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MPT 324356
  • Male, 27 Years
  • Activity Score280

Manas M

Associated for 1 Year 7 Months
Accounts Teacher
  • I teach at My Home
  • I go to Student's Home
  • Qualification:
    CA
  • Experience:
    My philosophy is based on the idea that learning happens in an environment of mutual respect in which the student is encouraged to think and make new connections for themselves. My experience has been that one to one personal tuit... More [+]
  • Teaches:
    Indirect Tax, Direct Tax, Costing, Accountancy, Management Subjects, BBA Subjects, BBA Entrance, CA - CPT, Direct Tax Laws, CMA Intermediate, CA - IPCC, Economics, Commerce Subjects, Tax Laws, Company Laws
  • Board:
    CBSE/ISC, Other University
  • Areas:
  • Pincode:
    226021
Profile Details
Profile Details

Qualification :

B.Com. & CA

Total Experience :

7 Years

My philosophy is based on the idea that learning happens in an environment of mutual respect in which the student is encouraged to think and make new connections for themselves. My experience has been that one to one personal tuition has a unique value to students because of the ability to resolve the student’s personal barriers to learn in a way that lays the foundation for a deep and lasting understanding of the subject.

Tutoring Option:

Home Tuition Only

Tutoring Approach:

My approach varies depending on the student’s needs and learning style. However my teaching philosophy is based on encouraging students to think for themselves, using real-world examples wherever possible. My aim as a tutor is to create in my students a deep understanding and confidence in answering exam questions and being able to tackle new and unfamiliar problems. My philosophy is based on the idea that learning happens in an environment of mutual respect in which the student is encouraged to think and make new connections for themselves.

Hourly Fees [INR]:

500.00

Class 11 - 12 Accountancy, Economics, Commerce Subjects, CBSE/ISC INR 400.00 /hour
College Level Accountancy, Costing, Direct Tax, Indirect Tax, Other University INR 500.00 /hour
MBA & BBA Management Subjects, BBA Subjects, BBA Entrance INR 500.00 /hour
Law Subjects Company Laws, Tax Laws INR 500.00 /hour
CA CPT CA - CPT, Direct Tax Laws, CA - IPCC, CMA Intermediate INR 500.00 /hour
Educational Resources
Educational Resources

Notes written by me [3]

Partnership Accounts
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Basics of Partnership.

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Cost Accounting
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Basics and Classification of Costs

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Basics And Golden Rules Of Accounting
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Golden rules Convert Complex Bookkeeping Rules into a set of principles which can be easily studied and applied.

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Answer
Answer
  • Question: In 1980, how many banks were nationalized?

    Posted in: Banking & Finance | Date: 29/11/2017

    Answer:

    6 Private Banks were nationalised in 198p

  • Answer:

    14 Banks were nationalised in 1969 by GOVERNMENT OF INDIA in the midnight of 19 july ,1969 ,including one of the major banks like BANK OF INDIA .

  • Answer:

    The Government of India issued an ordinance ('Banking Companies (Acquisition and Transfer of Undertakings) Ordinance, 1969') and nationalised the 14 largest commercial banks with effect from the midnight of 19 July .

  • Answer:

    In year 1959 State Bank Of India was given control of 8 state associated Banks like State Bank of Bikaner and Jaipur (SBBJ), State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of Patiala (SBP), State Bank of Travancore (SBT), State Bank of Saurashtra (SBS) and State Bank of Indore (SBI - Indore).

  • Question: Define the term Accounting.

    Posted in: Accounts | Date: 29/11/2017

    Answer:

    It is a systematic process of identifying, recording, measuring, classifying, verifying, summarizing, interpreting and communicating financial information. It reveals profit or loss for a given period, and the value and nature of a firm's assets, liabilities and owners' equity.

  • Question: What is Accounting Principle ?

    Posted in: Accounts | Date: 29/11/2017

    Answer:

    Accounting principles are the rules and guidelines that companies must follow when reporting financial data. Some of the major accounting principles followed in India are - 1. Business Entity- A business is considered a separate entity from the owner(s) and should be treated separately. 2.Going Concern-It assumes that an entity will continue to operate indefinitely. 3.Monetary Unit-The business financial transactions recorded and reported should be in monetary unit, such as US Dollar, Canadian Dollar, Euro, etc. 4.Historical Cost-All business resources acquired should be valued and recorded based on the actual cash equivalent or original cost of acquisition, not the prevailing market value or future value. Exception to the rule is when the business is in the process of closure and liquidation. 5.Matching-This principle requires that revenue recorded, in a given accounting period, should have an equivalent expense recorded, in order to show the true profit of the business. 6.Accounting Period-This principle entails a business to complete the whole accounting process over a specific operating time period. Accounting period may be monthly, quarterly or annually. For annual accounting period, it may follow a Calendar or Fiscal Year. 7.Conservatism-This principle states that given two options in the amount of business transactions, the amount recorded should be the lower rather than the higher value. 8.Consistency-This principle ensures similar and consistent accounting procedures is used by the business, year after year, unless change is necessary. 9.Materiality-Business transactions that will affect the decision of a user are considered important or material, thus, must be reported properly. This principle states that errors or mistakes in accounting procedures, that which involves immaterial or small amount, may not need attention or correction. 10.Objectivity-This principle states that the recorded amount should have some form of impartial supporting evidence or documentation. It also states that recording should be performed with independence, that’s free from bias and prejudice. 11.Accrual-This principle requires that revenue should be recorded in the period it is earned, regardless of the time the cash is received. The same is true for expense. Expense should be recognized and recorded at the time it is incurred, regardless of the time that cash is paid. This is to show the true picture of the business financial performance.

  • Question: Define fair value accounting?

    Posted in: Accounts | Date: 29/11/2017

    Answer:

    Fair Value Accounting - An alternative approach to measurement that seeks to capture changes in asset and liability values over time. The International Accounting Standards Board (IASB) defines fair value as "an amount at which an asset could be exchanged between knowledgeable and willing parties in an arms length transaction".

  • Question: Define overhead in terms of accounting?

    Posted in: Accounts | Date: 29/11/2017

    Answer:

    Overhead is the cost required to run a business, but which cannot be directly attributed to any specific business activity, product, or service. Thus, overhead costs do not directly lead to the generation of profits. Overhead is still necessary, since it provides critical support for the generation of profit-making activities. Examples of overhead are: Accounting and legal expenses. Administrative salaries. Depreciation. Insurance. Licenses and government fees. Property taxes. Rent. Utilities.

  • Question: Define Offset accounting?

    Posted in: Accounts | Date: 29/11/2017

    Answer:

    Offsetting is another term for netting. With offsetting, you show your company's assets and liabilities on the balance sheet on a net basis. In offset accounting, you decrease the total, or net, of a different account balance to create a net balance. Offsetting is purely a presentation method, not a type of accounting. You can only do this when your company has the legal right to offset or counter the position. Offsetting makes it easier to quickly determine an item's historical treatment and book value.

  • Question: Differentiate between provision and reserve?

    Posted in: Accounts | Date: 29/11/2017

    Answer:

    A reserve is an appropriation of profits for a specific purpose. The most common reserve is a capital reserve, where funds are set aside to purchase fixed assets. By setting aside a reserve, the board of directors is segregating funds from the general operating usage of a company. A provision is the amount of an expense or reduction in the value of an asset that an entity elects to recognize now in its accounting system, before it has precise information about the exact amount of the expense or asset reduction. For example, an entity routinely records provisions for bad debts, sales allowances, and inventory obsolescence. Less common provisions are for severance payments, asset impairments, and reorganization costs.

  • Question: Define Marginal Cost?

    Posted in: Accounts | Date: 29/11/2017

    Answer:

    1-The increase or decrease in the total cost of a production run for making one additional unit of an item. It is computed in situations where the breakeven point has been reached, the fixed costs have already been absorbed by the already produced items and only the direct (variable) costs have to be accounted for. 2- Marginal costs are variable costs consisting of labor and material costs, plus an estimated portion of fixed costs (such as administration overheads and selling expenses).

  • Question: Define Scrap value in accounting?

    Posted in: Accounts | Date: 29/11/2017

    Answer:

    In financial accounting, scrap value is associated with the depreciation of assets used in a business. In this situation, scrap value is defined as the expected or estimated value of the asset at the end of its useful life. Scrap value is also referred to as an asset's salvage value or residual value.

  • Question: Differentiate between consignor and consignee?

    Posted in: Accounts | Date: 29/11/2017

    Answer:

    The consignment process involves sending goods from a consignor to a consignee. The consignee is tasked with then selling the goods to an independent third party. Until the ultimate sale occurs, the consignor continues to retain ownership in the goods. For example, an artist has an arrangement with a gallery to sell his paintings. The artist is the consignor and the gallery is the consignee. When the gallery sells a painting, ownership transfers from the artist to the buyer of the painting. The buyer pays the gallery for the painting, the gallery extracts its commission, and then forwards the remaining amount to the artist

  • Question: The final step in the marketing control process is

    Posted in: Bank Clerical | Date: 29/11/2017

    Answer:

    D- to reduce the difference between actual and desired standards

  • Answer:

    A- Broadcast media

  • Answer:

    B- Personal Selling

  • Answer:

    A- Text

  • Question: what is audit comittee

    Posted in: Auditing | Date: 29/11/2017

    Answer:

    An audit committee is an operating committee of a company's board of directors that is in charge of overseeing financial reporting and disclosure. Committee members must be made up of independent outside directors, including a minimum of one person who qualifies as a financial expert.

  • Answer:

    Following are the liabilities of an auditor :- 1-LIABILITY OF NEGLIGENCE :- A person who is appointed auditor, he should perform his duties by using the reasonable skill and diligence. If auditor is found negligent in performing his duty then he may be sued in the Civil Court for damages. Negligent liability arises when auditor has been negligent in examining the book of account. He is also liable if he fails to detect deflections or does not discover the errors which he should discover. Because he fails to exercise a reasonable care and skill in the performance of his duties. i. Liability In Case Of Loss :- Auditor will be liable to compensate the loss which is suffered by client due to his negligence. ii. Liability Case Of No Loss :- The auditor will not be held liable if no loss is suffered by the client even auditor is proved to be negligent. iii. Legal Case :- Leeds Estate Building Society vs Sphephered 1887 : In this case auditor did not care to see the provisions of carried out articles. Profits were inflated by including the fictitious terns. Due to the auditors negligence dividends were paid out of capital. Action was taken by the company and auditor was held liable for damages. 2. LIABILITY FOR MISFEASANCE :- Misfeasance means the breach of duty breach of trust involving the company in loss. The company may proceed against the auditors by way of regular suit in case of misfeasance. Company can claim damages suffered. Misfeasing proceedings can be taken against die auditor by the directors. Promoters, managing agents when company is in liquidation. Generally misfeasance liability arises in the case of winding up a company. Legal Case :- Westminister Road Construction and Engineering Company (Ltd) 1932 : The work in progress was over stated and liabilities were understand but auditors did not point out about it to the shareholders. The dividend was paid out of the capital. In regard to the valuation of work in progress. It was held that the guilty of the auditor was to "Check the figures at which work in progress was brought into the balance sheet." The auditors were found guilty of misfeasance and were ordered to refund the amount of dividend with interest to the company. 3. CRIMINAL LIABILITY :- During the course of audit, auditor may commit various offenses and he becomes criminally liable. Offenses Criminally Liable :- 1. If auditor's report does not comply with the requirements of law. 2. If the default was done knowingly and willfully by the auditor. 3. If it is proved that auditor has falsified the accounts or made any report, statement, balance sheet or any document false he will be held criminally liable. Legal Cases :- Res vs Kylsant 1931 : In this case, the real story is that company created excessive secret reserves in boom years under the heading "Taxation Reserves". But these reserves were not shown on the balance sheet for several years company suffered heavy losses. During these year losses were concealed on the other hand secret reserves were used and profit was shown to the shareholders. The chairman and auditor were criminally prosecuted on the following grounds : 1. Chairman of the company issued the false annual receipts with the intention of deceiving the shareholders. 2. Auditor of the company aided and asked in the issue of false reports. So it is decided that an mourn should be disclosed on the balance sheet and shareholders should be informed about the utilization of secret reserves. 4. LIABILITY OF HONORARY AUDITOR :- Liabilities of paid and honorary auditors are same. In case of negligence or misfeasance honorary auditor can not relieve himself from the liability. If the negligence is proved then auditor will be held responsible and he has no excuse to say that he is not being paid or receiving less amount. 5. LIABILITY FOR LIABLE :- Sometimes auditor criticises the officers of the company in his audit report. His report should be such type that it may not defame or disgrace any person. On the other hand if the report of the auditor injures the good will and reputation of any person then he will be held responsible on the grounds of the defamation. Auditor is not liable. If the criticism is based on facts audit report is considered a privileged document. It should contain only facts otherwise auditor will be held responsible. Auditor's report should contain the following qualities : 1. It does not miss state the facts. 2. It is not actuated malice. 3. It does not go beyond what is relevant to its subject. 4. Statement should be bonafide. Legal Case :- Lawless vs The Anglo Egyptian Cotton and Oil Company Ltd. 1869 : In this case the plantiff was a manager of the company and auditors of the company gave the following statement about the manager in the report. "The shareholders will observe that there is a charge for 1306-0-0 for deficiency for which the manager is responsible. His accounts have been badly kept and have been rendered to us very irregularly". The manager brought an action for liable. It was found by the injury that there was no evidence of malice. 6. LIABILITY TO THE THIRD PARTY :- Auditor has no contract with the third parties. He is not employed by the third party so he has no duty to them. But the point is that as the accounts are audited by the audit, third party may also see the report, third party rely the report without the further inquiry. For example bank only study the certified balance sheet and lends the money to the company. Tax department and others also rely on the audited statements. "Now the question is that whether the auditor is liable if they rely on the accounts certified by him and suffered a loss should he compensate the loss. Answer is that in following cases he will be responsible to the third party. 1. If the statement signed by the auditor was not true infect. 2. It was known to the auditor that statement was not true infect. 3. Third party suffered a loss by relying on the statement of auditor. 4. If the statement was made with the intention that the other party should act on it. 5. If auditor gave his consent for the inclusion of such statements in the prospectus. Legal Cases :- 1. Canndler vs Crave Chrismas & Co. 1951 : In this case, legally it was admitted that auditor has to perform his duty for the client only. He can not be held responsible for the loss of third parties that they relied on his audited accounts. Even negligence may be proved but he will not be held responsible by the third parties for any loss. 2. De Srvary vs Holden Howwerd & Co. 1960 : In this case also the judges that auditor owed no duty of case to the third party out side his contractual relationship existing between those who have appointed him to audit the accounts. 3. Perry vs Peek : In this case it was held that an auditor may be liable to the third parties, if the auditor acted fraudulently i.e. he made false statements with a view to deceive the third party and third party actually buffered a loss by relying on it.

  • Question: What are the drawbacks of statutory audit ?

    Posted in: Auditing | Date: 29/11/2017

    Answer:

    The main drawbacks of an audit are as follows: 1-The expenditure of an audit can be very high. However, if the audit firm is already hired to carry out non-audit work such as accounts preparation oradvisory work, the additional cost of an audit may be fairly small. 2-The disruption caused to a company’s staff during the audit. The company’s staff may be required to support the auditors by answering questions, providing documents and other information, and so on.

  • Question: What are the essentials of Internal Audit?

    Posted in: Auditing | Date: 29/11/2017

    Answer:

    Anticipate the needs of stakeholders Develop forward-looking risk management practices Continually advise the Board and Audit Committee Be courageous Support the business’ objectives Identify, monitor and deal with emerging technology risks Enhance audit findings through greater use of data analytics Go beyond The IIA’s Standards Invest in yourself Recruit, motivate and retain great team members

  • Question: Are there any entrance exam for 3 year LLB degree ?

    Posted in: LLB | Date: 31/12/2017

    Answer:

    Not necessarily , it depends on the college and the universities. CLAT exam is for the 5 year LLB and for the 3 year LLB. So in short for taking admission in 3 year LLB you have to contact the respective college and university.

  • Question: how can the president vacate the seat?

    Posted in: Civil Laws | Date: 31/12/2017

    Answer:

    President is removed by a process called impeachment. Supreme Court shall inquire and decide regarding all doubts and disputes arising out of or in connection with the election of a President per Article 71(1) of the constitution. Supreme Court can remove the president for the electoral malpractices or upon being not eligible to be Lok Sabha member under the Representation of the People Act, 1951. Subject to Article 71 (3), Parliament made applicable rules/procedure to petition the Supreme Court for resolving the disputes only that arise during the election process of the president but not the doubts that arise from his unconstitutional actions/deeds or changing Indian citizenship during the tenure of president which may violate the requisite election qualifications.The President may also be removed before the expiry of the term through impeachmentfor violating the Constitution of India by the Parliament of India.The process may start in either of the two houses of the Parliament. The house initiates the process by levelling the charges against the President. The charges are contained in a notice that has to be signed by at least one quarter of the total members of that house. The notice is sent up to the President and 14 days later, it is taken up for consideration. A resolution to impeach the President has to be passed by a two-third majority of the total number of members of the originating house. It is then sent to the other house. The other house investigates the charges that have been made. During this process, the President has the right to defend oneself through an authorised counsel. If the second house also approves the charges made by special majority again, the President stands impeached and is deemed to have vacated their office from the date when such a resolution stands passed. No president has faced impeachment proceedings in India.

  • Question: What is CLAT Exam all about?

    Posted in: CLAT | Date: 31/12/2017

    Answer:

    Common Law Admission Test (CLAT) is the most coveted of all the law entrances in India after Class XII. CLAT journey started in 2008 and today more than 40,000 students write the entrance every year to secure a seat in one of the participating National Law University including NLSIU Bangalore-the Harvard of the East. CLAT is conducted every year to select students for 18 National Law Universities in India, other than National Law University-Delhi and HP National Law University-Shimla, which have their own process to select the students. CLAT Score is also accepted by other law schools including NMIMS, Mumbai, UPES Dehradun and Nirma University, Ahmedabad, to name a few.

  • Answer:

    Best Finance & Account Course in India are CA and CMA. Other than that You can also go for CFA(Certified Finance Analyst) which is a pure finance course and has lots of demand in foreign countries.

  • Question: What is the scope of job after clearing CFA?

    Posted in: CFA | Date: 01/01/2018

    Answer:

    Career Scope for CFA CFA Program recognizes a wide range of study areas and thus earning it a professional can display his or her own expertise on the same. Scope of CFA covers various sectors and most prominently, banks, industries, finance markets and technology sector. All these industries value the finance sector within their business and consider CFA certification as a valid credential to demonstrate one’s skills on the same. CFA as a professional degree is a perfect accumulation of money related exposures along with the total efficacy in every sort of money transaction going in the entire market of finance and the stock exchange world. A CFA can opt for the role of both a financial analyst and an independent financial investment. Owing to all these features and benefits of the credential, CFA candidates mark up in the priority list for recruitment in the HR process. Big shot organizations like JP Morgan, Bank of America, Citibank and so on prefers CFAs then their non-credential peers. Also they encourage their existing employee to opt for the CFA exam. CFAs have a strong foundation in the field of investment banking. The career scope for CFA is validated across investment companies, mutual funds, banks, insurance companies, financial consultancies and many more. CFA Salary CFA Charter holder also has a good scope of earning than the non-credential peers. The CFA salary for a professional is determined based on various factors such as experience level, job description, job type, sector, and employer type and company size. An entry level CFA charter holder starts earning from Rs. 2.5 lakhs annually reaching up to Rs. 20 lakhs in India (Source). The scope for earning the maximum is in the field of investment banking for CFA certified professionals. The average salary for CFA in the USA is $85,000 as per Oct, 2012 result forwarded by Simplyhired, a popular search engine of jobs. The scope of a CFA is vast and profitable in the real corporate world. The coveted credential earns you much beyond a professional degree. Thus, a CFA certification is definitely worth it for a finance professional in the real industrial scenario. Professionals can go through various CFA training programs in order to crack the rigorous exam based on various finance areas. Simplilearn is a leading professional training provider.

  • Question: Define retail banking?

    Posted in: Accounts | Date: 01/01/2018

    Answer:

    Retail banking, also known as consumer banking, is the typical mass-market banking in which individual customers use local branches of larger commercial banks. Services offered include savings and checking accounts, mortgages, personal loans, debit/credit cards and certificates of deposit (CDs). In retail banking, the focus is on the individual consumer.

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