Befree Business Resourceing Interview Questions, Process, and Tips

Test was about taxation, accounting and management.

Q1. Are there any differences between Tax Profit and Accounting Profit?
Ans. 
Yes
• Tax profit and accounting profit are different concepts in finance.

• Tax profit refers to the profit calculated for tax purposes, taking into account tax laws and regulations.

• Accounting profit, on the other hand, is the profit calculated based on generally accepted accounting principles (GAAP).

• Tax profit can be higher or lower than accounting profit depending on various factors such as tax deductions, credits, and all...read more
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Q2. Explain Accounting concepts?
Ans. 
Accounting concepts are principles and guidelines used in financial accounting to ensure accurate and consistent reporting.
• Accounting concepts include the accrual concept, consistency concept, materiality concept, and going concern concept.

• The accrual concept requires that revenue and expenses be recorded when they are earned or incurred, regardless of when payment is received or made.

• The consistency concept requires t...read more
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Q1. Questions about Personal and Family background
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Q1. What is the size of team you have handled and how?
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Q2. Technical questions related to accounts.
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It consist of Basic accounting questions, GST, Reasoning and Aptitude questions

Q1. 1. what is depreciation
Ans. 
Depreciation is the allocation of the cost of a tangible asset over its useful life.
• Depreciation is a non-cash expense that reflects the decrease in value of an asset over time.

• It is used to spread out the cost of an asset over its useful life for accounting and tax purposes.

• Common methods of calculating depreciation include straight-line, double declining balance, and units of production.

• Examples of depreciable assets...read more
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Q2. Why would you like to join our company
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Q1. 3 golden rule for accounting
Ans. 
The 3 golden rules for accounting are the rules of debit and credit, the rule of assets = liabilities + equity, and the revenue recognition principle.
• Rule of Debit and Credit: Every transaction has equal debits and credits, ensuring the accounting equation stays balanced.

• Assets = Liabilities + Equity: This equation must always hold true, representing the financial position of a company.

• Revenue Recognition Principle: Re...read more
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Q2. Difference between accrued and prepaid exp/revenue, and journal entries.
Ans. 
Accrued expenses/revenue are incurred but not yet paid/received, while prepaid expenses/revenue are paid/received in advance.
• Accrued expenses/revenue are recognized when incurred, regardless of payment/receipt.

• Prepaid expenses/revenue are recognized when paid/received, and then expensed/revenue recognized over time.

• Journal entry for accrued expenses: Debit expense account, Credit accrued liability account.

• Journal entry...read more
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Q3. What is accrual concept
Ans. 
Accrual concept is an accounting method where revenues and expenses are recorded when they are earned or incurred, regardless of when cash is exchanged.
• Revenue is recognized when it is earned, not when cash is received.

• Expenses are recognized when they are incurred, not when they are paid.

• Accrual accounting provides a more accurate representation of a company's financial position.

• Example: A company records revenue when...read more
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Q4. Questions from your CV
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Q5. Capitalization and revenue exp and there entries
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Q1. About the HR Aspects and Policies
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Simple questions like depreciation, sale of fixed assets etc.

Q1. Outstanding expenses, bad debts etc.
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