accounting and Finance for Bankers JAIIB

Trial Balance- Accounting and Finance for Bankers JAIIB
  • Accounting can be defined as, “a systematic process of identifying, recording, measuring, classifying, verifying, summarising, preparing, interpreting and communicating financial
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JAIIB Exam Date, Pattern and Syllabus: November 2019

JAIIB Exam Date, Pattern and Syllabus: November 2019

JAIIB Exam Date, Pattern and Syllabus 2019

Eligibility

  • Candidates must have passed the 12th standard examination in any discipline or its equivalent. The Institute may, however at its discretion, allow any candidate from clerical or supervisory staff cadre of banks to appear at the examination on the recommendation of the Manager of the bank / officer-in-charge of the bank’s office where the candidate is working, even if he/she is not 12th standard pass or its equivalent.
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Transfer of Property Act, 1882

Transfer of Property Act, 1882

Transfer of Property Act, 1882

1. Sale (Section 54)

It is a transfer of ownership in exchange for a price paid or promised or part paid and part-promised.
Essentials to be constitute as sale
  1. The seller and buyer are not disqualified to be transferor or transferee respectively. 
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The Right to Information Act, 2005

The Right to Information Act, 2005

The Right to Information Act, 2005

1. Applicability (Section 1)

  • This Act extends to the whole of India (including state of Jammu and Kashmir). 
  • It applies also to any offence or contravention committed outside India by any person, irrespective of his nationality, if the act or conduct constituting the offence or contravention
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The Prevention of Money Laundering Act, 2002

The Prevention of Money Laundering Act, 2002

The Prevention of Money Laundering Act, 2002

1. Obligations

It is Obligation of;
  1. Banking Companies, 
  2. Financial Institutions and Intermediaries or 
  3. a person carrying on a designated business or profession 
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The Companies Act, 1956 (Now Companies Act, 2013)

The Companies Act, 1956 (Now Companies Act, 2013)

The Companies Act, 1956 (Now Companies Act, 2013)

1. Definition

  • As per section 2(20) of the Companies Act, 2013 a “company” means 
  • ‘A company incorporated under this Act (Companies act, 2013) or under any previous company law (Companies Act, 1956 or any previous law)’ 
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SALE OF GOODS ACT, 1930

SALE OF GOODS ACT, 1930

SALE OF GOODS ACT, 1930

1. Introduction and Features

  • The law relating to sale of goods was originally dealt with by the Indian Contract Act, 1872, prior to 1930. During the year 1930, Sections 76 to 123 of the Contract Act were repealed. A separate Act viz., Sale of Goods Act, 1930 was passed. The Sale of Goods Act, 1930 laid down the provisions governing the contract of sales of goods. 
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Right to Information and Obligation of Public Authorities

Right to Information and Obligation of Public Authorities

Right to Information and Obligation of Public Authorities

1. Obligations (section 4)

Every public authority under the Act has been entrusted with a duty to maintain records and publish manuals, rules, regulations, instructions, etc. in its possession as prescribed under the Act. Every public authority has to publish within one hundred and twenty days of the enactment of this Act (note - came into force on October 12, 2005):
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Information Technology Act, 2000

Information Technology Act, 2000

Information Technology Act, 2000

1. Definitions – only importance definitions are covered below, that is also in layman language

  • Access means gaining entry into or instructing or communicating resources of a computer or computer system or computer network 
  • Asymmetric crypto system means a secure system of key pair (private key for creating a
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