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JAIIB Paper 3 • Accounting & Financial Management for Bankers (AFM) ⭐⭐⭐⭐⭐

Final Accounts

The natural next step after Accounting Fundamentals — and the single most numerical-heavy, highest-weightage module in JAIIB Paper 3. This guide covers all 11 sub-topics in expert, lecture-style detail — Trading Account, Profit & Loss Account, Balance Sheet, Adjustments, Outstanding Expenses, Prepaid Expenses, Accrued Income, Unearned Income, Depreciation, Provision for Doubtful Debts, and Closing Stock — with 50 exam-style MCQs with hidden answers.

📅 Updated: September 2026 • 36 min read

📊 Final Accounts — At a Glance

Prepared straight from a firm's Trial Balance, Final Accounts comprise three statements, always prepared in this order:

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1. Trading Account

Finds Gross Profit/Loss from core buying & selling activity.

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2. Profit & Loss Account

Finds Net Profit/Loss after all indirect incomes & expenses.

⚖ī¸

3. Balance Sheet

A snapshot of Assets, Liabilities & Capital on a given date.

The single most exam-critical rule on this page: Every year-end Adjustment (given outside the Trial Balance) must be posted TWICE — once in the Trading/P&L Account, and once in the Balance Sheet. Miss the second entry, and your Balance Sheet won't balance. See the master table in Section 4.

1 Trading Account

The Trading Account is prepared first, to find the Gross Profit (or Gross Loss) earned purely from buying and selling goods — before considering any indirect/operating expenses.

Trading Account for the year ended 31 March
Dr. Side
To Opening Stockxxx
To Purchases (− Returns Out)xxx
To Direct Expenses (wages, carriage inward, freight)xxx
To Gross Profit c/dxxx
Cr. Side
By Sales (− Returns In)xxx
By Closing Stockxxx

Direct Expenses are those incurred in bringing goods to a saleable condition — wages, carriage inward, freight, octroi, import duty, and factory fuel/power.

2 Profit & Loss Account

Starting from the Gross Profit brought down from the Trading Account, the P&L Account adds all other/indirect incomes and deducts all indirect/operating expenses — administrative, selling & distribution, and financial expenses (including depreciation and provisions) — to arrive at the Net Profit (or Net Loss) for the year.

JAIIB tip: For a bank, the P&L Account isn't free-form — Section 29 of the Banking Regulation Act, 1949 mandates a specific "Form B" layout under the Act's Third Schedule, with Income (Interest Earned + Other Income), Expenditure (Interest Expended + Operating Expenses + Provisions), Profit/Loss, and Appropriations shown in strict order.

3 Balance Sheet

The Balance Sheet is a statement (not an account — it has no debit/credit sides) showing the financial position of a business as on a particular date: Assets on one side, Liabilities and Capital on the other, with both sides always equal.

Order of Liquidity Most liquid asset (Cash) listed first
Order of Permanence Fixed assets listed first, cash last

Companies (under Schedule III of the Companies Act, 2013) and banks (under Form A) must use a prescribed vertical format with a fixed sequence of headings, rather than a free-form horizontal layout.

4 Adjustments

An adjustment is a year-end entry that ensures income and expenses are recorded in the period they actually relate to (the Matching Concept), even when no cash has changed hands, or that records a non-cash item like depreciation.

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The Golden Rule: Every Adjustment Has a DOUBLE EFFECT
If an adjustment is given outside the Trial Balance (as additional information), it must be posted in two places in the Final Accounts — memorise this table cold.
Adjustment1st Effect — Trading/P&L A/c2nd Effect — Balance Sheet
Closing StockCredit side of Trading A/cCurrent Asset
Outstanding ExpenseAdd to the expense (Dr side)Current Liability
Prepaid ExpenseDeduct from the expense (Dr side)Current Asset
Accrued IncomeAdd to the income (Cr side)Current Asset
Unearned/Advance IncomeDeduct from the income (Cr side)Current Liability
DepreciationDebit side of P&L (as an expense)Deducted from the Fixed Asset
New Provision for Doubtful DebtsDebit side of P&L (as an expense)Deducted from Sundry Debtors

5 Outstanding Expenses

Outstanding expenses are expenses for which the benefit/service has already been received during the year, but which remain unpaid at year-end (e.g., outstanding salary, outstanding rent).

Treatment: Added to the relevant expense in the Trading/P&L Account; shown as a Current Liability in the Balance Sheet.

6 Prepaid Expenses

Prepaid expenses are amounts paid during the current year for benefits that will actually be received in the next accounting period (e.g., prepaid insurance premium, prepaid rent).

Treatment: Deducted from the relevant expense in the Trading/P&L Account; shown as a Current Asset in the Balance Sheet.

7 Accrued Income

Accrued income is income that has been earned during the year but not yet received by year-end (e.g., accrued interest on investments, accrued commission).

Treatment: Added to the relevant income in the P&L Account; shown as a Current Asset in the Balance Sheet.

8 Unearned Income

Unearned income (income received in advance) is cash already received during the year for goods/services that will actually be provided in the next period (e.g., rent received in advance).

Treatment: Deducted from the relevant income in the P&L Account; shown as a Current Liability in the Balance Sheet.

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Memory Trick: "ADD what's Owed to You, SUBTRACT what you Owe"
Outstanding Expense (you owe it) → Add to expense. Accrued Income (owed to you) → Add to income. Prepaid Expense (paid in advance) → Subtract from expense. Unearned Income (received in advance) → Subtract from income. Notice the pattern: things that increase your P&L figures also become assets/liabilities you're owed or owe, while prepaid/advance items work the opposite way.

9 Depreciation

In the context of Final Accounts, depreciation — the fall in value of a fixed asset — is treated exactly like the general rule: it is charged as an expense on the debit side of the P&L Account, and simultaneously deducted from the concerned Fixed Asset on the Balance Sheet's asset side, reducing it to its current book (written-down) value. See our Accounting Fundamentals guide for SLM/WDV methods and the current Income-tax Act, 2025 rates.

10 Provision for Doubtful Debts

Created on Sundry Debtors to provide, in advance, for debts that may eventually turn bad — a direct application of the Conservatism (Prudence) principle. It's usually calculated as a percentage of debtors, based on past experience or ageing analysis.

The classic exam trap: If the Trial Balance already shows an "Old Provision for Doubtful Debts," and additional "Further Bad Debts" need writing off during the year, the net charge to P&L is calculated as:

New Provision Required + Further Bad Debts − Old Provision = Net charge to P&L

If the result is negative, the excess old provision is written back as an income/gain instead.

Treatment: The (net) provision is debited to the P&L Account; the (new) provision is deducted from Sundry Debtors in the Balance Sheet, after first deducting any further bad debts.

11 Closing Stock

Cost or NRV, LowerInventory valuation rule (AS 2 / Ind AS 2)

Closing Stock is the value of unsold goods remaining at year-end, valued at "Cost or Net Realisable Value (Market Value), whichever is lower" — another direct application of the Conservatism principle, codified in AS 2 / Ind AS 2.

The Classic Exam Distinction

Where Closing Stock AppearsTreatment
Given OUTSIDE the Trial Balance (as an adjustment)Shown on the credit side of Trading A/c AND as a Current Asset in the Balance Sheet — the classic "double effect."
Given INSIDE the Trial Balance (already adjusted against Purchases)Shown ONLY in the Balance Sheet as a Current Asset — it does NOT appear again in the Trading Account.
JAIIB tip: This "inside vs outside the Trial Balance" distinction for Closing Stock is one of the single most frequently tested numerical traps in the entire Final Accounts syllabus — always check where the figure is given before deciding how many times to use it!

✓ Key Takeaways

  • Final Accounts are prepared in strict order: Trading A/c → P&L A/c → Balance Sheet.
  • The Trading Account yields Gross Profit; the P&L Account yields Net Profit; the Balance Sheet is a position statement, not an account.
  • Banks must follow the Third Schedule (Form A/Form B) of the Banking Regulation Act, 1949 for their Balance Sheet and P&L Account.
  • Every adjustment given outside the Trial Balance needs a double effect — once in Trading/P&L, once in the Balance Sheet.
  • Outstanding expense/Accrued income → add; Prepaid expense/Unearned income → subtract — always paired with a Balance Sheet entry (liability or asset respectively).
  • Provision for Doubtful Debts: Net P&L charge = New Provision + Further Bad Debts − Old Provision.
  • Closing Stock is valued at Cost or NRV, whichever is lower; if given inside the Trial Balance, it appears only in the Balance Sheet, not the Trading Account.

📝 Top 50 JAIIB-Style MCQs on Final Accounts

Test your understanding with these 50 practice MCQs, closely modelled on the pattern expected in the upcoming JAIIB AFM exam — including combination-answer questions. Each question has 5 options — the correct answer is hidden by default; tap "Show Answer" to reveal it along with a short explanation.

🛒 Trading Account
1 The Trading Account is prepared to ascertain:
A. Net Profit or Net Loss
B. Gross Profit or Gross Loss
C. The financial position of the business
D. The tax liability
E. The cash balance
Answer: B. Trading Account finds Gross Profit/Loss.
2 Which of the following are shown on the debit side of a Trading Account? (i) Opening Stock (ii) Purchases (iii) Sales (iv) Direct Expenses
A. (i) and (ii) only
B. (i), (ii) and (iv) only
C. (iii) only
D. All of (i), (ii), (iii) and (iv)
E. (iv) only
Answer: B. Sales appears on the credit side, not the debit side.
3 Carriage Inward (freight on purchases) is classified as a:
A. Direct Expense, shown in the Trading Account
B. Indirect Expense, shown in the P&L Account
C. Capital Expenditure
D. A Current Liability
E. A Current Asset
Answer: A. Carriage Inward is a direct expense in the Trading Account.
4 The balancing figure of the Trading Account is transferred to the:
A. Balance Sheet directly
B. Profit & Loss Account
C. Cash Book
D. Suspense Account
E. Capital Account directly
Answer: B. Gross Profit/Loss is carried down to the P&L Account.
5 "Wages" paid to factory workers directly engaged in production would be shown in the:
A. Balance Sheet only
B. Trading Account, as a direct expense
C. P&L Account, as an indirect expense
D. Capital Account
E. Reserve Account
Answer: B. Factory wages are a direct expense in the Trading Account.
📈 Profit & Loss Account
6 The Profit & Loss Account begins with:
A. Opening Stock
B. Gross Profit/Loss brought down from the Trading Account
C. Cash balance
D. Share Capital
E. Sundry Debtors
Answer: B. P&L begins with the Gross Profit/Loss b/d.
7 Which of the following would appear in the P&L Account, not the Trading Account?
A. Purchases
B. Office rent
C. Carriage inward
D. Wages (factory)
E. Opening Stock
Answer: B. Office rent is an indirect expense, shown in P&L.
8 As per the Banking Regulation Act, 1949, a bank's Profit & Loss Account must follow which prescribed format?
A. Form A
B. Form B
C. Schedule III of the Companies Act
D. AS 2 format
E. There is no prescribed format for banks
Answer: B. Form B of the Third Schedule prescribes the bank P&L format.
9 The balancing figure of the P&L Account (Net Profit) is ultimately transferred to the:
A. Trading Account
B. Capital Account (or Reserves, for a company/bank)
C. Suspense Account
D. Sundry Debtors Account
E. Cash Book
Answer: B. Net Profit flows to Capital/Reserves.
⚖ī¸ Balance Sheet
10 A Balance Sheet is best described as a:
A. Ledger account with debit and credit sides
B. Statement showing financial position on a particular date
C. Record of daily cash transactions
D. Subsidiary book
E. A type of journal entry
Answer: B. A Balance Sheet is a statement of position, not an account.
11 Listing Cash as the first asset, followed by less liquid assets, reflects the:
A. Order of Permanence
B. Order of Liquidity
C. Alphabetical order
D. Order of acquisition date
E. Random order
Answer: B. Cash first = Order of Liquidity.
12 Under Schedule III of the Companies Act, 2013, companies must present their Balance Sheet in:
A. Any format the directors choose
B. A prescribed vertical format
C. Horizontal format only
D. Pictorial format
E. No format is prescribed
Answer: B. Schedule III mandates a vertical format.
13 A bank's Balance Sheet must be prepared as per which Form under the Banking Regulation Act, 1949?
A. Form A
B. Form B
C. Form C
D. Schedule III
E. AS 1
Answer: A. Form A of the Third Schedule is the bank Balance Sheet format.
14 On the two sides of a Balance Sheet:
A. Total Assets must always exceed total Liabilities + Capital
B. Total Assets must equal total Liabilities + Capital
C. Total Liabilities must always exceed Assets
D. There is no requirement for the two sides to match
E. Capital is shown on the assets side
Answer: B. Both sides of a Balance Sheet must be equal.
đŸŽ¯ Adjustments
15 An adjustment given outside the Trial Balance must generally be posted:
A. Only once, in the Trading/P&L Account
B. Twice — once in Trading/P&L, once in the Balance Sheet
C. Only in the Balance Sheet
D. Three times, across all statements
E. Not at all, since it's outside the Trial Balance
Answer: B. Adjustments have a "double effect."
16 Which of the following adjustments increase a figure in the P&L Account and create a Current Asset in the Balance Sheet? (i) Accrued Income (ii) Prepaid Expense (iii) Outstanding Expense
A. (i) only
B. (i) and (ii) only
C. (ii) and (iii) only
D. All of (i), (ii) and (iii)
E. (iii) only
Answer: A. Accrued Income is added (increases income) and creates an asset; Prepaid Expense is subtracted, and Outstanding Expense creates a liability, not an asset.
17 An adjustment that must be deducted from an expense in the P&L Account and shown as a Current Asset is:
A. Outstanding Expense
B. Prepaid Expense
C. Accrued Income
D. Unearned Income
E. Provision for Doubtful Debts
Answer: B. Prepaid Expense is subtracted from the expense and shown as a Current Asset.
18 Depreciation, as an adjustment, is shown as:
A. An income in the P&L Account
B. An expense in the P&L Account, and deducted from the Fixed Asset
C. A Current Liability only
D. A Current Asset only
E. Not shown anywhere in Final Accounts
Answer: B. Depreciation is charged to P&L and deducted from the Fixed Asset.
19 Which of the following pairs is correctly matched? (i) Outstanding Expense → Current Liability (ii) Unearned Income → Current Liability (iii) Accrued Income → Current Liability
A. (i) only
B. (i) and (ii) only
C. (iii) only
D. All of (i), (ii) and (iii)
E. (ii) and (iii) only
Answer: B. Accrued Income is a Current Asset, not a liability — statement (iii) is wrong.
20 Which basic accounting concept underlies the need for year-end adjustments?
A. Going Concern Concept
B. Matching Concept
C. Money Measurement Concept
D. Business Entity Concept
E. Cost Concept
Answer: B. The Matching Concept requires adjustments to align income/expense to the correct period.
💸 Outstanding Expenses
21 Outstanding salary at year-end represents an expense that has been:
A. Paid but not yet incurred
B. Incurred (benefit received) but not yet paid
C. Neither incurred nor paid
D. Paid in advance for next year
E. Written off permanently
Answer: B. Outstanding salary is incurred but unpaid.
22 Outstanding expenses are shown in the Balance Sheet as a:
A. Current Asset
B. Current Liability
C. Fixed Asset
D. Capital Reserve
E. Contingent Asset
Answer: B. Outstanding expenses are a Current Liability.
23 In the P&L Account, outstanding expense at year-end is:
A. Deducted from the relevant expense
B. Added to the relevant expense
C. Ignored entirely
D. Shown as income
E. Shown as a contra entry only
Answer: B. Outstanding expense is added to the related expense head.
24 Outstanding wages relating to production would be adjusted in the:
A. Balance Sheet only
B. Trading Account (as it's a direct expense) and the Balance Sheet
C. Cash Book only
D. Capital Account only
E. Suspense Account
Answer: B. Outstanding wages (direct) adjust in the Trading Account and Balance Sheet.
đŸ’ŗ Prepaid Expenses
25 Prepaid insurance premium paid this year, relating to the next year, is:
A. A Current Liability
B. A Current Asset
C. A Fixed Asset
D. An Income
E. A Contingent Liability
Answer: B. Prepaid expenses are shown as a Current Asset.
26 In the P&L Account, a prepaid expense is:
A. Added to the relevant expense
B. Deducted from the relevant expense
C. Shown as income
D. Ignored entirely, shown only once
E. Debited to Sundry Debtors
Answer: B. Prepaid expense is deducted from the related expense.
27 Prepaid expenses arise because payment was made:
A. After the benefit was received
B. In advance of receiving the benefit
C. Exactly when the benefit was received
D. Never, they are notional only
E. Only by banks
Answer: B. Prepaid means payment made in advance.
28 Which of the following are Current Assets arising from year-end adjustments? (i) Prepaid Expense (ii) Accrued Income (iii) Outstanding Expense
A. (i) and (ii) only
B. (i) and (iii) only
C. (ii) and (iii) only
D. All of (i), (ii) and (iii)
E. (iii) only
Answer: A. Outstanding Expense is a liability, not an asset.
💰 Accrued Income
29 Accrued interest on investments, not yet received, is:
A. Added to income in the P&L Account and shown as a Current Asset
B. Deducted from income and shown as a Current Liability
C. Ignored, since cash hasn't been received
D. Shown as a Fixed Asset
E. Shown as Capital
Answer: A. Accrued income is added and shown as a Current Asset.
30 Accrued income represents income that has been:
A. Received but not earned
B. Earned but not yet received
C. Neither earned nor received
D. Received in advance
E. Written off as bad
Answer: B. Accrued income is earned but not yet received.
31 Accrued Commission would be shown on the Balance Sheet under:
A. Current Liabilities
B. Current Assets
C. Fixed Assets
D. Capital
E. Reserves & Surplus
Answer: B. Accrued Commission is a Current Asset.
đŸ“Ĩ Unearned Income
32 Rent received in advance for the next accounting year is called:
A. Accrued Income
B. Unearned Income (Income received in advance)
C. Outstanding Income
D. Prepaid Income
E. Capital Income
Answer: B. This is Unearned Income.
33 Unearned Income is treated in the Balance Sheet as a:
A. Current Asset
B. Current Liability
C. Fixed Asset
D. Capital Reserve
E. Contingent Asset
Answer: B. Unearned Income is a Current Liability, since the service is still owed.
34 In the P&L Account, Unearned Income is:
A. Added to the relevant income
B. Deducted from the relevant income
C. Shown as an expense
D. Ignored entirely
E. Shown as a Fixed Asset
Answer: B. Unearned Income is deducted from the related income.
📉 Depreciation (Final Accounts)
35 Depreciation on Machinery is debited to the P&L Account and simultaneously:
A. Added to Machinery in the Balance Sheet
B. Deducted from Machinery in the Balance Sheet
C. Shown as a Current Liability
D. Ignored in the Balance Sheet
E. Added to Sundry Creditors
Answer: B. Depreciation reduces the asset's value in the Balance Sheet.
36 If depreciation appears only in the Trial Balance (already adjusted), it should be:
A. Shown only in the P&L Account
B. Shown only in the Balance Sheet
C. Shown in both P&L and Balance Sheet again
D. Ignored completely
E. Shown as a Current Asset
Answer: A. If already in the Trial Balance, it's shown only in the P&L Account (single effect), not again in the Balance Sheet.
37 Depreciation is charged to the P&L Account primarily due to which concept?
A. Money Measurement Concept
B. Matching Concept
C. Business Entity Concept
D. Dual Aspect Concept
E. Going Concern Concept only
Answer: B. Depreciation matches the cost of using an asset to the period it benefits.
📋 Provision for Doubtful Debts
38 Provision for Doubtful Debts is created on which item?
A. Sundry Creditors
B. Sundry Debtors
C. Fixed Assets
D. Closing Stock
E. Cash and Bank
Answer: B. It is created on Sundry Debtors.
39 If Sundry Debtors are ₹1,00,000, Further Bad Debts are ₹5,000, and a 5% provision is required on the balance, the New Provision required is:
A. ₹5,000
B. ₹4,750
C. ₹5,250
D. ₹10,000
E. ₹95,000
Answer: B. (₹1,00,000 − ₹5,000) × 5% = ₹4,750.
40 The net charge to the P&L Account for Provision for Doubtful Debts is calculated as:
A. New Provision only, ignoring old provision
B. New Provision + Further Bad Debts − Old Provision
C. Old Provision − New Provision only
D. Further Bad Debts only
E. Sundry Debtors × 100%
Answer: B. This is the standard formula for the net P&L charge.
41 If the Old Provision exceeds the sum of New Provision and Further Bad Debts, the excess is:
A. Ignored
B. Written back as income/gain in the P&L Account
C. Added to Sundry Creditors
D. Transferred to Capital Reserve compulsorily
E. Shown as a Fixed Asset
Answer: B. The excess old provision is written back as income.
42 In the Balance Sheet, Provision for Doubtful Debts is:
A. Added to Sundry Debtors
B. Deducted from Sundry Debtors, after deducting further bad debts
C. Shown as a separate Fixed Asset
D. Added to Cash and Bank
E. Ignored in the Balance Sheet
Answer: B. It is deducted from (net) Sundry Debtors.
đŸ“Ļ Closing Stock
43 Closing Stock is valued at:
A. Cost price always
B. Market price always
C. Cost or Net Realisable Value, whichever is lower
D. Cost or Net Realisable Value, whichever is higher
E. Original purchase invoice value, ignoring market changes
Answer: C. AS 2/Ind AS 2 requires the lower of cost or NRV.
44 If Closing Stock is given as an adjustment OUTSIDE the Trial Balance, it is shown:
A. Only in the Balance Sheet
B. On the credit side of the Trading A/c AND in the Balance Sheet as a Current Asset
C. Only in the Trading Account
D. In the P&L Account only
E. Nowhere; it is ignored
Answer: B. This is the classic "double effect" for Closing Stock.
45 If Closing Stock appears INSIDE the Trial Balance (already adjusted against Purchases), it should be shown:
A. In the Trading Account only
B. In the Balance Sheet only, as a Current Asset
C. In both the Trading Account and Balance Sheet, as usual
D. Nowhere at all
E. As a Current Liability
Answer: B. When inside the Trial Balance, it appears only in the Balance Sheet.
46 The rule of valuing Closing Stock at the lower of Cost or NRV reflects which accounting principle?
A. Materiality
B. Conservatism (Prudence)
C. Consistency
D. Full Disclosure
E. Going Concern
Answer: B. Valuing at the lower figure reflects Conservatism.
47 Closing Stock valuation, when given outside the Trial Balance, is governed in India by:
A. AS 2 / Ind AS 2
B. Section 138 of the NI Act
C. Section 17 of the Banking Regulation Act
D. Section 45ZA of the Banking Regulation Act
E. Schedule II of the Companies Act
Answer: A. AS 2 / Ind AS 2 governs inventory valuation.
🔁 Mixed / Applied Concepts
48 Which of the following adjustments both reduce a P&L figure and appear as a Current Liability? (i) Prepaid Expense (ii) Unearned Income
A. (i) only
B. (ii) only
C. Both (i) and (ii)
D. Neither (i) nor (ii)
E. Only if the business is a bank
Answer: B. Only Unearned Income is subtracted from income and shown as a liability; Prepaid Expense creates an asset, not a liability.
49 Which of the following statements about Final Accounts are correct? (i) The Balance Sheet is part of the double-entry system with debit/credit sides (ii) The Trading Account precedes the P&L Account (iii) Closing Stock inside the Trial Balance appears only once
A. (i) only
B. (ii) and (iii) only
C. (i) and (ii) only
D. All of (i), (ii) and (iii)
E. (iii) only
Answer: B. The Balance Sheet is a statement, not a double-entry account — statement (i) is false.
50 A firm has Opening Stock ₹20,000, Purchases ₹80,000, Direct Expenses ₹10,000, Sales ₹1,50,000, and Closing Stock ₹15,000 (given outside the Trial Balance). Gross Profit is:
A. ₹35,000
B. ₹55,000
C. ₹40,000
D. ₹65,000
E. ₹15,000
Answer: B. Gross Profit = Sales + Closing Stock − (Opening Stock + Purchases + Direct Expenses) = (1,50,000 + 15,000) − (20,000 + 80,000 + 10,000) = 1,65,000 − 1,10,000 = ₹55,000.

Continue your JAIIB preparation on AskBanker.in

Explore related topics: our Accounting Fundamentals guide (concepts, double-entry, depreciation, provisions) — the essential foundation for this page, our Credit Management guide (DSCR, NPA, provisioning), our Banker-Customer Relationship guide, our Negotiable Instruments guide, our Deposit Accounts guide, our Loans & Advances guide, our MSME guide, our Indian Economy guide, and the complete JAIIB / CAIIB Library on AskBanker.in.

Disclaimer: This article is prepared for educational and exam-preparation purposes only. Accounting principles reflect established Indian accounting practice, ICAI pronouncements, and the Banking Regulation Act, 1949, as of September 2026. Candidates should cross-check the latest official IIBF syllabus and current notifications before the exam.
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