The Oil and Natural Gas Corporation (ONGC) conducts recruitment drives for various positions, including those within the Finance and Accounts domain. While the specific syllabus may vary slightly from year to year and depending on the specific role, a general overview of the ONGC Finance syllabus can be outlined.
Aspirants can expect the syllabus to cover a range of topics essential for professionals in the finance field. These topics are generally designed to assess a candidate’s understanding of fundamental accounting principles, financial management concepts, and relevant laws and regulations.
Core Accounting Principles: This section typically focuses on the basics of accounting, including the accounting cycle, journal entries, ledger postings, trial balance preparation, and the preparation of financial statements (Balance Sheet, Profit & Loss Account, Cash Flow Statement). Knowledge of accounting standards (Indian Accounting Standards – Ind AS) is also crucial. You can expect questions on depreciation methods, inventory valuation techniques (FIFO, LIFO, Weighted Average), and revenue recognition principles.
Financial Management: This area delves into the theory and application of financial planning, investment decisions, and working capital management. Important topics include time value of money, capital budgeting techniques (Net Present Value, Internal Rate of Return, Payback Period), cost of capital, ratio analysis, and sources of finance. Candidates should understand the principles of risk and return, and how to evaluate investment opportunities.
Cost Accounting: This segment examines the principles and techniques of cost accounting, including cost classification, cost sheet preparation, overhead allocation, marginal costing, standard costing, and variance analysis. Understanding different costing methods like job costing, process costing, and activity-based costing is also important.
Taxation: A significant portion of the syllabus covers direct and indirect taxation. This includes a thorough understanding of Income Tax laws, including provisions related to income from various sources, deductions, exemptions, and tax planning. Knowledge of Goods and Services Tax (GST) laws, including registration, returns, and input tax credit, is also vital.
Auditing: This area focuses on the principles and procedures of auditing, including internal and external auditing. Topics include audit planning, audit documentation, audit evidence, internal control systems, and different types of audit reports. Knowledge of auditing standards and legal and ethical considerations for auditors is expected.
Company Law: Candidates are expected to be familiar with the key provisions of the Companies Act, including aspects related to company formation, management, meetings, dividend declaration, and winding up.
Quantitative Aptitude and Reasoning: While the core focus is on finance-related topics, the exam may also include sections on quantitative aptitude and reasoning. These sections typically assess a candidate’s numerical ability, analytical skills, and problem-solving capabilities. Topics might include percentages, ratio and proportion, data interpretation, logical reasoning, and basic mathematics.
General Awareness: A basic understanding of current affairs, particularly those related to the Indian economy, the oil and gas sector, and recent developments in finance and business, is also generally expected.
It’s crucial to consult the official ONGC recruitment notification for the specific post you are applying for to get the most accurate and detailed syllabus. Preparing thoroughly for each of these areas will significantly increase your chances of success in the ONGC finance examination.