Ques:- Sales Tax Return Filling
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Ques:- Accounting standard ca ipc level
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Ques:- How much experienced ?
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Ques:- Accounting Standard 7
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Ques:- What is the account
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Ques:- Accounting standarad
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Ques:- 3 Rules Accounting Standards
Right Answer:
1. Relevance: Financial information must be relevant to the decision-making needs of users.
2. Reliability: Financial information must be reliable and free from bias, ensuring it can be depended upon.
3. Comparability: Financial statements should be prepared in a way that allows for comparison across different periods and entities.
1. Relevance: Financial information must be relevant to the decision-making needs of users.
2. Reliability: Financial information must be reliable and free from bias, ensuring it can be depended upon.
3. Comparability: Financial statements should be prepared in a way that allows for comparison across different periods and entities.
Ques:- What are the 3 golden rules of accounting?
Asked In :-
Netwealth Investments, Trade Finance Solutions, carvana, rockefeller capital management,
Right Answer:
The three golden rules of accounting are:
1. **Debit the receiver, credit the giver** - For personal accounts.
2. **Debit what comes in, credit what goes out** - For real accounts.
3. **Debit all expenses and losses, credit all incomes and gains** - For nominal accounts.
The three golden rules of accounting are:
1. **Debit the receiver, credit the giver** - For personal accounts.
2. **Debit what comes in, credit what goes out** - For real accounts.
3. **Debit all expenses and losses, credit all incomes and gains** - For nominal accounts.
Ques:- All entries are right but balance does not match of both side of balance sheet, Why?
Asked In :-
Bapco Bahrain Petroleum Company, Sedgwick Claims Management Services, Equitable Life Insurance Company of Canada, Baroda Global Shared Services, aster dm healthcare, deallus consulting, bankserv,
Right Answer:
The balance sheet may not match due to errors such as incorrect data entry, missing transactions, misclassifications, or unrecorded liabilities or assets.
The balance sheet may not match due to errors such as incorrect data entry, missing transactions, misclassifications, or unrecorded liabilities or assets.
Ques:- What do you know about journal entries?
Right Answer:
Journal entries are records of financial transactions in accounting. They include the date of the transaction, accounts affected, amounts debited and credited, and a brief description. Each entry follows the double-entry accounting system, ensuring that total debits equal total credits.
Journal entries are records of financial transactions in accounting. They include the date of the transaction, accounts affected, amounts debited and credited, and a brief description. Each entry follows the double-entry accounting system, ensuring that total debits equal total credits.
Ques:- Accounting standard
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Ques:- Explain accounting concepts?
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Ques:- How to prepare for management accounts?
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Ques:- WHY DO WE PREPARE BALANCE SHEET?
Right Answer:
We prepare a balance sheet to provide a snapshot of a company's financial position at a specific point in time, showing its assets, liabilities, and equity. This helps stakeholders assess the company's financial health and make informed decisions.
We prepare a balance sheet to provide a snapshot of a company's financial position at a specific point in time, showing its assets, liabilities, and equity. This helps stakeholders assess the company's financial health and make informed decisions.
Ques:- WHAT DO YOU MEAN BY STANDARD ACCOUNTING
Right Answer:
Standard accounting refers to the established principles and guidelines that govern financial reporting and accounting practices, ensuring consistency, transparency, and comparability in financial statements.
Standard accounting refers to the established principles and guidelines that govern financial reporting and accounting practices, ensuring consistency, transparency, and comparability in financial statements.
Ques:- What are Accounting Concept?
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ABN AMRO, NBP National Bank of Pakistan, Dutch-Bangla Bank, ey, transfermate global payments,
Right Answer:
Accounting concepts are the fundamental principles that guide the preparation and presentation of financial statements. Key accounting concepts include:
1. **Accrual Concept**: Revenues and expenses are recognized when they are earned or incurred, not when cash is received or paid.
2. **Consistency Concept**: The same accounting methods should be used from one period to another.
3. **Going Concern Concept**: Assumes that a business will continue to operate indefinitely.
4. **Matching Concept**: Expenses should be matched with the revenues they help to generate in the same period.
5. **Prudence Concept**: Revenues and profits are not anticipated, but expenses and losses are recognized as soon as they are probable.
6. **Economic Entity Concept**: The transactions of a business must be kept separate from those of its owners or other businesses.
7. **Time Period Concept**: Financial statements should be prepared for specific periods, such as monthly or annually.
These concepts ensure consistency, reliability, and
Accounting concepts are the fundamental principles that guide the preparation and presentation of financial statements. Key accounting concepts include:
1. **Accrual Concept**: Revenues and expenses are recognized when they are earned or incurred, not when cash is received or paid.
2. **Consistency Concept**: The same accounting methods should be used from one period to another.
3. **Going Concern Concept**: Assumes that a business will continue to operate indefinitely.
4. **Matching Concept**: Expenses should be matched with the revenues they help to generate in the same period.
5. **Prudence Concept**: Revenues and profits are not anticipated, but expenses and losses are recognized as soon as they are probable.
6. **Economic Entity Concept**: The transactions of a business must be kept separate from those of its owners or other businesses.
7. **Time Period Concept**: Financial statements should be prepared for specific periods, such as monthly or annually.
These concepts ensure consistency, reliability, and
Ques:- What is carriage inwards?
Asked In :-
iServeU (India), state of oregon, credit acceptance, flow traders, symmetry financial group,
Right Answer:
Carriage inwards refers to the transportation costs incurred to bring goods or materials into a business or warehouse.
Carriage inwards refers to the transportation costs incurred to bring goods or materials into a business or warehouse.
Ques:- Whynet profit shown liabilities side in balance sheet?
Asked In :-
DTCC, Maple Leaf Foods, HOOPP, cpp investment board, purdys chocolatier, harrison street real estate capital llc, afrinvest west africa,
Right Answer:
Net profit is shown on the liabilities side of the balance sheet because it is part of the owner's equity, representing the accumulated earnings that belong to the shareholders.
Net profit is shown on the liabilities side of the balance sheet because it is part of the owner's equity, representing the accumulated earnings that belong to the shareholders.
Ques:- Expand C I S F
The Accounting Standards category on takluu.com provides a detailed understanding of the rules and frameworks that govern financial reporting globally and in India. Accounting Standards are essential to ensure consistency, transparency, and accuracy in the financial statements of businesses, making them crucial for investors, regulators, and internal stakeholders.
This section is especially useful for candidates preparing for interviews in fields like accounting, finance, auditing, tax consultancy, and corporate compliance. It covers the Indian Accounting Standards (Ind AS), as well as important global frameworks like IFRS (International Financial Reporting Standards) and US GAAP. You’ll learn the logic behind standardization and the practical application of each standard through real-world examples and commonly asked interview questions.
The questions here span across key standards such as AS 1 (Disclosure of Accounting Policies), AS 2 (Valuation of Inventories), AS 10 (Property, Plant & Equipment), and Ind AS 115 (Revenue from Contracts with Customers), among others. You’ll also get exposure to differences between AS, Ind AS, and IFRS, how changes in accounting standards impact business reporting, and what recent amendments have been introduced.
For freshers and professionals alike, this category ensures you’re interview-ready with solid theoretical knowledge and practical insights. Whether you’re preparing for roles like Accounts Executive, Chartered Accountant, Auditor, or Financial Analyst, mastering accounting standards is vital to showcasing your understanding of accurate financial representation.
