Asahi India Glass Interview Questions, Process, and Tips

BRS is the process of comparing the bank statement with the company's records to ensure the accuracy of the financial transactions.

• BRS is a crucial accounting process to identify any discrepancies between the bank statement and the company's records.

• It involves reconciling the ending balance of the bank statement with the ending balance of the company's cash account.

• Examples of items that may cause discrepancies includ...read more

A credit note is a document issued by a seller to a buyer, reducing the amount owed by the buyer to the seller.

• A credit note is used to correct errors in invoices or to provide refunds to customers.

• It is typically issued when goods are returned by the buyer or when there is a price adjustment.

• The credit note includes details such as the original invoice number, the reason for the credit, and the amount being credited.

• F...read more

Deferred revenue expenditure refers to expenses that are incurred in the current accounting period but are allocated over multiple periods.

• Deferred revenue expenditure is an accounting concept where certain expenses are not fully recognized in the current period but are spread over future periods.

• These expenses are treated as assets and are gradually written off over the useful life of the asset.

• Examples of deferred re...read more

Contingent liabilities are potential obligations that may arise in the future depending on certain events or circumstances.

• Contingent liabilities are not actual liabilities but are potential liabilities that may arise in the future.

• They are dependent on certain events or circumstances that may or may not occur.

• Examples of contingent liabilities include lawsuits, warranties, and guarantees.

• Another example is a company's...read more

The journal entries for purchasing 5 vehicles for trading and office use.

• Debit the Vehicles account for the cost of the 5 vehicles

• Credit the Cash/Bank account for the payment made

• Debit the Office Use Expenses account for the cost of the vehicle used for office

• Credit the Vehicles account for the cost of the vehicle used for office