TRIAL-BALANCE | JAIIB AFM MAY STUDY MATERIAL 2024 | 2024 SHORT NOTES ON FINANCIAL STATEMENTS
This article discusses JAIIB exam MAY 2024, one of its topics- trial balance and JAIIB AFM MAY study material 2024.
The Indian Institute of Banking and Finance (IIBF) administers the JAIIB test to help bankers and other financial professionals keep ahead of the competition. Three papers that are further divided into modules and chapters make up this flagship course/examination. This online exam is open to both members of the institute and staff of some nationally renowned banks. This biannual assessment gauges a banker’s comprehensive understanding of technical and day-to-day operational ideas.
To prepare for the JAIIB exam MAY 2024, we provide you with JAIIB study material 2024, which includes video lectures and short and easy 2024 notes on financial statements. We will discuss this JAIIB study material 2024 later in this article.
A host of benefits for the workplace are available to those who pass the JAIIB exam, including:
- After completing the JAIIB exam, bank clerks in all Indian banks and officers in national banks receive an annual raise.
- The JAIIB exam’s comprehensive course provides in-depth technical training on all varieties of Indian banking operations. Such expertise enables workers to carry out tasks effectively and accelerates career progress quickly.
- The JAIIB test aids banking and financial professionals in landing jobs in various relevant fields, including treasury, foreign exchange, etc.
READ ALSO-> JAIIB LATEST MAY SYLLABUS 2024
The balance of all ledgers is combined into equal totals for the columns of the debit and credit account in an accounting worksheet known as a trial balance. A corporation creates a trial balance regularly, typically after each reporting month. To check the accuracy of the entries in a company’s bookkeeping system, a trial balance is generally produced.
WHAT IS INCLUDED IN A TRIAL BALANCE?
A list of all general ledger account totals is included in a trial balance. Each account must have a unique account number, a brief description, and a final debit/credit balance. The last date of the accounting period for which the report is generated should also be included. The critical distinction between the trial balance and the general ledger is that the trial balance only displays the account totals, not each transaction. In contrast, the general ledger shows all transactions per account.
Finally, a trial balance must indicate any correcting inputs that were made. It should, in this instance, display the data before the adjustment, the adjusting entry, and the balances following the adjustment.
TRIAL BALANCE REQUIREMENTS
In the general ledger, bookkeeping accounts are where businesses initially keep track of their business activities. Before being used in a trial balance worksheet, accounts in the ledgers may have been debited or credited during a specific accounting period depending on the types of business activities that have taken place. Additionally, a few accounts might have been utilized to document several commercial transactions. As a result, the finishing balance for each ledger account, as displayed in the trial balance worksheet, is the total of all debits and credits recorded to that account as a result of all associated business transactions.
The accounts of asset, expense, and loss should each have a debit balance after each accounting period. In contrast, the accounts of liability, equity, income, and gain should each have a credit balance. However, when related business transactions lower their respective accounts debit and credit balances, an opposite effect on those accounts ending debit or credit balances, certain accounts of the former type may have also been credited, and certain accounts of the latter type may have also been debited during the accounting period. On a trial balance worksheet, the account titles are located to the far left of the two columns, with all the debit balances forming the left column and all the credit balances forming the right column.
UNDISCOVERED MISTAKES IN A TRIAL BALANCE
The general ledger’s mathematical errors can be found using a trial balance. However, this report cannot identify a number of errors, including:
- Original entry error: In the double-entry transaction, the sums on both sides are incorrect.
- An error of reversal: When the correct amounts for a double-entry transaction are entered, the account that should be debited is credited instead of the other way around.
- Principle mistake: The entered transaction contravenes key accounting standards. For instance, even if the money was entered correctly and the right side was selected, the type of account was incorrect (e.g., expense account instead of liability account).
- Commission error: The transaction amount is accurate, but the account that was debited or credited is incorrect. Similar to the principle error mentioned above, commission error is typically the result of oversight instead of focus error, which results from ignorance of accounting rules.
JAIIB AFM MAY STUDY MATERIAL 2024
We have a very concise JAIIB study material Accounting & Financial Management for Bankers 2024 for you so that you can revise all the topics in a concise manner. We offer various services, which include:
- We have recorded video lectures that you can download later and watch offline, i.e., when you don’t have an internet connection, according to your convenience.
- Along with these recorded video lectures, we also provide live video sessions on our website and apps.
- We also have free YouTube live sessions for those who want to know about what kind of lectures we provide you with.https://youtu.be/tadvwDgJEFY
- We have short and easy notes for you so you can revise the entire syllabus in one go and in a concise time.
- These short and easy notes on financial statements 2024 are also available on our apps.
- We have two apps for Android users – ‘LEARNING SESSIONS PRO’ and ‘IIBF LEARNING CENTER‘ and one app for iOS users – ‘MY INSTITUTE APP.’
- Links for these apps are mentioned at the end of this article.
- We also have mock tests for you available.
- Case studies are also covered in our mock tests.Hope this article was helpful to you.
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