I have [insert number] years of experience in the accounts field.
Bill look up is a process that allows individuals or businesses to search for and retrieve specific billing information or invoices related to transactions, typically using a reference number or account details.
The 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 basic rules of accounting are:
1. **Debit and Credit Rule**: For every debit entry, there must be an equal and opposite credit entry.
2. **Assets = Liabilities + Equity**: This is the accounting equation that must always be in balance.
3. **Revenue Recognition**: Revenue is recognized when it is earned, regardless of when cash is received.
4. **Expense Recognition**: Expenses are recognized when they are incurred, regardless of when cash is paid.
Financial Accounting focuses on reporting the overall financial performance and position of a business to external stakeholders through standardized financial statements, while Cost Accounting analyzes the costs of production and operations to help internal management make informed decisions for budgeting and efficiency improvements.
Liabilities are financial obligations or debts that a company owes to external parties, which can include loans, accounts payable, and other obligations that require future payment.
A journal is a chronological record of all financial transactions, where each transaction is first recorded before being posted to the ledger. A ledger account is a collection of accounts that summarizes all transactions related to a specific item, such as assets, liabilities, or equity, organized by account type.
FIFO stands for "First In, First Out." It is an inventory valuation method where the oldest inventory items are sold or used first, ensuring that the costs associated with the oldest stock are recorded as expenses before newer stock.
A successful person in this role will need strong attention to detail, good organizational skills, effective communication, a proactive attitude, and the ability to work collaboratively in a team. They should also be adaptable to change and have a solid understanding of accounting principles.
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.
