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2 TIRUPUR RNCH OF SIRC OF ICI DECEMER rticle Page Chairman Writes 3 Program schedule for December 4 Think for a While Quiz Competition for Members 5 8 Circulars & Notification 9 Excel 2010 Shortcuts Views expressed herein are the opinion of the respective authors and not that of the branch or the Managing /Newsletter committee. Your views / suggestions / comments are welcome. Kindly 2 P a g e Published and Printed Tirupur ranch of SIRC of ICI Editor C..nnathurai. N.Ph: Newsletter Committee Member C.M.P.VaratharajanPh: Newsletter Committee dvisor C.K.C.SenthilkumarPh:

3 TIRUPUR RNCH OF SIRC OF ICI CHIRMN WRITES Dear Professional Colleagues Greetings! s told already our members have gone for First International Study Tour in the first week of November to Singapore and Thailand. This occasion is a memorable one for the members and their family members. I convey my great thanks to the coordinators of the Tour. On Continuing Professional Learning series a Mega One Day conference was organized y Coimbatore ranch of SIRC of ICI jointly with our ranch, Erode, Salem and Palghat ranches at Coimbatore ICI hawan. The conference was well organized and well received by the delegates. To prove ourselves as Partners in Nation uilding, our branch has organized a TDS Workshop jointly with NIFT-TE, Tirupur to provide hands on training to ccountants. Shri. R.N.Siddappaji IRS, JCIT, TDS Range, Coimbatore inaugurated the workshop. On memorial Lecture series a CPE seminar was organized in memory of our Past Chairman, respected C.P.Seshadri FC. Past Chairman of SIRC of ICI, C..rjuna Raj was the chief guest and C.S.Swaminathan, delivered the lecture on Professional Ethics and Challenges before the Profession. DECEMER To enrich the knowledge of our members and make them expertise in various areas of accounting and auditing our Institute has formulated various certificate courses on various areas. One amongst them is Certificate Course on Concurrent udit of anks. The course is organized by Internal udit Standards oard Secretariat in our branch on 31 st Jan 2014, 1 st, 2 nd, 7 th, 8 th and 9 th Feb Since the maximum participants restricted to 50 the seat will be available on first come first serve basis only. lready nearly 25 members have given their concurrence to attend the course. I convey my great thanks to our Central Council Member C.G.Sekar FC who took effort to organize the course in our branch for the benefit of our members and to C S Zaware, CCM, Chairman, Internal udit Standards oard. Wish you all happy Christmas and happy new year With Warm Regards In your professional service C.K.CHINNSMY, Chairman 3 P a g e

4 TIRUPUR RNCH OF SIRC OF ICI DECEMER Programme Schedule for December Date & Time Program Details Resource Person 06 tt December PM to 8.30PM CPE Seminar Conversion of Proprietary / Partnership usiness into Private Ltd Company CPE Seminar CPE Credit C. V. Narasimman, Tirupur 2 21 st December M to 2.00M Financial Planning & sset llocation Investment Strategies in Current Market Scenario Mr.PL.M.Planiappan Member Of Derivative Council, Madras Stock Exchange Mr.V.Nagappan Member, dvisory Committee, Madras Stock Exchange. 3 CPE Seminar 24 th December PM to 8.30 PM Practical Clause by Clause Discussion on the TNVT udit Memorial Lecture C. K. Chinnasamy, Chairman Tirupur ranch. C. V. Narasimman, Past Chairman Tirupur ranch th December PM Vaazhkai Vazhvatharke Swami Siva Yogananda Shri Chinmaya Mission, Coimbatore. N 4 P a g e

5 TIRUPUR RNCH OF SIRC OF ICI DECEMER Think For a While. Members are requested to send in their answers to tiruicai@gmail.com, with Name and Membership Number. Members with maximum correct answers on first come first served basis, will be recognized in the forthcoming meeting and the next issue of the Newsletter. Tirupur ranch Managing Committee members, Newsletter Committee members and Competition compilers are not eligible to participate. nswers to the below questions will be published in the nextissue. 1. n Independent Director must be Related to the Managing Director of the Company n employee of the Company for a minimum period of 5 years. C He must not have any pecuniary relationship with the company, its holding, subsidiary or associate company, or their promoters, or directors, during the two immediately preceding financial years or during the current financial year. D Promoter of the Company or its Holding company C Must be appointed by the oard of Directors every year D Can hold Office for a period of 3 three years. 3. The Registered valuer is to be appointed by C D The oard of Directors The Share holders of the Company The ankers to be approved by Central Government udit Committee or in their absence by the oard of Directors. 2 n Independent Director. Must be appointed annually at the nnual General Meeting through a Special Resolution Can hold office for a term of 5 consecutive years and such term can be extended by another 5 years, 4. The Scope of area of valuation is Stocks, Shares, Debenture, Securities, Goodwill, Corporate debt restructuring, Winding up/ liquidation, Compromise & arrangement. The Fixed ssets of the Company 5 P a g e

6 TIRUPUR RNCH OF SIRC OF ICI DECEMER C D Current ssets of the Company 5. n ssociate Company as per the Companies ct, is.. company in which other company has a significant influence, but which is not a subsidiary company of the company having such influence and includes a joint venture company. Subsidiary Company in which substantial shareholding is held by the Holding Company C company in which the Managing Director or the Whole time director is holding substantial interest D Subsidiary company / Joint Venture company / Company holding shares in the Company Mode Net worth of the Directors, including Managing Director C Can be maintained in electronic Mode provided the ooks are also maintained in Writing D Maintained as decided by the Share Holders in a General Meeting 8. The ooks of ccounts of the Company must be maintained Since Inception of the Company For five continuous years C s may be decided by the Share holders at a General meeting D For a period not less than 8 years or since inception, if the life of the Company is less than 8 years 9. rms length transaction under Companies ct, means 6. The ooks of ccounts and other relevant papers of the Head office Must be kept at the Head Office / dministrative Office of a Company Must be kept as may be decided by the Share holders C Must be kept at the Registered Office of the company D s permitted by the Central Government 7. ooks of ccounts Must be maintained in Writing only Can be maintained in Electronic transaction in which the price involved is more or less than 20% of normal price transaction with a related party compared to unrelated party C Comparison of price between average rate for the year and a particular transaction D transaction between two related parties conducted as if they were unrelated and there is no conflict of interest 10. The different Committees under the 6 P a g e

7 TIRUPUR RNCH OF SIRC OF ICI DECEMER new Companies act are Corporate social Responsibility Committee udit Committee C Stakeholders Relationship committee D ll the three mentioned above 11. Which of the following do not form the part of inventories? Machinery spares which is to be used in connection with an item of fixed asset of irregular use. Consumables and loose tools awaiting use in the production process. C Work in progress being produced by the enterprise D Finished goods produced by the enterprise 12. change in the estimated useful life of a depreciable asset ffects depreciation in the current period. ffects Depreciation in each period during the remaining useful life of the asset. C Does not affect depreciation of the asset. D oth (a) and (b). 13. The going concern concept is the underlying basis for Disclosing the market value of securities. Depreciating fixed assets over their useful lives. C Consolidating the accounts of subsidiary companies with those of the parent company. D Disclosing the sales and other operating information in the income statement. 14. The balance of the debentures sinking fund account after redemption of debentures is transferred to Profit and loss account. Debentures account. C General reserve. D Capital reserve. 15. Impairment loss is. Excess of the net value of the asset at which it is carried in the balance sheet over its net selling price Excess of the net value of the asset at which it is carried in the balance sheet over its value in use 7 P a g e

8 TIRUPUR RNCH OF SIRC OF ICI C Lower of (a) and (b). D Higher of (a) and (b) 16. n Operating Lease is a lease That transfers substantially all the risks and rewards incident to the ownership of an asset. That does not transfer substantially all the risks and rewards incident to the ownership of an asset. C Which is not cancellable. D oth (a) & (c). 17. Which one of the following statements is correct? Lower the sampling risk, greater the sample size Smaller the tolerable error, greater the sample size C Lower the expected error, smaller the sample size D ll are correct DECEMER 18. Which of the following are included in test of control? Performance and observation Inquiry and analytical procedures C Comparison and confirmation D Inspection and verification 19. Identify the normal loss of materials among the following Pilferage Loss due to accidents C Loss due to breaking the bulk of materials D Loss due to careless handling of materials 20. When the prices of materials are rising, then, which one of the following method should be used for valuing the issue of materials FIFO LIFO C HIFO D Weighted average price nswers to the November -Think for a while Questions: D C D D C D C D C D C 8 P a g e

9 TIRUPUR RNCH OF SIRC OF ICI DECEMER THE IMPORTNT CIRCULRS: Compiled by C. S.Venkatramani, FC Clarification with regards to applicability of Section 182 (3) of Companies ct, :- The Ministry of Corporate ffairs has Clarified with issue of circular no 19/ with regards to applicability of Sec 182 (3) of Companies ct as follows (i) (ii) (iii) Companies contributing any amount or amounts to an.electoral Trust Company' for contributing to a political party or parties are not required to make disclosures required under section 182(3) of Companies ct. It will suffice if the ccounts of the company disclose the amount released to an Electoral Trust Company Companies contributing any amount or amounts directly to a political party or parties will be required to make the disclosures laid down in section 192(3) of the Companies ct, Electoral trust companies will be required to disclose all amounts received by them from other companies/sources in their ooks of ccounts and also disclose the amount or amounts contributed by them to a political party or parties as required by section 182(3) of Companies ct,. Issue of intimation under Sec 143(1) of the Income-tax ct, 1961 eyound time :- The Central oard of Direct Taxes has relaxed the time-frame prescribed under Second proviso to sub section (1) of Sec 143 of the ct for those cases were return ofincome has been filed by the assessee in accordance with provisions of Sec 139/142(1) of the ct, but due to technical or other reason not attributable to the assessee the date of sending intimation u/s 143(1) of the ct has lapsed before 01/04/.In such cases the board directs that such returns shall be processed and intimation of processing shall be sent to the such assessee by the ssessing officer in ccordance with Sec 143 of the ct notwithstanding the time limit prescribed in Second proviso to sub section (1) of the ct 9 P a g e

10 TIRUPUR RNCH OF SIRC OF ICI DECEMER Excel 2010 Shortcut Keys by C. S.Venkatramani, FC 1. Navigate Inside Worksheets arrow keys page down /page up alt+page down/ alt+page up tab / shift+tab ctrl+arrow keys home ctrl+home ctrl+end ctrl+f ctrl+h shift+f4 ctrl+g (or f5) ctrl+arrow left /ctrl+arrow right home /end alt+arrow down end Move one cell up, down, left, or right in a worksheet. Move one screen down / one screen up in a worksheet. Move one screen to the right / to the left in a worksheet. Move one cell to the right / to the left in a worksheet. Move to the edge of next data region (cells that contains data) Move to the beginning of a row in a worksheet. Move to the beginning of a worksheet. Move to the last cell with content on a worksheet. Display the Find and Replace dialog box (with Find selected). Display the Find and Replace dialog box (with Replace selected). Repeat last find. Display the 'Go To' dialog box. Inside a cell: Move one word to the left / to the right. Inside a cell: Move to the beginning / to the end of a cell entry. Display the utocomplete list e.g. in cell with dropdowns or autofilter. Turn 'End' mode on. In End mode, press arrow keys to move to the next nonblank cell in the same column or row as the active cell. From here use arrow keys to move by blocks of data, home to move to last cell, or enter to move to the last cell to the right. 10 P a g e

11 TIRUPUR RNCH OF SIRC OF ICI 2. Work with Data Selections Select Cells shift+spacebar ctrl+spacebar ctrl+shift+*(asterisk) ctrl+a (orctrl+shift+spacebar) ctrl+shift+page up ctrl+shift+o shift+arrow keys ctrl+shift+arrow key shift+page down /shift+page up shift+home ctrl+shift+home ctrl+shift+end DECEMER Select the entire row. Select the entire column. Select the current region around the active cell. Select the entire worksheet or the datacontaining area. Pressing ctrl+a a second time then selects entire worksheet. Select the current and previous sheet in a workbook. Select all cells with comments. Extend the selection by one cell. Extend the selection to the last cell with content in row or column. Extend the selection down one screen /up one screen. Extend the selection to the beginning of the row. Extend the selection to the beginning of the worksheet. Extend the selection to the last used cell on the worksheet (lower-right corner). Manage ctive Selections f8 shift+f8 shift+backspace ctrl+backspace ctrl+. (period) enter / shift+enter tab / shift+tab ctrl+alt+arrow right/ ctrl+alt+arrow left Esc Turn on extension of selection with arrow keys without having to keep pressing shift. dd another (adjacent or non-adjacent) range of cells to the selection. Use arrow keys andshift+arrow keys to add to selection. Select only the active cell when multiple cells are selected. Show active cell within selection. Move clockwise to the next corner of the selection. Move active cell down / up in a selection. Move active cell right / left in a selection. Move to the right / to the left between nonadjacent selections (with multiple ranges selected). Cancel Selection. 11 P a g e

12 TIRUPUR RNCH OF SIRC OF ICI Select inside cells shift+arrow left /shift+arrow right ctrl+shift+arrow left /ctrl+shift+arrow right shift+home /shift+end DECEMER Select or unselect one character to the left / to the right. Select or unselect one word to the left / to the right. Select from the insertion point to the beginning / to the end of the cell. 3. Insert and Edit Data Undo / Redo Shortcuts ctrl+z ctrl+y Undo last action (multiple levels). Redo last action (multiple levels). Work with Clipboard ctrl+c ctrl+x ctrl+v ctrl+alt+v ctrl+shift++ Copy contents of selected cells. Cut contents of selected cells. Paste content from clipboard into selected cell. If data exists in clipboard: Display the Paste Special dialog box. If data exists in clipboard: Display the Insert dialog box to insert blank cells. Edit Inside Cells f2 alt+enter enter shift+enter tab / shift+tab esc backspace delete ctrl+delete ctrl+;(semicolon) ctrl+shift+:(colon) Edit the active cell with cursor at end of the line. Start a new line in the same cell. Complete a cell entry and move down in the selection. With multiple cells selected: fill cell range with current cell. Complete a cell entry and move up in the selection. Complete a cell entry and move to the right / to the left in the selection. Cancel a cell entry. Delete the character to the left of the insertion point, or delete the selection. Delete the character to the right of the insertion point, or delete the selection. Delete text to the end of the line. Insert current date. Insert current time. 12 P a g e

13 TIRUPUR RNCH OF SIRC OF ICI Edit ctive or Selected Cells ctrl+d ctrl+r ctrl+" ctrl+'(apostrophe) ctrl+l ctrl+ctrl+- with row or column selected ctrl+shift++ ctrl+shift++with row or column selected shift+f2 shift+f10, thenm alt+f1 f11 ctrl+k enter (in a cell with a hyperlink) DECEMER Fill complete cell down (Copy above cell). Fill complete cell to the right (Copy cell from the left). Fill cell values down and edit (Copy above cell values). Fill cell formulas down and edit (Copy above cell formulas). Insert a table (display Create Table dialog box). Delete Cell/Row/Column Menu Delete row / delete column. Insert Cell/Row/Column Menu Insert row/ insert column. Insert / Edit a cell comment. Delete comment. Create and insert chart with data in current range as embedded Chart Object. Create and insert chart with data in current range in a separate Chart sheet. Insert a hyperlink. ctivate a hyperlink. Hide and Show Elements ctrl+9 Hide the selected rows. ctrl+shift+9 Unhide any hidden rows within the selection. ctrl+0 Hide the selected columns. ctrl+shift+0 Unhide any hidden columns within the selection*. lternate between displaying cell values ctrl+` (grave accent) and displaying cell formulas. ccent grave /not a quotation mark. alt+shift+arrow right Group rows or columns. alt+shift+arrow left Ungroup rows or columns. ctrl+6 lternate between hiding and displaying objects. ctrl+8 Display or hides the outline symbols. lternate between hiding objects, ctrl+6 displaying objects, and displaying placeholders for objects. *Does not seem to work anymore in Excel No alternative found. 13 P a g e

14 TIRUPUR RNCH OF SIRC OF ICI 4. Format Data Format Cells ctrl+1 ctrl+b (orctrl+2) ctrl+i (orctrl+3) ctrl+u (orctrl+4) ctrl+5 ctrl+shift+f alt+'(apostrophe / single quote) DECEMER Format cells dialog. pply or remove bold formatting. pply or remove italic formatting. pply or remove an underline. pply or remove strikethrough formatting. Display the Format Cells with Fonts Tab active. Press tab 3x to get to font-size. Used to be ctrl+shift+p, but that seems just get to the Font Tab in Display the Style dialog box. Number Formats ctrl+shift+$ ctrl+shift+~ ctrl+shift+% ctrl+shift+# ctrl+shift+@ ctrl+shift+! ctrl+shift+^ pply the Currency format with two decimal places. pply the General number format. pply the Percentage format with no decimal places. pply the Date format with the day, month, and year. pply the Time format with the hour and minute, and indicate.m. or P.M. pply the Number format with two decimal places, thousands separator, and minus sign (-) for negative values. pply the Scientific number format with two decimal places. pply orders to Cells ctrl+shift+& ctrl+shift+_ (underscore) ctrl+1, thenctrl+arrow right/arrow left lt+t* lt+b* lt+l* lt+r* lt+d* lt+u* 14 P a g e pply outline border from cell or selection Remove outline borders from cell or selection ccess border menu in 'Format Cell' dialog. Once border was selected, it will show up directly on the next Ctrl+1 Set top border Set bottom order Set left order Set right order Set diagonal and down border Set diagonal and up border *In Cell Format in 'order' Dialog Window

15 TIRUPUR RNCH OF SIRC OF ICI DECEMER 5. Formulas and Names Formulas = Start a formula. alt+= Insert the utosum formula. shift+f3 Display the Insert Function dialog box. ctrl+a Display Formula Window after typing formula name. ctrl+shift+a Insert rguments in formula after typing formula name.. shift+f3 Insert a function into a formula. ctrl+shift+enter Enter a formula as an array formula. f4 fter typing cell reference (e.g. =E3) makes reference absolute (=$E$4) f9 Calculate all worksheets in all open workbooks. shift+f9 Calculate the active worksheet. Calculate all worksheets in all open ctrl+alt+f9 workbooks, regardless of whether they have changed since the last calculation. Recheck dependent formulas, and then ctrl+alt+shift+f9 calculates all cells in all open workbooks, including cells not marked as needing to be calculated. ctrl+shift+u Toggle expand or collapse formula bar. ctrl+shift+enter Enter a formula as an array formula. Names ctrl + f3 ctrl+shift+f3 f3 Define a name or dialog. Create names from row and column labels. Paste a defined name into a formula. 6. Manage Multipe Worksheets Shortcuts to delete, rename, or move worksheets are based on the old Excel 2003 menus which still work in Excel 2010 Insert a new worksheet in current shift+f11 oralt+shift+f1 workbook. Move to the next / previous worksheet in ctrl+page down /ctrl+page up current workbook. Select the current and next sheet(s) / shift+ctrl+page down/ shift+ctrl+page up select and previous sheet(s). Rename current worksheet (format, alt+o then h r sheet, rename) 15 P a g e

16 TIRUPUR RNCH OF SIRC OF ICI alt+e then l alt+e then m DECEMER Delete current worksheet (Edit, delete) Move current worksheet (Edit, move) 7. Manage Multiple Workbooks f6 / shift+f6 ctrl+f4 ctrl+n ctrl+tab /ctrl+shift+tab alt+spacebar ctrl+f9 ctrl+f10 ctrl+f7 ctrl+f8 alt+f4 Move to the next pane / previous pane in a workbook that has been split. Close the selected workbook window. Create a new blank workbook (Excel File) Move to next / previous workbook window. Display the Control menu for Main Excel window. Minimize current workbook window to an icon. lso restores ('un-maximizes') all workbook windows. Maximize or restores the selected workbook window. Move Workbook Windows which are not maximized. Perform size command for workbook windows which are not maximzed. Close Excel. 8. Various Excel Features ctrl+o ctrl+s f12 f10 (or alt) ctrl + P f1 f7 shift+f7 alt+f8 alt+f11 Open File. Save the active file with its current file name, location, and file format. Display the Save s dialog box. Turn key tips on or off. Print File (Opens print menu). Display the Excel Help task pane. Display the Spelling dialog box. Display the Thesaurus dialog box. Display the Macro dialog box. Open the Visual asic Editor to create Macros. 16 P a g e

17 TIRUPUR RNCH OF SIRC OF ICI 10. Data Forms tab / shift+tab enter /shift+enter page down /page up ctrl+page down ctrl+page up home / end DECEMER Move to the next / previous field which can be edited. Move to the first field in the next / previous record. Move to the same field 10 records forward / back. Move to a new record. Move to the first record. Move to the beginning / end of a field. 11. Pivot Tables arrow keys home / end alt+c alt+d alt+l alt+p alt+r ctrl+shift+* (asterisk) arrow keys to select the cell that contains the field, and thenalt+arrow down arrow keys to select the page field in a PivotChart report, and then alt+arrow down enter spacebar ctrl+tabctrl+shift+tab enter thenarrow down /arrow up alt+shift+arrow right alt+shift+arrow left Navigate inside Pivot tables. Select the first / last visible item in the list. Move the selected field into the Column area. Move the selected field into the Data area. Display the PivotTable Field dialog box. Move the selected field into the Page area. Move the selected field into the Row area. Select the entire PivotTable report. Display the list for the current field in a PivotTable report. Display the list for the current page field in a PivotChart report. Display the selected item. Select or clear a check box in the list. select the PivotTable toolbar. On a field button: select the area you want to move the selected field to. Group selected PivotTable items. Ungroup selected PivotTable items. uto Filter alt+arrow down arrow down /arrow up alt+arrow up home / end enter On the field with column head, display the utofilter list for the current column. Select the next item / previous item in the utofilter list. Close the utofilter list for the current column. Select the first item / last item in the utofilter list. Filter the list by using the selected item in the utofilter list. 17 P a g e

18 TIRUPUR RNCH OF SIRC OF ICI 12. The Rest Dialog oxes arrow keys ctrl+tab /ctrl+shift+tab spacebar tab / shift+tab a... z alt+a... alt+z alt+arrow down enter esc DECEMER Move between options in the active dropdown list box or between some options in a group of options. Switch to the next/ previous tab in dialog box. In a dialog box: perform the action for the selected button, or select/clear a check box. Move to the next / previous option. Move to an option in a drop-down list box starting with the letter Select an option, or select or clear a check box. Open the selected drop-down list box. Perform the action assigned to the default command button in the dialog box. Cancel the command and close the dialog box. Work with Smart rt Graphics arrow keys escape F2 Select elements. Remove Focus from Selection. Edit Selection Text in if possible (in formula bar). 18 P a g e