Day 18 | RAS Mains 2025 Answer Writing | 90 Days

90 days answer writing

We will cover the whole RAS Mains 2025 with this 90-day answer writing program

Click here for the complete 90 days schedule (English Medium)

Click here for complete 90 days schedule (Hindi Medium)

GS Answer Writing – Basic knowledge of the Double Entry System of Accounting, Techniques of analysis of Financial Statements, Responsibility, and Social Accounting. Meaning & Objectives of Auditing, Social, Performance, and Efficiency Audit । पत्र लेखन 

Single Entry SystemDouble Entry System
In this accounting system, only one aspect of transactions is recognized, requiring a single-sided entry to record financial transactions. As a result, there may be a debit without a corresponding credit and vice versa.In this system, each transaction simultaneously affects two accounts. Consequently, two aspects of the transaction are recorded, ensuring that for every debit, there is a corresponding equal credit.
Record only cash and personal accounts.Records Personal, Real, and Nominal accounts .
Incomplete record system Scientific and complete record system
Only a statement of affairs is prepared → Rough estimate of profit and lossProfit and loss account and balance sheet can be prepared → Estimation of Net profit
Suitable for small businessUniversal in nature, for any business.

Responsibility accounting is a management control system that designates organizational functions to specific units called responsibility centers.  

  • Operating on the principle of the controllability concept, it asserts that managers should only be held responsible for aspects of performance within their control. 
  • The system utilizes Key Performance Indicators (KPIs) to measure variance, facilitating the assessment and management of individual responsibility centers’ performance.
CenterPurpose Example
Cost Centreresponsible for the cost incurred. production department 
Revenue CenterResponsible for generating revenue.marketing department
Profit Centerresponsible for both revenues and costs.  retail store division
Investment Centreresponsible not only for profits but also forinvestments made in the center in the form of assetsR&D Division

(SAME ANSWER CAN BE PRESENTED IN BOTH WAYS)

  1. Cost Centre: a segment of an organisation in which managers are held responsible for the cost incurred. For example, in a manufacturing organisation → production department 
  2. Revenue Center: a segment of an organisation which is primarily responsible for generating revenue.   For example, marketing department of an organisation. 
  3. Profit Center: a segment of an organisation whose manager is responsible for both revenues and costs.  For example, retail store division
  4. Investment Centre: An investment centre is responsible not only for profits but also for investments made in the centre in the form of assets.  For example R&D Division

Auditing is the systematic and scientific examination of an entity’s books of accounts and records by an independent and qualified professional, known as an auditor. The primary purpose is to ensure the accurate and reliable presentation of the financial state of affairs and profit/loss in the balance sheet and profit and loss account, providing a true and fair view.

Paper 4 (Comprehension part) – आदेश

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