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Filatex India Interview Questions and Answers

Updated 3 Apr 2024
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Q1. What are the 3 types of liabilities

Ans.

The 3 types of liabilities are current liabilities, non-current liabilities, and contingent liabilities.

  • Current liabilities are obligations due within one year, such as accounts payable and short-term loans.

  • Non-current liabilities are obligations due beyond one year, such as long-term loans and bonds payable.

  • Contingent liabilities are potential obligations that depend on the outcome of future events, such as lawsuits or warranties.

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Q2. What are the golden rules for accounting

Ans.

The golden rules of accounting are basic principles that guide the process of recording financial transactions.

  • The golden rules include: Debit the receiver, Credit the giver; Debit what comes in, Credit what goes out; Debit expenses and losses, Credit income and gains.

  • These rules help ensure that financial transactions are accurately recorded and classified in the accounting system.

  • For example, when a company receives cash from a customer, the cash account is debited (increas...read more

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Q3. What is the formula of capital

Ans.

The formula for capital is total assets minus total liabilities.

  • Capital = Total Assets - Total Liabilities

  • Total assets include cash, inventory, property, etc.

  • Total liabilities include debts, loans, accounts payable, etc.

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Q4. What is financial accounting

Ans.

Financial accounting is the process of recording, summarizing, and reporting the financial transactions of a business.

  • Involves recording financial transactions

  • Summarizing financial data in financial statements like balance sheet and income statement

  • Reporting financial information to stakeholders like investors and regulators

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Q5. How many types of accounts

Ans.

There are five main types of accounts: assets, liabilities, equity, revenue, and expenses.

  • Assets: resources owned by the company (e.g. cash, inventory)

  • Liabilities: obligations owed by the company (e.g. loans, accounts payable)

  • Equity: the owner's claim on the company's assets (e.g. common stock)

  • Revenue: income generated from the company's operations (e.g. sales revenue)

  • Expenses: costs incurred to generate revenue (e.g. salaries, rent)

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Q6. What are the assets

Ans.

Assets are resources owned by a company that have economic value and can be used to generate future revenue.

  • Assets can include cash, accounts receivable, inventory, property, equipment, and investments.

  • Assets are typically listed on a company's balance sheet and are categorized as current assets or non-current assets.

  • Current assets are expected to be converted into cash within one year, while non-current assets are long-term investments or property.

  • Assets are important for as...read more

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