Aurobindo Pharma
Filatex India Interview Questions and Answers
Q1. What are the 3 types of liabilities
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.
Q2. What are the golden rules for accounting
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
Q3. What is the formula of capital
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.
Q4. What is financial accounting
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
Q5. How many types of accounts
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)
Q6. What are the assets
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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