I previously wrote that Chapters 23, 24, 26, 27 do not exist. That was wrong — I had only the Part-1 index. Now that both parts are uploaded, the book is confirmed as two volumes:
Part 1 — Ch 1–22 (Introduction → PFMS) + its own MCQ bank and answer key
Part 2 — Ch 23–28 (page numbers restart): 23 Taxation · 24 Cost Accounting · 25 Cost Management & Budgetary Control · 26 Indian Financial Management System · 27 Developments in Accounting · 28 Additional Content on Previous Topics
The original analysis's chapter references were therefore right all along, and its 2024 question numbers (Q31–Q60) were right too. The analysis is accurate for 2024. ⚠️ Its "2022" numbering refers to the PANCHAYAT paper, not an FAA paper — see the rebuilt comparison below (1 Sep 2026).
Paper: Finance Accounts Assistant OMR Exam 2024, Set A · Accountancy = Q31–Q60.
Answers: from the answer block inside 2024-paper.md (AI-generated, not an official JKSSB key); I re-solved and they agree.
Coverage:26 / 30 fully mapped; 4 genuine gaps remain even with all 27 chapters (listed at the end).
Ch 1 — Introduction to Accounting
Q
Question
Ans
Note
34
Book Keeping is regarded as the ___ step of accounting — A) Fourth B) Secondary C) Third D) First
D
Book-keeping is the first/primary stage — routine recording. Ladder: Book-keeping → Accounting → Auditing.
Ch 3 — Basic Accounting Concepts
Q
Question
Ans
Note
36
Which concept suggests the exclusion of human resource in the balance sheet? — B) Money Measurement
B
⭐ Identical to PAA 2020·Q93 — asked in both papers.
51
Which entities generally keep books under the single entry system? — B) Sole traders
B
Suits small sole traders; companies must use double entry. (Also Ch 17.)
Ch 4 — Accounting Equation
Q
Question
Ans
Note
35
Which is correct? — A) equity = asset + liability B) liability = asset + equity C) asset = liability + equity D) equity = liability
C
The fundamental equation: Assets = Liabilities + Capital.
Ch 6 — Voucher Approach in Accounting
Q
Question
Ans
Note
37
Procedure for preparing a voucher — A) verify date/amount/signature B) confirm authorised signatory approved C) select voucher type D) All of the above
D
All three are standard steps in the voucher approach.
38
Which business document is proof of payment? — A) Receipt B) Invoice C) Debit note D) None
A
A receipt proves money actually moved; an invoice only demands payment. (Also Ch 2.)
Ch 7 — Ledger Accounts
Q
Question
Ans
Note
33
Suppliers' personal a/c are seen in the — A) Sales Ledger B) Nominal ledger C) Purchases Ledger D) General Ledger
Transferring items from a journal into their respective ledger accounts is — A) Balancing B) Arithmetic C) Entry D) Posting
D
Journalising = record in journal; Posting = transfer to ledger.
Ch 10 — Trial Balance
Q
Question
Ans
Note
50
Trial balance helps check the accuracy of the — A) Balance sheet B) Ledger C) Journals D) Cash flow statement
B
It verifies the arithmetical accuracy of ledger posting. It cannot catch errors of principle or compensating errors.
Ch 15 — Bank Reconciliation Statement ⭐ (biggest block in 2024)
Q
Question
Ans
Note
39
In a bank statement, cash deposited is shown as — A) debit B) credit C) expense D) profit
B
From the bank's view the customer is a creditor, so deposits are credited.
40
What is "Deposit in transit" in bank reconciliation? — A) Added to Bank Balance B) Subtracted from Bank Balance C) Subtracted from Cash Book D) Added to Cash Book
A
Recorded in the cash book but not yet by the bank → add to the bank balance.
41
Cheques issued by a firm but not yet presented — A) Uncredited B) Outstanding cheques C) Uncollected D) Bounced
B
Also called unpresented cheques — a classic timing difference.
49
A bank pass book is a copy of — C) The customer account in the bank's ledger
C
⭐ Identical to PAA 2020·Q95.
Ch 16 — Partnership Accounts
Q
Question
Ans
Note
44
What happens when interest on drawings is charged to a partner? — C) Debited to partner's capital a/c
C
Interest on drawings is a gain to the firm → debited to the partner (credited to P&L Appropriation).
45
M and N share 3:2; P admitted for 1/5th share → new ratio?
B — 12:8:5
P takes 1/5; remaining 4/5 split 3:2 → M = 4/5×3/5 = 12/25, N = 8/25, P = 5/25 → 12:8:5.
58
Goodwill valued ₹30,000, appearing in books at ₹12,000. Z admitted for 1/4 share → amount Z brings for goodwill?
C — ₹7,500
Z brings his share of the valued goodwill: 30,000 × 1/4 = 7,500. (The ₹12,000 book value is written off separately.)
Ch 17 — Cash-Based Single Entry System
Q
Question
Ans
Note
43
Statement of financial position produced from incomplete records — B) Statement of affairs
B
⭐ Identical to PAA 2020·Q90.
Ch 18 — Financial Management
Q
Question
Ans
Note
48
Current Ratio = — A) Current assets / Current liabilities
A
⚠️ Gap: Ch 18 mentions ratio analysis but does not give the formula. Learn it externally.
53
What does financial leverage measure? — C) The sensitivity of EPS w.r.t. % change in the EBIT level
C
⚠️ Gap: not defined in Ch 18. DFL = % change in EPS ÷ % change in EBIT.
Ch 19 — Financial Audit
Q
Question
Ans
Note
47
Audit undertaken to check financial controls and irregularities — A) System B) Compliance C) Internal audit D) Statutory
C
Internal audit reviews internal controls and irregularities on management's behalf.
Ch 22 — Public Financial Management System
Q
Question
Ans
Note
42
PFMS was earlier known as — A) Central Plan Schemes Monitoring System (CPSMS)
A
⭐ Identical to PAA 2020·Q83.(Note: the analysis labels this "PFMS Full Form" — it is actually the former name.)
Ch 23 — Taxation, Tax Laws (Direct & Indirect) ⭐ (new in 2024)
Q
Question
Ans
Note
52
GST is a consumption tax based on — D) Destination
D
GST is destination/consumption-based — revenue goes to the consuming state. ✓ Ch 23.
55
Income accruing and received outside India is taxable for — A) Resident and Ordinarily Resident
A
Only ROR is taxed on global income. ✓ Ch 23 (residential status).
59
Assertion: interest payable outside India requires TDS. Reason: if not deducted, the interest is disallowed as a business deduction.
A
Both correct and R explains A — non-deduction triggers disallowance (Sec 40(a)(i)). ✓ Ch 23 covers TDS.
57
Amount payable on closure/opting out of NPS u/s 80CCD is exempt to the extent of ___ of the total
C — 40%
⚠️ Gap: Ch 23 covers income-tax basics but not the 80CCD deduction limits. Learn externally.
56
Included in the definition of "Goods" u/s 2(52) CGST Act — B) Actionable claim
B
Sec 2(52) covers movable property including actionable claims, excluding money & securities. ⚠️ Only lightly touched (Ch 27).
Ch 24 — Cost Accounting ⭐ (new in 2024)
Q
Question
Ans
Note
31
Fixed cost is a cost — C) Which does not change in total during a given period despite changes in output
C
Fixed in total, but varies per unit (option D is the classic trap). ✓ Ch 24.
32
Prime cost from: material purchased 1,00,000 · material consumed 90,000 · direct labour 60,000 · direct expenses 20,000 · mfg overheads 30,000
C — ₹1,70,000
Prime cost = material consumed + direct labour + direct expenses = 90,000+60,000+20,000. Purchased and overheads are distractors. ✓ Ch 24.
60
Sale ₹25/unit; variable mfg ₹12; variable selling ₹3; fixed factory ₹5,00,000; fixed selling ₹3,00,000 → units to earn profit ₹1,80,000
A Finance Bill becomes the Finance Act when passed by — C) Both Houses of Parliament and signed by the President
C
✓ Ch 26 covers the Finance Bill/Act process.
(96)
Commercial Paper — unsecured money-market instrument
—
Outside the accountancy block (Economics section) but ✓ covered in Ch 26.
📊 Chapter-wise distribution — 2024 (Q31–60)
Chapter
Questions
Count
Ch 15 — Bank Reconciliation Statement
39, 40, 41, 49
4 ⭐
Ch 23 — Taxation
52, 55, 56, 57, 59
5 ⭐
Ch 16 — Partnership Accounts
44, 45, 58
3
Ch 24 — Cost Accounting
31, 32, 60
3
Ch 3 — Accounting Concepts
36, 51
2
Ch 6 — Voucher Approach
37, 38
2
Ch 7 — Ledger Accounts
33, 46
2
Ch 18 — Financial Management
48, 53
2
Ch 1 — Introduction
34
1
Ch 4 — Accounting Equation
35
1
Ch 10 — Trial Balance
50
1
Ch 17 — Single Entry
43
1
Ch 19 — Financial Audit
47
1
Ch 22 — PFMS
42
1
Ch 26 — IFMS
54
1
Total
30
⚠️ The 4 genuine gaps (even with all 27 chapters)
Q
Topic
Why it's a gap
48
Current Ratio formula
Ch 18 names ratio analysis but gives no formulas
53
Financial Leverage definition
Not defined in Ch 18
57
Sec 80CCD NPS exemption %
Ch 23 lacks Chapter VI-A deduction limits
56
"Goods" u/s 2(52) — actionable claims
Only lightly touched
Your external-study list is now very short
Just ratio formulas (current, quick, debt-equity), leverage (operating/financial/combined), and Income-Tax Chapter VI-A deductions (80C, 80CCD, 80D, 80G). Everything else in both papers is inside your notes.
🔀 FAA 2022 vs FAA 2024 — what actually repeats
⚠️ REBUILT 1 Sep 2026 — the old version of this section used the wrong paper.
Its "2022" column was the PANCHAYAT Accounts Assistant paper of 10 Nov 2020, not an FAA paper.
The four "identical" questions it listed are real repeats, but they came from PAA 2020 → FAA 2024,
and their old Q-numbers (Q105, Q86, Q93, Q107) were the Panchayat booklet's numbering.
This section now compares the two genuine FAA papers. See Four-Paper-Comparison.
⭐⭐ The seven that repeat FAA 2022 → FAA 2024
2022
2024
Question
Ans
Match
Q36
Q35
Accounting equation — which is correct?
C
Verbatim
Q41
Q39
Bank statement: cash deposited is shown as
B
Verbatim
Q48
Q47
Audit of financial controls & irregularities
C
Verbatim
Q53
Q45
Partners 3:2, admit 1/5 share — new ratio
B
Verbatim(names changed)
Q57
Q50
Trial balance checks the accuracy of the
B
Verbatim
Q37
Q41
Unpresented / not-yet-presented cheque
outstanding
Rephrased
Q59
Q42
PFMS was earlier known as
CPSMS
Rephrased
⭐ 7 of 30 = 23 % of the accountancy section repeated from one FAA paper to the next.
The four that crossed from PAA 2020 into FAA 2024
Question
PAA 2020
FAA 2024
Answer
Money Measurement (human resource excluded)
Q93
Q36
Money Measurement
PFMS earlier known as
Q83
Q42
CPSMS
A bank pass book is a copy of
Q95
Q49
customer's a/c in the bank's ledger
Statement of financial position from incomplete records
Q90
Q43
Statement of Affairs
⭐ PFMS is the one question confirmed in three genuinely different exams — PAA 2020, FAA 2022 and FAA 2024.
Chapter movement between the two FAA papers
Chapter
FAA 2022
FAA 2024
Verdict
Ch 23 Taxation
3
5
📈 ⭐⭐ Biggest chapter in both. Growing.
Ch 15 BRS
2
4
📈 ⭐⭐ Most reliable. Growing.
Ch 16 Partnership
2
3
📈 ⭐ Steady and growing
Ch 24 Cost Accounting
0
3
🚨 New in 2024
Ch 18 Financial Management
1
2
✅ In both
Ch 6 Voucher Approach
1
2
✅ In both
Ch 7 Ledger
2
2
✅ In both
Ch 4 Accounting Equation
2
1
✅ In both — and one of them repeats
Ch 10 Trial Balance
2
1
✅ In both — and one of them repeats
Ch 19 Financial Audit
2
1
✅ In both — and one of them repeats
Ch 17 Single Entry
1
1
✅ In both
Ch 22 PFMS
1
1
✅ In both — and it repeats
Ch 26 Indian Financial System
1
1
✅ In both
Ch 2 Basic Terms
4
0
📉 Swung hard — 4 marks to nothing
Ch 13 Profit & Loss
2
0
📉 Vanished in 2024
Ch 20 Social Accounting
2
0
📉 Vanished in 2024
Ch 3 Basic Concepts
0
2
📈 Appeared in 2024
Ch 5 Double Entry
1
0
➖ Thin in both
Ch 8 Subsidiary Books
1
0
➖ Thin in both
Ch 1 Introduction
0
1
➖ Thin in both
Ch 12 Trading A/c
0
0
🔴 Zero in BOTH FAA papers
🎯 The single most important insight for your prep
Twelve chapters appear in BOTH real FAA papers — Ch 4, 6, 7, 10, 15, 16, 17, 18, 19, 22, 23, 26.
That is 24 of the 60 accountancy marks across the two papers, and it is the stable core to build on.
⭐ The direction of travel is clear: Taxation 3→5, BRS 2→4, Costing 0→3 — the paper is moving
steadily toward applied finance. Meanwhile Ch 2 Basic Terms fell 4→0 and P&L and Social
Accounting vanished. Prepare the applied core hardest, but keep the cheap definitional chapters warm
— a 4-mark swing can come back.
🔴 Ch 12 Trading Account scored ZERO in both FAA papers (it was heavy in the Panchayat papers).
Deprioritise it.
