Accenture Accounts Interview Questions and Answers<\/strong><\/h2>\nAre you going to an interview for the job profile of an accountant at Accenture<\/a>? If you’re wondering what questions you’re likely to face in an interview, we’re here to help.<\/p>\nBelow is a list of common accounting interview questions that can help you prepare well for your upcoming interview.<\/p>\n
<\/p>\n
1. Define what is a balance sheet?<\/strong><\/h4>\nA balance sheet is a statement consisting of all the assets, liabilities and equity of a company at a particular point in time.<\/p>\n
2. What does tally accounting mean?<\/strong><\/h4>\nTally Accounting is an ERP software used by small and large businesses for business functions such as accounting, finance, inventory, payroll, etc.<\/p>\n
3. What is the difference between capital and revenue transaction?<\/strong><\/h4>\nAccounting involves two types of business transactions \u2013 capital and revenue. A revenue transaction refers to transactions related to day-to-day activities. A capital transaction is a transaction with a long-term objective, such as the purchase of fixed assets.<\/p>\n
4. What is meant by working capital?<\/strong><\/h4>\nWorking capital refers to the value of current assets minus current liabilities that are used in day-to-day trading.<\/p>\n
5. What is the importance of premises in terms of accounting?<\/strong><\/h4>\nFrom an accounting point of view, the word premises refers to the number of fixed assets that are listed on the balance sheet.<\/p>\n
6. What is VAT?<\/strong><\/h4>\nVAT is short for Value Added Tax. It is a type of excise tax imposed on the selling price of a product. It means the price of “added value” to the product at the stage of its production.<\/p>\n
7. What is the basic accounting equation?<\/strong><\/h4>\nAccounting is about measuring the assets, capital and liabilities of a business. The basic accounting equation therefore reads:<\/p>\n
Assets = Liabilities + Equity<\/p>\n
8. How do accounting and auditing differ?<\/strong><\/h4>\nAccounting and auditing are two different concepts. Accounting means recording the day-to-day financial activities of a business, while auditing checks whether these events are recorded correctly or not.<\/p>\n
9. What is retail banking?<\/strong><\/h4>\nRetail banking means conducting financial transactions with a non-professional client and not with other business or organizational customers.<\/p>\n
10. What are commercial bills?<\/strong><\/h4>\nTrading accounts are simply documents generated against each transaction.<\/p>\n
11. What is double-entry bookkeeping and what are its rules?<\/strong><\/h4>\nDouble-entry accounting is governed by the principle that for every debit there is a corresponding credit, which makes the value of the debit equal to the sum of all the credits. This simply means that when an amount is debited from one account at the same time, an amount is credited to another account from a similar account.<\/p>\n
The rules were followed<\/strong><\/p>\n\n- In the case of a personal account: debit the recipient and credit the donor’s account<\/li>\n
- In the case of a real account: debit is what comes in and credit is what goes out<\/li>\n
- In the case of a nominal account: debit all expenses and credit all income<\/li>\n<\/ul>\n
12. What is debit and credit?<\/strong><\/h4>\nA debit notice is nothing more than an intimate notice sent to an individual dealing with a business stating that an amount will be debited from their account for the purpose stated therein. Whereas a credit note is a notice sent to an individual doing business with a business stating that his account will be credited for the purpose stated therein.<\/p>\n
13. Can you name the different branches of accounting?<\/strong><\/h4>\nThe various branches of accounting are:<\/p>\n
\n- Financial accounting<\/li>\n
- Managerial accounting<\/li>\n
- Cost accounting<\/li>\n<\/ul>\n
14. What does the term dual aspect mean in terms of accounting?<\/strong><\/h4>\nThe term dual aspect means that every transaction you make has two aspects, i.e. it affects two accounts on their opposite sides. For example, to make a purchase, you have to give money in exchange for the product or service you use, and when you sell something, you get money in exchange for the sale you make. In short, losing and receiving money are two aspects of a financial transaction. Therefore, the transaction should be recorded in two places.<\/p>\n
The concept of duality in terms of the basic accounting equation is:<\/p>\n
Assets = Liabilities + Equity<\/p>\n
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<\/a><\/h4>\n15. List the accounting cases that are part of composite entries?<\/strong><\/h4>\nA compound journal entry is an accounting entry in which there is more than one debit, more than one credit, or more than one debit and credit. Accounting events that generally involve compound accounting entries are:<\/p>\n
\n- Different expenses related to different line items in the supplier invoice<\/li>\n
- Payroll related deductions and payments<\/li>\n
- Total bank deductions related to bank reconciliation<\/li>\n
- Financial receivable related to customer invoice and sales tax<\/li>\n<\/ul>\n
16. What is an inactive and dormant account?<\/strong><\/h4>\nInactive accounts are accounts that are closed and will not be used in the future. Inactive accounts are accounts that are not functional but can be used in the future.<\/p>\n
17. What are fictitious assets?<\/strong><\/h4>\nFictitious assets are assets that cannot be shown or touched but can only be felt, such as rights, goodwill, etc.<\/p>\n
18. What does a general ledger account mean?<\/strong><\/h4>\nA general ledger is a type of account that a company keeps to record information about a particular type of transaction such as assets, liabilities, profits, losses, shares, etc. In short, these accounts are kept to record all types of transactions that are aggregated in the income statement and balance sheet .<\/p>\n
Join to learn SAP FICO from the Experts! Click for the demo class!<\/strong><\/a><\/p>\n19. What are balance sheet accounts?<\/strong><\/h4>\nBalance sheet accounts, known as permanent accounts, are types of accounts in which the balance does not close at the end of a financial year and is carried over to the next accounting year.<\/p>\n
20. What is marginal cost?<\/strong><\/h4>\nMarginal cost is the estimated cost of the additional inputs that are required to produce the output. Costs are calculated by dividing the change in total costs by the difference in product output. It simply states the increase and decrease in the total cost of a product due to the production of one extra unit of the product.<\/p>\n
21. What does the term overhead mean in accounting?<\/strong><\/h4>\nIn accounting terms, overhead means the value of the company’s indirect expenses, i.e. rent, salaries, etc.<\/p>\n
22. How many accounting standards are there in India and do you know them?<\/strong><\/h4>\nPossible answer:<\/strong>
\nThere are more than 41 accounting standards in India and I am familiar with them. These standards are set by the Accounting Standards Board (ABS).<\/p>\n23. What does a deferred tax liability mean?<\/strong><\/h4>\nIt means that the company will have to pay higher taxes in the future because of its transactions in the current period.<\/p>\n
24. What accounting applications have you used?<\/strong><\/h4>\nPossible answer 1:<\/strong>
\nI have experience using Microsoft Accounting Professional, Microsoft Small Business Financials, Financial Force, etc.<\/p>\nPossible answer 2:<\/strong>
\nI have previously worked on software like Tally, Zoho Books, Microsoft Accounting Professional and others to improve accuracy and simplify the calculation process.<\/p>\n25. What is GST?<\/strong><\/h4>\nIt is a tax on good and service; a type of indirect tax that the seller charges the customer from the value of the goods or services used. GST was introduced in India on 1 July 2017. This type of tax replaced all previously existing indirect taxes in India.<\/p>\n
26. What is a bank reconciliation?<\/strong><\/h4>\nIt is a process carried out by companies to ensure that their records i.e. balance sheet, general ledger account details etc. are consistent with bank records.<\/p>\n
27. What are the various financial constraints that can impact a company’s financial statements?<\/strong><\/h4>\nSome examples of financial constraints:<\/p>\n
\n- Zero balance between benefits and costs incurred<\/li>\n
- Qualitative characteristics have no or zero balance<\/li>\n
- Ambiguities between true and fair representation<\/li>\n
- much delay leading to irrelevant information<\/li>\n<\/ul>\n
Below is a list of common accounting interview questions that can help you prepare well for your upcoming interview.<\/p>\n
<\/p>\n
1. Define what is a balance sheet?<\/strong><\/h4>\nA balance sheet is a statement consisting of all the assets, liabilities and equity of a company at a particular point in time.<\/p>\n
2. What does tally accounting mean?<\/strong><\/h4>\nTally Accounting is an ERP software used by small and large businesses for business functions such as accounting, finance, inventory, payroll, etc.<\/p>\n
3. What is the difference between capital and revenue transaction?<\/strong><\/h4>\nAccounting involves two types of business transactions \u2013 capital and revenue. A revenue transaction refers to transactions related to day-to-day activities. A capital transaction is a transaction with a long-term objective, such as the purchase of fixed assets.<\/p>\n
4. What is meant by working capital?<\/strong><\/h4>\nWorking capital refers to the value of current assets minus current liabilities that are used in day-to-day trading.<\/p>\n
5. What is the importance of premises in terms of accounting?<\/strong><\/h4>\nFrom an accounting point of view, the word premises refers to the number of fixed assets that are listed on the balance sheet.<\/p>\n
6. What is VAT?<\/strong><\/h4>\nVAT is short for Value Added Tax. It is a type of excise tax imposed on the selling price of a product. It means the price of “added value” to the product at the stage of its production.<\/p>\n
7. What is the basic accounting equation?<\/strong><\/h4>\nAccounting is about measuring the assets, capital and liabilities of a business. The basic accounting equation therefore reads:<\/p>\n
Assets = Liabilities + Equity<\/p>\n
8. How do accounting and auditing differ?<\/strong><\/h4>\nAccounting and auditing are two different concepts. Accounting means recording the day-to-day financial activities of a business, while auditing checks whether these events are recorded correctly or not.<\/p>\n
9. What is retail banking?<\/strong><\/h4>\nRetail banking means conducting financial transactions with a non-professional client and not with other business or organizational customers.<\/p>\n
10. What are commercial bills?<\/strong><\/h4>\nTrading accounts are simply documents generated against each transaction.<\/p>\n
11. What is double-entry bookkeeping and what are its rules?<\/strong><\/h4>\nDouble-entry accounting is governed by the principle that for every debit there is a corresponding credit, which makes the value of the debit equal to the sum of all the credits. This simply means that when an amount is debited from one account at the same time, an amount is credited to another account from a similar account.<\/p>\n
The rules were followed<\/strong><\/p>\n\n- In the case of a personal account: debit the recipient and credit the donor’s account<\/li>\n
- In the case of a real account: debit is what comes in and credit is what goes out<\/li>\n
- In the case of a nominal account: debit all expenses and credit all income<\/li>\n<\/ul>\n
12. What is debit and credit?<\/strong><\/h4>\nA debit notice is nothing more than an intimate notice sent to an individual dealing with a business stating that an amount will be debited from their account for the purpose stated therein. Whereas a credit note is a notice sent to an individual doing business with a business stating that his account will be credited for the purpose stated therein.<\/p>\n
13. Can you name the different branches of accounting?<\/strong><\/h4>\nThe various branches of accounting are:<\/p>\n
\n- Financial accounting<\/li>\n
- Managerial accounting<\/li>\n
- Cost accounting<\/li>\n<\/ul>\n
14. What does the term dual aspect mean in terms of accounting?<\/strong><\/h4>\nThe term dual aspect means that every transaction you make has two aspects, i.e. it affects two accounts on their opposite sides. For example, to make a purchase, you have to give money in exchange for the product or service you use, and when you sell something, you get money in exchange for the sale you make. In short, losing and receiving money are two aspects of a financial transaction. Therefore, the transaction should be recorded in two places.<\/p>\n
The concept of duality in terms of the basic accounting equation is:<\/p>\n
Assets = Liabilities + Equity<\/p>\n
<\/a><\/h4>\n15. List the accounting cases that are part of composite entries?<\/strong><\/h4>\nA compound journal entry is an accounting entry in which there is more than one debit, more than one credit, or more than one debit and credit. Accounting events that generally involve compound accounting entries are:<\/p>\n
\n- Different expenses related to different line items in the supplier invoice<\/li>\n
- Payroll related deductions and payments<\/li>\n
- Total bank deductions related to bank reconciliation<\/li>\n
- Financial receivable related to customer invoice and sales tax<\/li>\n<\/ul>\n
16. What is an inactive and dormant account?<\/strong><\/h4>\nInactive accounts are accounts that are closed and will not be used in the future. Inactive accounts are accounts that are not functional but can be used in the future.<\/p>\n
17. What are fictitious assets?<\/strong><\/h4>\nFictitious assets are assets that cannot be shown or touched but can only be felt, such as rights, goodwill, etc.<\/p>\n
18. What does a general ledger account mean?<\/strong><\/h4>\nA general ledger is a type of account that a company keeps to record information about a particular type of transaction such as assets, liabilities, profits, losses, shares, etc. In short, these accounts are kept to record all types of transactions that are aggregated in the income statement and balance sheet .<\/p>\n
Join to learn SAP FICO from the Experts! Click for the demo class!<\/strong><\/a><\/p>\n19. What are balance sheet accounts?<\/strong><\/h4>\nBalance sheet accounts, known as permanent accounts, are types of accounts in which the balance does not close at the end of a financial year and is carried over to the next accounting year.<\/p>\n
20. What is marginal cost?<\/strong><\/h4>\nMarginal cost is the estimated cost of the additional inputs that are required to produce the output. Costs are calculated by dividing the change in total costs by the difference in product output. It simply states the increase and decrease in the total cost of a product due to the production of one extra unit of the product.<\/p>\n
21. What does the term overhead mean in accounting?<\/strong><\/h4>\nIn accounting terms, overhead means the value of the company’s indirect expenses, i.e. rent, salaries, etc.<\/p>\n
22. How many accounting standards are there in India and do you know them?<\/strong><\/h4>\nPossible answer:<\/strong>
\nThere are more than 41 accounting standards in India and I am familiar with them. These standards are set by the Accounting Standards Board (ABS).<\/p>\n23. What does a deferred tax liability mean?<\/strong><\/h4>\nIt means that the company will have to pay higher taxes in the future because of its transactions in the current period.<\/p>\n
24. What accounting applications have you used?<\/strong><\/h4>\nPossible answer 1:<\/strong>
\nI have experience using Microsoft Accounting Professional, Microsoft Small Business Financials, Financial Force, etc.<\/p>\nPossible answer 2:<\/strong>
\nI have previously worked on software like Tally, Zoho Books, Microsoft Accounting Professional and others to improve accuracy and simplify the calculation process.<\/p>\n25. What is GST?<\/strong><\/h4>\nIt is a tax on good and service; a type of indirect tax that the seller charges the customer from the value of the goods or services used. GST was introduced in India on 1 July 2017. This type of tax replaced all previously existing indirect taxes in India.<\/p>\n
26. What is a bank reconciliation?<\/strong><\/h4>\nIt is a process carried out by companies to ensure that their records i.e. balance sheet, general ledger account details etc. are consistent with bank records.<\/p>\n
27. What are the various financial constraints that can impact a company’s financial statements?<\/strong><\/h4>\nSome examples of financial constraints:<\/p>\n
\n- Zero balance between benefits and costs incurred<\/li>\n
- Qualitative characteristics have no or zero balance<\/li>\n
- Ambiguities between true and fair representation<\/li>\n
- much delay leading to irrelevant information<\/li>\n<\/ul>\n
Tally Accounting is an ERP software used by small and large businesses for business functions such as accounting, finance, inventory, payroll, etc.<\/p>\n
3. What is the difference between capital and revenue transaction?<\/strong><\/h4>\nAccounting involves two types of business transactions \u2013 capital and revenue. A revenue transaction refers to transactions related to day-to-day activities. A capital transaction is a transaction with a long-term objective, such as the purchase of fixed assets.<\/p>\n
4. What is meant by working capital?<\/strong><\/h4>\nWorking capital refers to the value of current assets minus current liabilities that are used in day-to-day trading.<\/p>\n
5. What is the importance of premises in terms of accounting?<\/strong><\/h4>\nFrom an accounting point of view, the word premises refers to the number of fixed assets that are listed on the balance sheet.<\/p>\n
6. What is VAT?<\/strong><\/h4>\nVAT is short for Value Added Tax. It is a type of excise tax imposed on the selling price of a product. It means the price of “added value” to the product at the stage of its production.<\/p>\n
7. What is the basic accounting equation?<\/strong><\/h4>\nAccounting is about measuring the assets, capital and liabilities of a business. The basic accounting equation therefore reads:<\/p>\n
Assets = Liabilities + Equity<\/p>\n
8. How do accounting and auditing differ?<\/strong><\/h4>\nAccounting and auditing are two different concepts. Accounting means recording the day-to-day financial activities of a business, while auditing checks whether these events are recorded correctly or not.<\/p>\n
9. What is retail banking?<\/strong><\/h4>\nRetail banking means conducting financial transactions with a non-professional client and not with other business or organizational customers.<\/p>\n
10. What are commercial bills?<\/strong><\/h4>\nTrading accounts are simply documents generated against each transaction.<\/p>\n
11. What is double-entry bookkeeping and what are its rules?<\/strong><\/h4>\nDouble-entry accounting is governed by the principle that for every debit there is a corresponding credit, which makes the value of the debit equal to the sum of all the credits. This simply means that when an amount is debited from one account at the same time, an amount is credited to another account from a similar account.<\/p>\n
The rules were followed<\/strong><\/p>\n\n- In the case of a personal account: debit the recipient and credit the donor’s account<\/li>\n
- In the case of a real account: debit is what comes in and credit is what goes out<\/li>\n
- In the case of a nominal account: debit all expenses and credit all income<\/li>\n<\/ul>\n
12. What is debit and credit?<\/strong><\/h4>\nA debit notice is nothing more than an intimate notice sent to an individual dealing with a business stating that an amount will be debited from their account for the purpose stated therein. Whereas a credit note is a notice sent to an individual doing business with a business stating that his account will be credited for the purpose stated therein.<\/p>\n
13. Can you name the different branches of accounting?<\/strong><\/h4>\nThe various branches of accounting are:<\/p>\n
\n- Financial accounting<\/li>\n
- Managerial accounting<\/li>\n
- Cost accounting<\/li>\n<\/ul>\n
14. What does the term dual aspect mean in terms of accounting?<\/strong><\/h4>\nThe term dual aspect means that every transaction you make has two aspects, i.e. it affects two accounts on their opposite sides. For example, to make a purchase, you have to give money in exchange for the product or service you use, and when you sell something, you get money in exchange for the sale you make. In short, losing and receiving money are two aspects of a financial transaction. Therefore, the transaction should be recorded in two places.<\/p>\n
The concept of duality in terms of the basic accounting equation is:<\/p>\n
Assets = Liabilities + Equity<\/p>\n
<\/a><\/h4>\n15. List the accounting cases that are part of composite entries?<\/strong><\/h4>\nA compound journal entry is an accounting entry in which there is more than one debit, more than one credit, or more than one debit and credit. Accounting events that generally involve compound accounting entries are:<\/p>\n
\n- Different expenses related to different line items in the supplier invoice<\/li>\n
- Payroll related deductions and payments<\/li>\n
- Total bank deductions related to bank reconciliation<\/li>\n
- Financial receivable related to customer invoice and sales tax<\/li>\n<\/ul>\n
16. What is an inactive and dormant account?<\/strong><\/h4>\nInactive accounts are accounts that are closed and will not be used in the future. Inactive accounts are accounts that are not functional but can be used in the future.<\/p>\n
17. What are fictitious assets?<\/strong><\/h4>\nFictitious assets are assets that cannot be shown or touched but can only be felt, such as rights, goodwill, etc.<\/p>\n
18. What does a general ledger account mean?<\/strong><\/h4>\nA general ledger is a type of account that a company keeps to record information about a particular type of transaction such as assets, liabilities, profits, losses, shares, etc. In short, these accounts are kept to record all types of transactions that are aggregated in the income statement and balance sheet .<\/p>\n
Join to learn SAP FICO from the Experts! Click for the demo class!<\/strong><\/a><\/p>\n19. What are balance sheet accounts?<\/strong><\/h4>\nBalance sheet accounts, known as permanent accounts, are types of accounts in which the balance does not close at the end of a financial year and is carried over to the next accounting year.<\/p>\n
20. What is marginal cost?<\/strong><\/h4>\nMarginal cost is the estimated cost of the additional inputs that are required to produce the output. Costs are calculated by dividing the change in total costs by the difference in product output. It simply states the increase and decrease in the total cost of a product due to the production of one extra unit of the product.<\/p>\n
21. What does the term overhead mean in accounting?<\/strong><\/h4>\nIn accounting terms, overhead means the value of the company’s indirect expenses, i.e. rent, salaries, etc.<\/p>\n
22. How many accounting standards are there in India and do you know them?<\/strong><\/h4>\nPossible answer:<\/strong>
\nThere are more than 41 accounting standards in India and I am familiar with them. These standards are set by the Accounting Standards Board (ABS).<\/p>\n23. What does a deferred tax liability mean?<\/strong><\/h4>\nIt means that the company will have to pay higher taxes in the future because of its transactions in the current period.<\/p>\n
24. What accounting applications have you used?<\/strong><\/h4>\nPossible answer 1:<\/strong>
\nI have experience using Microsoft Accounting Professional, Microsoft Small Business Financials, Financial Force, etc.<\/p>\nPossible answer 2:<\/strong>
\nI have previously worked on software like Tally, Zoho Books, Microsoft Accounting Professional and others to improve accuracy and simplify the calculation process.<\/p>\n25. What is GST?<\/strong><\/h4>\nIt is a tax on good and service; a type of indirect tax that the seller charges the customer from the value of the goods or services used. GST was introduced in India on 1 July 2017. This type of tax replaced all previously existing indirect taxes in India.<\/p>\n
26. What is a bank reconciliation?<\/strong><\/h4>\nIt is a process carried out by companies to ensure that their records i.e. balance sheet, general ledger account details etc. are consistent with bank records.<\/p>\n
27. What are the various financial constraints that can impact a company’s financial statements?<\/strong><\/h4>\nSome examples of financial constraints:<\/p>\n
\n- Zero balance between benefits and costs incurred<\/li>\n
- Qualitative characteristics have no or zero balance<\/li>\n
- Ambiguities between true and fair representation<\/li>\n
- much delay leading to irrelevant information<\/li>\n<\/ul>\n
Working capital refers to the value of current assets minus current liabilities that are used in day-to-day trading.<\/p>\n
5. What is the importance of premises in terms of accounting?<\/strong><\/h4>\nFrom an accounting point of view, the word premises refers to the number of fixed assets that are listed on the balance sheet.<\/p>\n
6. What is VAT?<\/strong><\/h4>\nVAT is short for Value Added Tax. It is a type of excise tax imposed on the selling price of a product. It means the price of “added value” to the product at the stage of its production.<\/p>\n
7. What is the basic accounting equation?<\/strong><\/h4>\nAccounting is about measuring the assets, capital and liabilities of a business. The basic accounting equation therefore reads:<\/p>\n
Assets = Liabilities + Equity<\/p>\n
8. How do accounting and auditing differ?<\/strong><\/h4>\nAccounting and auditing are two different concepts. Accounting means recording the day-to-day financial activities of a business, while auditing checks whether these events are recorded correctly or not.<\/p>\n
9. What is retail banking?<\/strong><\/h4>\nRetail banking means conducting financial transactions with a non-professional client and not with other business or organizational customers.<\/p>\n
10. What are commercial bills?<\/strong><\/h4>\nTrading accounts are simply documents generated against each transaction.<\/p>\n
11. What is double-entry bookkeeping and what are its rules?<\/strong><\/h4>\nDouble-entry accounting is governed by the principle that for every debit there is a corresponding credit, which makes the value of the debit equal to the sum of all the credits. This simply means that when an amount is debited from one account at the same time, an amount is credited to another account from a similar account.<\/p>\n
The rules were followed<\/strong><\/p>\n\n- In the case of a personal account: debit the recipient and credit the donor’s account<\/li>\n
- In the case of a real account: debit is what comes in and credit is what goes out<\/li>\n
- In the case of a nominal account: debit all expenses and credit all income<\/li>\n<\/ul>\n
12. What is debit and credit?<\/strong><\/h4>\nA debit notice is nothing more than an intimate notice sent to an individual dealing with a business stating that an amount will be debited from their account for the purpose stated therein. Whereas a credit note is a notice sent to an individual doing business with a business stating that his account will be credited for the purpose stated therein.<\/p>\n
13. Can you name the different branches of accounting?<\/strong><\/h4>\nThe various branches of accounting are:<\/p>\n
\n- Financial accounting<\/li>\n
- Managerial accounting<\/li>\n
- Cost accounting<\/li>\n<\/ul>\n
14. What does the term dual aspect mean in terms of accounting?<\/strong><\/h4>\nThe term dual aspect means that every transaction you make has two aspects, i.e. it affects two accounts on their opposite sides. For example, to make a purchase, you have to give money in exchange for the product or service you use, and when you sell something, you get money in exchange for the sale you make. In short, losing and receiving money are two aspects of a financial transaction. Therefore, the transaction should be recorded in two places.<\/p>\n
The concept of duality in terms of the basic accounting equation is:<\/p>\n
Assets = Liabilities + Equity<\/p>\n
<\/a><\/h4>\n15. List the accounting cases that are part of composite entries?<\/strong><\/h4>\nA compound journal entry is an accounting entry in which there is more than one debit, more than one credit, or more than one debit and credit. Accounting events that generally involve compound accounting entries are:<\/p>\n
\n- Different expenses related to different line items in the supplier invoice<\/li>\n
- Payroll related deductions and payments<\/li>\n
- Total bank deductions related to bank reconciliation<\/li>\n
- Financial receivable related to customer invoice and sales tax<\/li>\n<\/ul>\n
16. What is an inactive and dormant account?<\/strong><\/h4>\nInactive accounts are accounts that are closed and will not be used in the future. Inactive accounts are accounts that are not functional but can be used in the future.<\/p>\n
17. What are fictitious assets?<\/strong><\/h4>\nFictitious assets are assets that cannot be shown or touched but can only be felt, such as rights, goodwill, etc.<\/p>\n
18. What does a general ledger account mean?<\/strong><\/h4>\nA general ledger is a type of account that a company keeps to record information about a particular type of transaction such as assets, liabilities, profits, losses, shares, etc. In short, these accounts are kept to record all types of transactions that are aggregated in the income statement and balance sheet .<\/p>\n
Join to learn SAP FICO from the Experts! Click for the demo class!<\/strong><\/a><\/p>\n19. What are balance sheet accounts?<\/strong><\/h4>\nBalance sheet accounts, known as permanent accounts, are types of accounts in which the balance does not close at the end of a financial year and is carried over to the next accounting year.<\/p>\n
20. What is marginal cost?<\/strong><\/h4>\nMarginal cost is the estimated cost of the additional inputs that are required to produce the output. Costs are calculated by dividing the change in total costs by the difference in product output. It simply states the increase and decrease in the total cost of a product due to the production of one extra unit of the product.<\/p>\n
21. What does the term overhead mean in accounting?<\/strong><\/h4>\nIn accounting terms, overhead means the value of the company’s indirect expenses, i.e. rent, salaries, etc.<\/p>\n
22. How many accounting standards are there in India and do you know them?<\/strong><\/h4>\nPossible answer:<\/strong>
\nThere are more than 41 accounting standards in India and I am familiar with them. These standards are set by the Accounting Standards Board (ABS).<\/p>\n23. What does a deferred tax liability mean?<\/strong><\/h4>\nIt means that the company will have to pay higher taxes in the future because of its transactions in the current period.<\/p>\n
24. What accounting applications have you used?<\/strong><\/h4>\nPossible answer 1:<\/strong>
\nI have experience using Microsoft Accounting Professional, Microsoft Small Business Financials, Financial Force, etc.<\/p>\nPossible answer 2:<\/strong>
\nI have previously worked on software like Tally, Zoho Books, Microsoft Accounting Professional and others to improve accuracy and simplify the calculation process.<\/p>\n25. What is GST?<\/strong><\/h4>\nIt is a tax on good and service; a type of indirect tax that the seller charges the customer from the value of the goods or services used. GST was introduced in India on 1 July 2017. This type of tax replaced all previously existing indirect taxes in India.<\/p>\n
26. What is a bank reconciliation?<\/strong><\/h4>\nIt is a process carried out by companies to ensure that their records i.e. balance sheet, general ledger account details etc. are consistent with bank records.<\/p>\n
27. What are the various financial constraints that can impact a company’s financial statements?<\/strong><\/h4>\nSome examples of financial constraints:<\/p>\n
\n- Zero balance between benefits and costs incurred<\/li>\n
- Qualitative characteristics have no or zero balance<\/li>\n
- Ambiguities between true and fair representation<\/li>\n
- much delay leading to irrelevant information<\/li>\n<\/ul>\n
VAT is short for Value Added Tax. It is a type of excise tax imposed on the selling price of a product. It means the price of “added value” to the product at the stage of its production.<\/p>\n
7. What is the basic accounting equation?<\/strong><\/h4>\nAccounting is about measuring the assets, capital and liabilities of a business. The basic accounting equation therefore reads:<\/p>\n
Assets = Liabilities + Equity<\/p>\n
8. How do accounting and auditing differ?<\/strong><\/h4>\nAccounting and auditing are two different concepts. Accounting means recording the day-to-day financial activities of a business, while auditing checks whether these events are recorded correctly or not.<\/p>\n
9. What is retail banking?<\/strong><\/h4>\nRetail banking means conducting financial transactions with a non-professional client and not with other business or organizational customers.<\/p>\n
10. What are commercial bills?<\/strong><\/h4>\nTrading accounts are simply documents generated against each transaction.<\/p>\n
11. What is double-entry bookkeeping and what are its rules?<\/strong><\/h4>\nDouble-entry accounting is governed by the principle that for every debit there is a corresponding credit, which makes the value of the debit equal to the sum of all the credits. This simply means that when an amount is debited from one account at the same time, an amount is credited to another account from a similar account.<\/p>\n
The rules were followed<\/strong><\/p>\n\n- In the case of a personal account: debit the recipient and credit the donor’s account<\/li>\n
- In the case of a real account: debit is what comes in and credit is what goes out<\/li>\n
- In the case of a nominal account: debit all expenses and credit all income<\/li>\n<\/ul>\n
12. What is debit and credit?<\/strong><\/h4>\nA debit notice is nothing more than an intimate notice sent to an individual dealing with a business stating that an amount will be debited from their account for the purpose stated therein. Whereas a credit note is a notice sent to an individual doing business with a business stating that his account will be credited for the purpose stated therein.<\/p>\n
13. Can you name the different branches of accounting?<\/strong><\/h4>\nThe various branches of accounting are:<\/p>\n
\n- Financial accounting<\/li>\n
- Managerial accounting<\/li>\n
- Cost accounting<\/li>\n<\/ul>\n
14. What does the term dual aspect mean in terms of accounting?<\/strong><\/h4>\nThe term dual aspect means that every transaction you make has two aspects, i.e. it affects two accounts on their opposite sides. For example, to make a purchase, you have to give money in exchange for the product or service you use, and when you sell something, you get money in exchange for the sale you make. In short, losing and receiving money are two aspects of a financial transaction. Therefore, the transaction should be recorded in two places.<\/p>\n
The concept of duality in terms of the basic accounting equation is:<\/p>\n
Assets = Liabilities + Equity<\/p>\n
<\/a><\/h4>\n15. List the accounting cases that are part of composite entries?<\/strong><\/h4>\nA compound journal entry is an accounting entry in which there is more than one debit, more than one credit, or more than one debit and credit. Accounting events that generally involve compound accounting entries are:<\/p>\n
\n- Different expenses related to different line items in the supplier invoice<\/li>\n
- Payroll related deductions and payments<\/li>\n
- Total bank deductions related to bank reconciliation<\/li>\n
- Financial receivable related to customer invoice and sales tax<\/li>\n<\/ul>\n
16. What is an inactive and dormant account?<\/strong><\/h4>\nInactive accounts are accounts that are closed and will not be used in the future. Inactive accounts are accounts that are not functional but can be used in the future.<\/p>\n
17. What are fictitious assets?<\/strong><\/h4>\nFictitious assets are assets that cannot be shown or touched but can only be felt, such as rights, goodwill, etc.<\/p>\n
18. What does a general ledger account mean?<\/strong><\/h4>\nA general ledger is a type of account that a company keeps to record information about a particular type of transaction such as assets, liabilities, profits, losses, shares, etc. In short, these accounts are kept to record all types of transactions that are aggregated in the income statement and balance sheet .<\/p>\n
Join to learn SAP FICO from the Experts! Click for the demo class!<\/strong><\/a><\/p>\n19. What are balance sheet accounts?<\/strong><\/h4>\nBalance sheet accounts, known as permanent accounts, are types of accounts in which the balance does not close at the end of a financial year and is carried over to the next accounting year.<\/p>\n
20. What is marginal cost?<\/strong><\/h4>\nMarginal cost is the estimated cost of the additional inputs that are required to produce the output. Costs are calculated by dividing the change in total costs by the difference in product output. It simply states the increase and decrease in the total cost of a product due to the production of one extra unit of the product.<\/p>\n
21. What does the term overhead mean in accounting?<\/strong><\/h4>\nIn accounting terms, overhead means the value of the company’s indirect expenses, i.e. rent, salaries, etc.<\/p>\n
22. How many accounting standards are there in India and do you know them?<\/strong><\/h4>\nPossible answer:<\/strong>
\nThere are more than 41 accounting standards in India and I am familiar with them. These standards are set by the Accounting Standards Board (ABS).<\/p>\n23. What does a deferred tax liability mean?<\/strong><\/h4>\nIt means that the company will have to pay higher taxes in the future because of its transactions in the current period.<\/p>\n
24. What accounting applications have you used?<\/strong><\/h4>\nPossible answer 1:<\/strong>
\nI have experience using Microsoft Accounting Professional, Microsoft Small Business Financials, Financial Force, etc.<\/p>\nPossible answer 2:<\/strong>
\nI have previously worked on software like Tally, Zoho Books, Microsoft Accounting Professional and others to improve accuracy and simplify the calculation process.<\/p>\n25. What is GST?<\/strong><\/h4>\nIt is a tax on good and service; a type of indirect tax that the seller charges the customer from the value of the goods or services used. GST was introduced in India on 1 July 2017. This type of tax replaced all previously existing indirect taxes in India.<\/p>\n
26. What is a bank reconciliation?<\/strong><\/h4>\nIt is a process carried out by companies to ensure that their records i.e. balance sheet, general ledger account details etc. are consistent with bank records.<\/p>\n
27. What are the various financial constraints that can impact a company’s financial statements?<\/strong><\/h4>\nSome examples of financial constraints:<\/p>\n
\n- Zero balance between benefits and costs incurred<\/li>\n
- Qualitative characteristics have no or zero balance<\/li>\n
- Ambiguities between true and fair representation<\/li>\n
- much delay leading to irrelevant information<\/li>\n<\/ul>\n
Accounting and auditing are two different concepts. Accounting means recording the day-to-day financial activities of a business, while auditing checks whether these events are recorded correctly or not.<\/p>\n
9. What is retail banking?<\/strong><\/h4>\nRetail banking means conducting financial transactions with a non-professional client and not with other business or organizational customers.<\/p>\n
10. What are commercial bills?<\/strong><\/h4>\nTrading accounts are simply documents generated against each transaction.<\/p>\n
11. What is double-entry bookkeeping and what are its rules?<\/strong><\/h4>\nDouble-entry accounting is governed by the principle that for every debit there is a corresponding credit, which makes the value of the debit equal to the sum of all the credits. This simply means that when an amount is debited from one account at the same time, an amount is credited to another account from a similar account.<\/p>\n
The rules were followed<\/strong><\/p>\n\n- In the case of a personal account: debit the recipient and credit the donor’s account<\/li>\n
- In the case of a real account: debit is what comes in and credit is what goes out<\/li>\n
- In the case of a nominal account: debit all expenses and credit all income<\/li>\n<\/ul>\n
12. What is debit and credit?<\/strong><\/h4>\nA debit notice is nothing more than an intimate notice sent to an individual dealing with a business stating that an amount will be debited from their account for the purpose stated therein. Whereas a credit note is a notice sent to an individual doing business with a business stating that his account will be credited for the purpose stated therein.<\/p>\n
13. Can you name the different branches of accounting?<\/strong><\/h4>\nThe various branches of accounting are:<\/p>\n
\n- Financial accounting<\/li>\n
- Managerial accounting<\/li>\n
- Cost accounting<\/li>\n<\/ul>\n
14. What does the term dual aspect mean in terms of accounting?<\/strong><\/h4>\nThe term dual aspect means that every transaction you make has two aspects, i.e. it affects two accounts on their opposite sides. For example, to make a purchase, you have to give money in exchange for the product or service you use, and when you sell something, you get money in exchange for the sale you make. In short, losing and receiving money are two aspects of a financial transaction. Therefore, the transaction should be recorded in two places.<\/p>\n
The concept of duality in terms of the basic accounting equation is:<\/p>\n
Assets = Liabilities + Equity<\/p>\n
<\/a><\/h4>\n15. List the accounting cases that are part of composite entries?<\/strong><\/h4>\nA compound journal entry is an accounting entry in which there is more than one debit, more than one credit, or more than one debit and credit. Accounting events that generally involve compound accounting entries are:<\/p>\n
\n- Different expenses related to different line items in the supplier invoice<\/li>\n
- Payroll related deductions and payments<\/li>\n
- Total bank deductions related to bank reconciliation<\/li>\n
- Financial receivable related to customer invoice and sales tax<\/li>\n<\/ul>\n
16. What is an inactive and dormant account?<\/strong><\/h4>\nInactive accounts are accounts that are closed and will not be used in the future. Inactive accounts are accounts that are not functional but can be used in the future.<\/p>\n
17. What are fictitious assets?<\/strong><\/h4>\nFictitious assets are assets that cannot be shown or touched but can only be felt, such as rights, goodwill, etc.<\/p>\n
18. What does a general ledger account mean?<\/strong><\/h4>\nA general ledger is a type of account that a company keeps to record information about a particular type of transaction such as assets, liabilities, profits, losses, shares, etc. In short, these accounts are kept to record all types of transactions that are aggregated in the income statement and balance sheet .<\/p>\n
Join to learn SAP FICO from the Experts! Click for the demo class!<\/strong><\/a><\/p>\n19. What are balance sheet accounts?<\/strong><\/h4>\nBalance sheet accounts, known as permanent accounts, are types of accounts in which the balance does not close at the end of a financial year and is carried over to the next accounting year.<\/p>\n
20. What is marginal cost?<\/strong><\/h4>\nMarginal cost is the estimated cost of the additional inputs that are required to produce the output. Costs are calculated by dividing the change in total costs by the difference in product output. It simply states the increase and decrease in the total cost of a product due to the production of one extra unit of the product.<\/p>\n
21. What does the term overhead mean in accounting?<\/strong><\/h4>\nIn accounting terms, overhead means the value of the company’s indirect expenses, i.e. rent, salaries, etc.<\/p>\n
22. How many accounting standards are there in India and do you know them?<\/strong><\/h4>\nPossible answer:<\/strong>
\nThere are more than 41 accounting standards in India and I am familiar with them. These standards are set by the Accounting Standards Board (ABS).<\/p>\n23. What does a deferred tax liability mean?<\/strong><\/h4>\nIt means that the company will have to pay higher taxes in the future because of its transactions in the current period.<\/p>\n
24. What accounting applications have you used?<\/strong><\/h4>\nPossible answer 1:<\/strong>
\nI have experience using Microsoft Accounting Professional, Microsoft Small Business Financials, Financial Force, etc.<\/p>\nPossible answer 2:<\/strong>
\nI have previously worked on software like Tally, Zoho Books, Microsoft Accounting Professional and others to improve accuracy and simplify the calculation process.<\/p>\n25. What is GST?<\/strong><\/h4>\nIt is a tax on good and service; a type of indirect tax that the seller charges the customer from the value of the goods or services used. GST was introduced in India on 1 July 2017. This type of tax replaced all previously existing indirect taxes in India.<\/p>\n
26. What is a bank reconciliation?<\/strong><\/h4>\nIt is a process carried out by companies to ensure that their records i.e. balance sheet, general ledger account details etc. are consistent with bank records.<\/p>\n
27. What are the various financial constraints that can impact a company’s financial statements?<\/strong><\/h4>\nSome examples of financial constraints:<\/p>\n
\n- Zero balance between benefits and costs incurred<\/li>\n
- Qualitative characteristics have no or zero balance<\/li>\n
- Ambiguities between true and fair representation<\/li>\n
- much delay leading to irrelevant information<\/li>\n<\/ul>\n
Trading accounts are simply documents generated against each transaction.<\/p>\n
11. What is double-entry bookkeeping and what are its rules?<\/strong><\/h4>\nDouble-entry accounting is governed by the principle that for every debit there is a corresponding credit, which makes the value of the debit equal to the sum of all the credits. This simply means that when an amount is debited from one account at the same time, an amount is credited to another account from a similar account.<\/p>\n
The rules were followed<\/strong><\/p>\n\n- In the case of a personal account: debit the recipient and credit the donor’s account<\/li>\n
- In the case of a real account: debit is what comes in and credit is what goes out<\/li>\n
- In the case of a nominal account: debit all expenses and credit all income<\/li>\n<\/ul>\n
12. What is debit and credit?<\/strong><\/h4>\nA debit notice is nothing more than an intimate notice sent to an individual dealing with a business stating that an amount will be debited from their account for the purpose stated therein. Whereas a credit note is a notice sent to an individual doing business with a business stating that his account will be credited for the purpose stated therein.<\/p>\n
13. Can you name the different branches of accounting?<\/strong><\/h4>\nThe various branches of accounting are:<\/p>\n
\n- Financial accounting<\/li>\n
- Managerial accounting<\/li>\n
- Cost accounting<\/li>\n<\/ul>\n
14. What does the term dual aspect mean in terms of accounting?<\/strong><\/h4>\nThe term dual aspect means that every transaction you make has two aspects, i.e. it affects two accounts on their opposite sides. For example, to make a purchase, you have to give money in exchange for the product or service you use, and when you sell something, you get money in exchange for the sale you make. In short, losing and receiving money are two aspects of a financial transaction. Therefore, the transaction should be recorded in two places.<\/p>\n
The concept of duality in terms of the basic accounting equation is:<\/p>\n
Assets = Liabilities + Equity<\/p>\n
<\/a><\/h4>\n15. List the accounting cases that are part of composite entries?<\/strong><\/h4>\nA compound journal entry is an accounting entry in which there is more than one debit, more than one credit, or more than one debit and credit. Accounting events that generally involve compound accounting entries are:<\/p>\n
\n- Different expenses related to different line items in the supplier invoice<\/li>\n
- Payroll related deductions and payments<\/li>\n
- Total bank deductions related to bank reconciliation<\/li>\n
- Financial receivable related to customer invoice and sales tax<\/li>\n<\/ul>\n
16. What is an inactive and dormant account?<\/strong><\/h4>\nInactive accounts are accounts that are closed and will not be used in the future. Inactive accounts are accounts that are not functional but can be used in the future.<\/p>\n
17. What are fictitious assets?<\/strong><\/h4>\nFictitious assets are assets that cannot be shown or touched but can only be felt, such as rights, goodwill, etc.<\/p>\n
18. What does a general ledger account mean?<\/strong><\/h4>\nA general ledger is a type of account that a company keeps to record information about a particular type of transaction such as assets, liabilities, profits, losses, shares, etc. In short, these accounts are kept to record all types of transactions that are aggregated in the income statement and balance sheet .<\/p>\n
Join to learn SAP FICO from the Experts! Click for the demo class!<\/strong><\/a><\/p>\n19. What are balance sheet accounts?<\/strong><\/h4>\nBalance sheet accounts, known as permanent accounts, are types of accounts in which the balance does not close at the end of a financial year and is carried over to the next accounting year.<\/p>\n
20. What is marginal cost?<\/strong><\/h4>\nMarginal cost is the estimated cost of the additional inputs that are required to produce the output. Costs are calculated by dividing the change in total costs by the difference in product output. It simply states the increase and decrease in the total cost of a product due to the production of one extra unit of the product.<\/p>\n
21. What does the term overhead mean in accounting?<\/strong><\/h4>\nIn accounting terms, overhead means the value of the company’s indirect expenses, i.e. rent, salaries, etc.<\/p>\n
22. How many accounting standards are there in India and do you know them?<\/strong><\/h4>\nPossible answer:<\/strong>
\nThere are more than 41 accounting standards in India and I am familiar with them. These standards are set by the Accounting Standards Board (ABS).<\/p>\n23. What does a deferred tax liability mean?<\/strong><\/h4>\nIt means that the company will have to pay higher taxes in the future because of its transactions in the current period.<\/p>\n
24. What accounting applications have you used?<\/strong><\/h4>\nPossible answer 1:<\/strong>
\nI have experience using Microsoft Accounting Professional, Microsoft Small Business Financials, Financial Force, etc.<\/p>\nPossible answer 2:<\/strong>
\nI have previously worked on software like Tally, Zoho Books, Microsoft Accounting Professional and others to improve accuracy and simplify the calculation process.<\/p>\n25. What is GST?<\/strong><\/h4>\nIt is a tax on good and service; a type of indirect tax that the seller charges the customer from the value of the goods or services used. GST was introduced in India on 1 July 2017. This type of tax replaced all previously existing indirect taxes in India.<\/p>\n
26. What is a bank reconciliation?<\/strong><\/h4>\nIt is a process carried out by companies to ensure that their records i.e. balance sheet, general ledger account details etc. are consistent with bank records.<\/p>\n
27. What are the various financial constraints that can impact a company’s financial statements?<\/strong><\/h4>\nSome examples of financial constraints:<\/p>\n
\n- Zero balance between benefits and costs incurred<\/li>\n
- Qualitative characteristics have no or zero balance<\/li>\n
- Ambiguities between true and fair representation<\/li>\n
- much delay leading to irrelevant information<\/li>\n<\/ul>\n
- \n
- In the case of a personal account: debit the recipient and credit the donor’s account<\/li>\n
- In the case of a real account: debit is what comes in and credit is what goes out<\/li>\n
- In the case of a nominal account: debit all expenses and credit all income<\/li>\n<\/ul>\n
12. What is debit and credit?<\/strong><\/h4>\n
A debit notice is nothing more than an intimate notice sent to an individual dealing with a business stating that an amount will be debited from their account for the purpose stated therein. Whereas a credit note is a notice sent to an individual doing business with a business stating that his account will be credited for the purpose stated therein.<\/p>\n
13. Can you name the different branches of accounting?<\/strong><\/h4>\n
The various branches of accounting are:<\/p>\n
- \n
- Financial accounting<\/li>\n
- Managerial accounting<\/li>\n
- Cost accounting<\/li>\n<\/ul>\n
14. What does the term dual aspect mean in terms of accounting?<\/strong><\/h4>\n
The term dual aspect means that every transaction you make has two aspects, i.e. it affects two accounts on their opposite sides. For example, to make a purchase, you have to give money in exchange for the product or service you use, and when you sell something, you get money in exchange for the sale you make. In short, losing and receiving money are two aspects of a financial transaction. Therefore, the transaction should be recorded in two places.<\/p>\n
The concept of duality in terms of the basic accounting equation is:<\/p>\n
Assets = Liabilities + Equity<\/p>\n
<\/a><\/h4>\n15. List the accounting cases that are part of composite entries?<\/strong><\/h4>\n
A compound journal entry is an accounting entry in which there is more than one debit, more than one credit, or more than one debit and credit. Accounting events that generally involve compound accounting entries are:<\/p>\n
- \n
- Different expenses related to different line items in the supplier invoice<\/li>\n
- Payroll related deductions and payments<\/li>\n
- Total bank deductions related to bank reconciliation<\/li>\n
- Financial receivable related to customer invoice and sales tax<\/li>\n<\/ul>\n
16. What is an inactive and dormant account?<\/strong><\/h4>\n
Inactive accounts are accounts that are closed and will not be used in the future. Inactive accounts are accounts that are not functional but can be used in the future.<\/p>\n
17. What are fictitious assets?<\/strong><\/h4>\n
Fictitious assets are assets that cannot be shown or touched but can only be felt, such as rights, goodwill, etc.<\/p>\n
18. What does a general ledger account mean?<\/strong><\/h4>\n
A general ledger is a type of account that a company keeps to record information about a particular type of transaction such as assets, liabilities, profits, losses, shares, etc. In short, these accounts are kept to record all types of transactions that are aggregated in the income statement and balance sheet .<\/p>\n
Join to learn SAP FICO from the Experts! Click for the demo class!<\/strong><\/a><\/p>\n
19. What are balance sheet accounts?<\/strong><\/h4>\n
Balance sheet accounts, known as permanent accounts, are types of accounts in which the balance does not close at the end of a financial year and is carried over to the next accounting year.<\/p>\n
20. What is marginal cost?<\/strong><\/h4>\n
Marginal cost is the estimated cost of the additional inputs that are required to produce the output. Costs are calculated by dividing the change in total costs by the difference in product output. It simply states the increase and decrease in the total cost of a product due to the production of one extra unit of the product.<\/p>\n
21. What does the term overhead mean in accounting?<\/strong><\/h4>\n
In accounting terms, overhead means the value of the company’s indirect expenses, i.e. rent, salaries, etc.<\/p>\n
22. How many accounting standards are there in India and do you know them?<\/strong><\/h4>\n
Possible answer:<\/strong>
\nThere are more than 41 accounting standards in India and I am familiar with them. These standards are set by the Accounting Standards Board (ABS).<\/p>\n23. What does a deferred tax liability mean?<\/strong><\/h4>\n
It means that the company will have to pay higher taxes in the future because of its transactions in the current period.<\/p>\n
24. What accounting applications have you used?<\/strong><\/h4>\n
Possible answer 1:<\/strong>
\nI have experience using Microsoft Accounting Professional, Microsoft Small Business Financials, Financial Force, etc.<\/p>\nPossible answer 2:<\/strong>
\nI have previously worked on software like Tally, Zoho Books, Microsoft Accounting Professional and others to improve accuracy and simplify the calculation process.<\/p>\n25. What is GST?<\/strong><\/h4>\n
It is a tax on good and service; a type of indirect tax that the seller charges the customer from the value of the goods or services used. GST was introduced in India on 1 July 2017. This type of tax replaced all previously existing indirect taxes in India.<\/p>\n
26. What is a bank reconciliation?<\/strong><\/h4>\n
It is a process carried out by companies to ensure that their records i.e. balance sheet, general ledger account details etc. are consistent with bank records.<\/p>\n
27. What are the various financial constraints that can impact a company’s financial statements?<\/strong><\/h4>\n
Some examples of financial constraints:<\/p>\n
- \n
- Zero balance between benefits and costs incurred<\/li>\n
- Qualitative characteristics have no or zero balance<\/li>\n
- Ambiguities between true and fair representation<\/li>\n
- much delay leading to irrelevant information<\/li>\n<\/ul>\n