FREE JAIIB FREE AFM Notes – Part 1 | ACCOUNTING & FINANCIAL MANAGEMENT FOR BANKERS | JAIIB 2024
In this AFM short note 2024, we are going to provide the important topics from all the modules of AFM MAY EXAM 2024 from the prescribed JAIIB syllabus MAY 2024. And if you are also among the JAIIB Candidates who are going to write this ACCOUNTING & FINANCIAL MANAGEMENT FOR BANKERS MAY Exam 2024, then you must cover the following provided topics of ACCOUNTING & FINANCIAL MANAGEMENT FOR BANKERS (AFM) at the least.
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JAIIB EXAM MAY 2024
IIBF conducts JAIIB Exams, one of its flagship courses offered by it, twice a year. It is conducted in May & MAY every year. This course has 3 subjects and PPB or Principles & Practices of Banking is one. In this article, you will get some FREE Study Notes or FREE Short Notes of the AFM Paper of JAIIB 2024 from our JAIIB AFM Study Material for 2024.
JAIIB AFM LATEST PRESCRIBED SYLLABUS FOR MAY 2024
The Accounting & Finance for Banking that has been prescribed for the upcoming JAIIB Exam 2024 has 4 modules which are further divided into different units.
| IIBF JAIIB 2024 EXAM | MODULE
NO. |
MODULE NAME |
| Accounting & Financial Management for Bankers | A | Accounting Principles and Processes |
| B | Financial Statements and Core Banking Systems | |
| C | Financial Management | |
| D | Taxation and Fundamentals of Costing |
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To check out the detailed syllabus of JAIIB– IE&IFS, PPB, AFM, RBWM click here.
Read Also:- JAIIB PPB Principles and Practices of Banking Short Notes Part 2
Related Links:
FREE AFM FREE SHORT NOTES 2024:-
JAIIB AFM IMPORTANT TOPIC | 2024 EXAMS:
- CALCULATION OF INTEREST
Simple Interest: Simple interest or flat rate interest is the amount of interest paid each year in a fixed %age of the borrowed or lent amount at the start.
The formula for calculating simple interest:-
| Interest = Principal x Rate x Time = PRT |
Where,
| ‘Interest’ = I = Total interest amount paid |
| ‘Principal’ = P = Lent or borrowed amount |
| ‘Rate’ = R = %age of the principal charged as interest (p.a). |
| ‘Time’ = T = Time of the loan (in years). |
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Read Also:- JAIIB MAY SYLLABUS 2024
| Example:
P = Rs. 60,000.00, R = 10% i.e 0.10, T = 3 yrs. Find the interest amount paid. Solution: Interest = PRT = 60,000 x 0.10 x 3 = Rs. 18,000.00 |
Compound Interest: It is paid on the original principal amount & accumulated part of interest.
The formula for calculating compound interest:
| Principal = A (1 +r/n) n t |
Where,
| P = Principal Amount |
| A = Deposited Amount |
| r = the rate (expressed as a fraction) |
| n = no. of times per year that interest is compounded |
| t = no. of years invested |
Read Also:- JAIIB 2024 EXAM STUDY MATERIAL
Frequently compounding of Interest. If the interest is compounded:
| Annually = P (1 + r) |
| Quarterly = P (1 + r/4) 4 |
| Monthly = P (1 + r/12) 12 |
Important Topic:- JAIIB EXAM MAY 2024 NOTIFICATION
| Example:
The compound interest on Rs. 60,000 at 7% per annum is Rs. 8694. The period (in years) will be? Solution: A = Rs. (60000 + 8694) = Rs. 68,694.00 Let the time be n years. Then, 60000 (1+7/100) n = 68694 (107/100) n = 68694/60000 (107/100) n = 11449/10000 (107/100) n = (107/100) 2 So, n = 2 years. |
READ MORE: HOW TO CLEAR JAIIB IN 2024 EASILY ON THE FIRST ATTEMPT
The Rule of 72: This allows you to determine the no. of years before your money doubles whether in investment or debt. Divide the number 72 by the rate (%)
Formula
| The time period for Money to double = 72/r |
| Example:
If the FD interest rate is 6% & compounded yearly, how much time is required for it to double? Solution: Time period for Money to double = 72/6 = 12 years |
READ MORE: JAIIB EXAM MAY DATE 2024: ELIGIBILITY, SYLLABUS, AND EXAM PATTERN
Equated monthly instalments (EMIs): The monthly payment a borrower makes on his loan. It’s a combination of interest & principal repayment. The total monthly amount is calculated in such a way that it remains constant all through the repayment tenure. In EMIs, the principal & the interest thereon is repaid through the equal monthly instalment over the fixed loan tenure. For borrowers the benefit of an EMI is that they know precisely the money they will need to pay toward their loan each month, making their budgeting process easier.
Important Topic:- JAIIB AFM STUDY MATERIAL 2024 – ACCOUNTING & FINANCIAL MANAGEMENT FOR BANKERS
The formula of EMI:
| E = P × r × (1 + r) n / ((1 + r) n – 1) |
Where,
| E = EMI |
| P = Principle Amount of Loan |
| r = rate of interest calculated on monthly basis = Annual Interest Rate/12/100 |
| (if its 10% annual, then its 10/12/100=0.00833) |
| n = Tenure in no. of months |
| Example:
For 100000 at 10% annual interest for a period of 12 months, it comes to: = 100000*0.00833*(1 + 0.00833)12/((1 + 0.00833)12 – 1) = 8792 |
AFM LATEST STUDY MATERIAL FOR MAY 2024 EXAMS
The AFM Lectures are prepared & delivered by the expert team of Learning Sessions for MAY 2024 Exams especially & anyone preparing for the upcoming AFM or other paper of JAIIB – can access the Full video courses through:
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- Visit the website for Exam Materials: info
The Study Material you will be getting access to pass the JAIIB MAY Exams:
- ACCOUNTING & FINANCIAL MANAGEMENT FOR BANKERS LIVE lectures
- ACCOUNTING & FINANCIAL MANAGEMENT FOR BANKERS Recorded lectures
- ACCOUNTING & FINANCIAL MANAGEMENT FOR BANKERS epdf notes
- ACCOUNTING & FINANCIAL MANAGEMENT FOR BANKERS Mock Tests (chapters)
- ACCOUNTING & FINANCIAL MANAGEMENT FOR BANKERS Mega Mock Tests
- 24 x 7 access
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- As per the latest Syllabus of JAIIB applicable for MAY 2024 Exams
- All applicable updates are covered in the lectures
Read Also:- JAIIB Mock Tests/Exams, Study Notes, and PDF Material
| You may also be interested in: | |
| Difference between provisions and reserves | Click here |
| Types of Accounts | A/C types |
| AFM syllabus priority | Priority |
| AFM Previous Year Question Papers | PY Paper |
| JAIIB PPB Principles & Practices of Banking Short Notes Part 1 | Notes-1 |
| JAIIB PPB Principles & Practices of Banking Short Notes Part 2 | Notes-2 |
| Clear JAIIB Exam in Single Attempt in 15 Days | JAIIB in 1 Attempt |
| JAIIB AFM NOTES PART 2 | JAIIB AFM NOTES |
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All the Best for your JAIIB AFM Exams this MAY 2024!
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