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General accounting Interview Questions

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General accounting Interview Questions

  1. 1. 1.What is the difference btwn quot; Salesquot; and quot; Turn overquot; .<br />Mr. A is selling oranges and bananas. He eat himself 1 <br />Dozen bananas and 1 dozen orange he gives to poor for free. Now Sales turnover also counts what he eat and what he give to poor, BUT Sales Revenue will only count what is sold for exchange of money.<br />2. what is diff between p&l & trading a/c<br />Trading is related to all direct exp. Trading=gross profit carriage inward, wages, purshases etc.<br />but p&l a/c represent all indirect exp. p&l = net profit. carriage outward, income,commission,bad <br />debts, insurance and also it include official <br />expenses.<br />3. I MAKE MIS FOR MY COMPANY. INTERVIEWER ASKED ME WHAT UR ROLL IN MIS. I ASKED HIM,I PREPARE IT AND SEND TO MY MANAGER. BUT HE AGAIN ASKED MY ABOUT MY ROLL IN MIS. WHAT HE WANTED TO KNOW? PLEASE TELL ME<br />MIS Means Management Information System, a MIS incharge is interact between higher management and lower class management. so what is the daily updated work,management <br />wants Mis incharge has to provide all the information With in less time.<br />4. HOW WILL U HANDLE ACCOUNTS RECEIVABLE?<br />1.Check whether Receivable posted is of correct amount or <br /> not ?<br />2. Whether all the company policies against such receivables is followed or not ? such period of credit, Interest rate etc.<br />3. for every bill to him all the statuatory charges to be <br />collected from him is added or not (e.g excise , Vat , <br />Service Tax)<br />4. 4.on receipt of balances whether the party has deducted TDS or not if deducted then collect the TDS certificate<br />5. Make sure that Debtors shuld not face any inconvenienc on our partas the are our customer .<br />5. WHETHER WE CAN REIMBURSE SERVICE TAX?<br />If you raise invoice to client of rs 100 and 12.36 rs <br />service tax and client give you rs 100 and ask you to <br />deposit service tax first and submitt challan and then <br />reimburse service tax.<br />6. what is RTGS?<br />. Real Time Gross Settlement.min 100000<br />7. EXPLAIN ABOUT TDS?<br />TDS is Tax deduction at source.<br />There are some provisions in the income tax laws about the pre deduction of tax out of the payments made to<br />contractors, Consultants, Lawyers, Employees, Lenders,<br />Owners of property etc. After deduction from payment, deductor has to pay it to the govt. treasury on due time provided in the<br />8. what is excise duty, how much rate calculation on manufacturing goods?<br />All goods that are produced or manufactured in India will<br />be charged a duty of excise called Cenvat at the rates<br />specified in the Central Excise Tariff.<br />The Current Excise Duty is 10%<br />+ education cess @ 2% on ED<br />+ Sec Edu Cess @ 1% on ED,<br />Total Tax = 10.30%, with effective from 26.02.2010.<br />9. why debit notes and credit notes are passed?<br />As we know we carry on business and recording transaction <br />which mainly inculde sales and purchases we make. <br />So the debit note is raised when we return the good which <br />we have purchased , and credit note is raised when we <br />receive the goods which may be damaged in trasit by the <br />customer, when sales are made. <br />10. what is the diffrence between tds and vat?<br />TDS is any amount paid by way of salary,fees,commission,Rent,interest,etc is taxed at the time of payment by the sourceThis is referred as tax deducted at source.<br />VAT is the tax levied to the material in the process of <br />making the final good or product.Sine tax is levied only on the value added to the product and not on the whole <br />material. It is referred to as Value Added tax.<br />TDS is a direct tax,whereas VAT is an indirect tax.<br />Some goods are exempted to VAT but there is no exemption to <br />TDS<br />

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