A John Moris & Co. Interview Questions and Answers

Golden rules of accounting are basic principles that guide the recording of financial transactions.

• The first golden rule is to debit the receiver and credit the giver.

• The second golden rule is to debit what comes in and credit what goes out.

• The third golden rule is to debit expenses and losses and credit income and gains.

• Examples include debiting cash when receiving payment and crediting accounts payable when making a ...read more

Income tax rates in India vary based on income slabs and range from 0% to 30%.

• There are four income tax slabs in India: up to Rs. 2.5 lakhs, Rs. 2.5-5 lakhs, Rs. 5-10 lakhs, and above Rs. 10 lakhs.

• For individuals earning up to Rs. 2.5 lakhs, there is no income tax.

• For individuals earning between Rs. 2.5-5 lakhs, the income tax rate is 5%.

• For individuals earning between Rs. 5-10 lakhs, the income tax rate is 20%.

• For ind...read more