PSU Finance and Accounts exam

Hello friends

It is very important to go with entire recruitment process of different Central and State Govt. PSUs.

Normally recruitment process will contain following:

1. Professional/Subject Knowledge

2. General Knowledge including

Quantitative aptitude, Logical Reasoning, General Awareness, Data Interpretation and General English

3. Group Discussion/Personal Interview

I want to say, do not think about huge competition, your No. of attempt to get professional qualification, group discussion and interview etc.

Get start preparation with full confidence and your focus should be on written exam.

First of all, remember one thing, you have to prepare with CA/CMA inter study material.

Now, we will discuss on different topics of written exam: -

Professional/Subjective Knowledge: -

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https://t.me/psu_et_finance

1. Laws:

Most of the knowledge will be tested form company law portion, however we have various laws to go with. I suggest to go with full company law with emphasis on audit sections, director, share and debenture, capital, ESOP, Govt Company, OPC, Insider trading etc.

Try to remember section if you can. Preparation of charts of section is very helpful to remember sections.

You can read summary of other laws like PF Act, Negotiable instrument act, Gratuity Act, Payment of Bonus Act, Contract Act, Partnership Act and other commercial Laws.

One more thing is important that some important sections and date of applicability by these laws should be remembered. I you are unable to cover all laws please go with only company law.

2. Cost:

As I told earlier refer CA/CMA inter study material. Some important topics are Variance, process costing, PV ratio, Material, Labour, indifference point, budget calculations and ratio, EOQ, unit costing, Inventory, job costing, capital budgeting etc. CMA material is more useful.

3. Financial management:

Again, I refer CA/CMA inter study material. Factoring, different source of finance, working capital management, Payback period, leverage, PE ratio, Time value of money are some important sections. Summary can be refer to cover all topics.  

4. Accounts:

Heading and summary of AS and Ind AS are enough for this section. Some other areas are HP calculation, Accounting policies, books of account, lease calculation, depreciation, CFS, dividend, liquidation, reserve and its utilization, average due date, ESOP accounting treatment etc.

5. Taxation:

This is a most doubtful section. This is unable to predict, what is going to be test. Preference to be given to GST with some areas like supply, POS, TOS, overview of GST, Forms of returns, due dates of return etc.

Direct tax is less important. However, some areas are House property, perquisites calculation, exempted income, allowance calculation, deductions, residential status, LTCA/STCA, advance tax, returns and penalty, capital gain exemption etc.

6. Audit:

This section can be tested with some questions. Some areas are audit types, ceiling No. of audit, audit report, CAAT, auditor appointment etc.

Topic covered by any specific SA may be ask. I suggest make a chart of all SA with heading to remember topic covered by SA. 

7. Other:

Some other areas are also important like Finance budget. Recent amendment through finance act 2019 & 2020 should be refer. Some brief knowledge of accounting software, ERP, SAP is sufficient. 

General Knowledge: -

This is the crucial part of written exam. As a professionally qualified person to score in technical part of exam is easy but it is not easy to get good score in this part of exam. There is enough material for preparation of Quantitative aptitude, Logical Reasoning, Data Interpretation and General English on internet.

I do not suggest any preparation for General Awareness where it is a section of syllabus, because of its huge coverage.

Accuracy and speed are two important factors for this section. You can save time in professional test; this helps you to get more time for this section.

I think selection in written exam depends more on this section rather than professional section.

One more important thing is that do not worry for GD and interview. If you are preparing well for written exam you are already ready for the interview. 

All the very best for your endeavours.

Feel free to touch for any preparation related query folks.