Acme Cleantech Solutions Financial Accountant Interview Questions and Answers

TDS is deducted on purchase exceeding a certain limit

• TDS is deducted on purchase exceeding Rs. 50,000 for goods and Rs. 1,00,000 for services

• The rate of TDS varies depending on the nature of the transaction and the category of the deductee

• TDS is deducted at the time of payment or credit, whichever is earlier

Accounting Principle

• Accounting principles are the guidelines and rules that govern the field of accounting.

• They provide a framework for recording, analyzing, and reporting financial transactions.

• Examples of accounting principles include the accrual principle, matching principle, and cost principle.

• These principles ensure consistency, accuracy, and transparency in financial reporting.

• They help in making informed busines...read more