Ques:- Expand W C T
Asked In :-
Braves Technologies,
Right Answer:
W C T stands for "Works Contract Tax."
W C T stands for "Works Contract Tax."
Ques:- Principles of accounting
Asked In :-
SFH Nigeria, korea university,
Right Answer:
The principles of accounting include the following key concepts:
1. **Accrual Principle** - Revenues and expenses are recorded when they are earned or incurred, not when cash is exchanged.
2. **Consistency Principle** - Once an accounting method is adopted, it should be used consistently throughout unless a change is warranted.
3. **Going Concern Principle** - Assumes that a business will continue to operate indefinitely.
4. **Matching Principle** - Expenses should be matched with the revenues they help to generate in the same period.
5. **Economic Entity Assumption** - The transactions of a business must be kept separate from the personal transactions of its owners.
6. **Materiality Principle** - All significant information should be disclosed in financial statements.
7. **Conservatism Principle** - Anticipate no profits, but anticipate all losses; report expenses and liabilities as soon as possible.
The principles of accounting include the following key concepts:
1. **Accrual Principle** - Revenues and expenses are recorded when they are earned or incurred, not when cash is exchanged.
2. **Consistency Principle** - Once an accounting method is adopted, it should be used consistently throughout unless a change is warranted.
3. **Going Concern Principle** - Assumes that a business will continue to operate indefinitely.
4. **Matching Principle** - Expenses should be matched with the revenues they help to generate in the same period.
5. **Economic Entity Assumption** - The transactions of a business must be kept separate from the personal transactions of its owners.
6. **Materiality Principle** - All significant information should be disclosed in financial statements.
7. **Conservatism Principle** - Anticipate no profits, but anticipate all losses; report expenses and liabilities as soon as possible.
Ques:- Tell me bill payable head and entry in tally
Asked In :-
Accelya, jane street,
Right Answer:
The "Bill Payable" head in accounting refers to a liability account that represents amounts owed to suppliers or creditors for goods or services received but not yet paid for.
In Tally, to record a bill payable, you would typically make the following entry:
1. Go to "Accounting Vouchers."
2. Select "Purchase" or "Journal" depending on the transaction.
3. Debit the relevant expense or asset account (e.g., Purchases).
4. Credit the "Sundry Creditors" or "Bill Payable" account with the amount owed.
This reflects the liability created by the purchase on credit.
The "Bill Payable" head in accounting refers to a liability account that represents amounts owed to suppliers or creditors for goods or services received but not yet paid for.
In Tally, to record a bill payable, you would typically make the following entry:
1. Go to "Accounting Vouchers."
2. Select "Purchase" or "Journal" depending on the transaction.
3. Debit the relevant expense or asset account (e.g., Purchases).
4. Credit the "Sundry Creditors" or "Bill Payable" account with the amount owed.
This reflects the liability created by the purchase on credit.
Ques:- What is the role of banks in development of country?
Asked In :-
Right Answer:
Banks play a crucial role in the development of a country by providing financial services, facilitating savings and investments, offering loans to businesses and individuals, supporting infrastructure projects, and promoting economic stability and growth through efficient allocation of resources.
Banks play a crucial role in the development of a country by providing financial services, facilitating savings and investments, offering loans to businesses and individuals, supporting infrastructure projects, and promoting economic stability and growth through efficient allocation of resources.
Ques:- Expand NEFT
Asked In :-
britam,
Right Answer:
NEFT stands for National Electronic Funds Transfer.
NEFT stands for National Electronic Funds Transfer.
Ques:- What do you mean by contra entry? and where it is used?
Asked In :-
cg power solutions, inc., synergy,
Right Answer:
A contra entry is a transaction that involves both a debit and a credit in the same account, effectively canceling each other out. It is used in accounting to record transactions that affect both cash and bank accounts, such as when cash is deposited into a bank account or when cash is withdrawn from a bank account.
A contra entry is a transaction that involves both a debit and a credit in the same account, effectively canceling each other out. It is used in accounting to record transactions that affect both cash and bank accounts, such as when cash is deposited into a bank account or when cash is withdrawn from a bank account.
Ques:- Interview process in factset
Right Answer:
The interview process at FactSet typically involves multiple stages, including an initial phone screening, a technical interview assessing accounting and financial knowledge, and a final in-person or virtual interview focusing on behavioral questions and cultural fit.
The interview process at FactSet typically involves multiple stages, including an initial phone screening, a technical interview assessing accounting and financial knowledge, and a final in-person or virtual interview focusing on behavioral questions and cultural fit.
Ques:- What is mean by Journalising ?
Asked In :-
fisdom,
Right Answer:
Journalising is the process of recording financial transactions in a company's journal in chronological order, detailing the accounts affected and the amounts involved.
Journalising is the process of recording financial transactions in a company's journal in chronological order, detailing the accounts affected and the amounts involved.
Ques:- Why to use tally only. What are the advantages of using tally
Asked In :-
Right Answer:
Tally is used for its user-friendly interface, comprehensive accounting features, real-time data processing, GST compliance, inventory management, and reporting capabilities. It simplifies financial management, reduces manual errors, and saves time for businesses.
Tally is used for its user-friendly interface, comprehensive accounting features, real-time data processing, GST compliance, inventory management, and reporting capabilities. It simplifies financial management, reduces manual errors, and saves time for businesses.
Ques:- Explain the accounts payable cycle?
Right Answer:
The accounts payable cycle involves the following steps:
1. **Purchase Order Creation**: A purchase order is generated when goods or services are needed.
2. **Receiving Goods/Services**: The ordered items are received, and a receiving report is created.
3. **Invoice Receipt**: The supplier sends an invoice for the goods or services provided.
4. **Invoice Verification**: The invoice is matched with the purchase order and receiving report to ensure accuracy.
5. **Approval for Payment**: Once verified, the invoice is approved for payment by the appropriate authority.
6. **Payment Processing**: Payment is made to the supplier, either through check, electronic transfer, or other methods.
7. **Record Keeping**: The transaction is recorded in the accounting system for financial reporting and tracking.
The accounts payable cycle involves the following steps:
1. **Purchase Order Creation**: A purchase order is generated when goods or services are needed.
2. **Receiving Goods/Services**: The ordered items are received, and a receiving report is created.
3. **Invoice Receipt**: The supplier sends an invoice for the goods or services provided.
4. **Invoice Verification**: The invoice is matched with the purchase order and receiving report to ensure accuracy.
5. **Approval for Payment**: Once verified, the invoice is approved for payment by the appropriate authority.
6. **Payment Processing**: Payment is made to the supplier, either through check, electronic transfer, or other methods.
7. **Record Keeping**: The transaction is recorded in the accounting system for financial reporting and tracking.
Ques:- Detail your responsibilities in accounts receivable?
Asked In :-
Slater & Gordon UK, International Criminal Court (ICC), ubs, repco home finance ltd, ernest jones,
Right Answer:
My responsibilities in accounts receivable include managing customer invoices, tracking payments, reconciling accounts, following up on overdue payments, maintaining accurate records, and ensuring compliance with accounting policies and procedures.
My responsibilities in accounts receivable include managing customer invoices, tracking payments, reconciling accounts, following up on overdue payments, maintaining accurate records, and ensuring compliance with accounting policies and procedures.
Ques:- What is the defination of capital income?
Asked In :-
tresvista financial services,
Right Answer:
Capital income refers to the funds generated from the sale of assets or investments, such as property, stocks, or bonds, that exceed their original purchase price.
Capital income refers to the funds generated from the sale of assets or investments, such as property, stocks, or bonds, that exceed their original purchase price.
Ques:- What is a cheque
Right Answer:
A cheque is a written order directing a bank to pay a specific amount of money from the account of the person who wrote the cheque to the person or entity named on it.
A cheque is a written order directing a bank to pay a specific amount of money from the account of the person who wrote the cheque to the person or entity named on it.
Ques:- How do your role changing from Accounts Executive to Accounts Manager
Right Answer:
As an Accounts Executive, my role focused on handling day-to-day accounting tasks, such as bookkeeping and financial reporting. Transitioning to an Accounts Manager involves taking on more strategic responsibilities, including overseeing the accounting team, managing budgets, ensuring compliance with regulations, and making financial decisions that align with the company's goals.
As an Accounts Executive, my role focused on handling day-to-day accounting tasks, such as bookkeeping and financial reporting. Transitioning to an Accounts Manager involves taking on more strategic responsibilities, including overseeing the accounting team, managing budgets, ensuring compliance with regulations, and making financial decisions that align with the company's goals.
Ques:- What is he difference between OD account and CC account
Right Answer:
An OD (Overdraft) account allows the account holder to withdraw more money than is available in their account, up to a certain limit, while a CC (Cash Credit) account is a short-term loan facility that allows businesses to withdraw funds up to a specified limit, typically secured against inventory or receivables.
An OD (Overdraft) account allows the account holder to withdraw more money than is available in their account, up to a certain limit, while a CC (Cash Credit) account is a short-term loan facility that allows businesses to withdraw funds up to a specified limit, typically secured against inventory or receivables.
Ques:- What are the different type of bank accounts maintained in tally
Asked In :-
MP Chitale & Co, Ministry of Corporate Affairs, deloitte luxembourg, slaughter and may, luis, fisdom,
Right Answer:
The different types of bank accounts maintained in Tally are:
1. Savings Account
2. Current Account
3. Fixed Deposit Account
4. Recurring Deposit Account
5. Cash Credit Account
6. Overdraft Account
The different types of bank accounts maintained in Tally are:
1. Savings Account
2. Current Account
3. Fixed Deposit Account
4. Recurring Deposit Account
5. Cash Credit Account
6. Overdraft Account
Ques:- The company's depreciation policy for furniture and fittings is 15% straight line. If an asset was purchased For ?10,000 at the beginning of year 1, calculate the depreciation charge relating to this asset for the first year.
Asked In :-
synergy,
Right Answer:
The depreciation charge for the first year is £1,500.
The depreciation charge for the first year is £1,500.
Ques:- What is depriciation, explain this to me
Right Answer:
Depreciation is the process of allocating the cost of a tangible asset over its useful life. It reflects how much of the asset's value has been used up over time, allowing businesses to match the asset's cost with the revenue it generates.
Depreciation is the process of allocating the cost of a tangible asset over its useful life. It reflects how much of the asset's value has been used up over time, allowing businesses to match the asset's cost with the revenue it generates.
Ques:- What is Transactional Account?
Asked In :-
Titan Eye Plus, bcn,
Right Answer:
A transactional account is a type of bank account that allows for numerous deposits and withdrawals, enabling frequent transactions such as payments, transfers, and bill payments.
A transactional account is a type of bank account that allows for numerous deposits and withdrawals, enabling frequent transactions such as payments, transfers, and bill payments.
Ques:- What is Sweep Account?
Right Answer:
A sweep account is a type of bank account that automatically transfers excess funds into a higher interest-earning investment option at the end of each business day, helping to maximize interest income while maintaining liquidity for daily operations.
A sweep account is a type of bank account that automatically transfers excess funds into a higher interest-earning investment option at the end of each business day, helping to maximize interest income while maintaining liquidity for daily operations.
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.
