Intertek Interview Questions and Answers

Outstanding entries are shown in the liabilities section of the balance sheet.

• Outstanding entries represent amounts owed by the company to its creditors or other parties.

• These entries are typically recorded as accounts payable or accrued expenses.

• Liabilities section of the balance sheet includes accounts payable, accrued expenses, and other outstanding obligations.

• Examples of outstanding entries include unpaid invoices, salaries payable, and taxes payable.

Outstanding rent is recorded as a liability in the books of accounts.

• Outstanding rent is the rent that is due but not yet paid by the tenant.

• It is recorded as a liability in the books of accounts.

• The entry for outstanding rent is: Debit Rent Receivable and Credit Rent Income.

• For example, if the rent due for the month of January is not paid by the tenant, it will be recorded as outstanding rent.

• The outstanding rent will be shown as a liability in the balance sheet until it is ...read more

There are three main types of accounting: financial accounting, management accounting, and tax accounting.

• Financial accounting focuses on preparing financial statements for external stakeholders.

• Management accounting involves providing information to help internal management make decisions.

• Tax accounting deals with tax-related matters such as tax planning and compliance.

• Other specialized areas of accounting include forensic accounting, cost accounting, and auditing.

Accounting is the process of recording, summarizing, analyzing, and reporting financial transactions of a business.

• Accounting involves recording financial transactions such as sales, purchases, and expenses.

• It also includes summarizing and analyzing the financial data to prepare financial statements like balance sheets and income statements.

• Accounting helps in providing insights into the financial health of a business and making informed decisions.

• There are different branches...read more

Valuation of agriculture goods involves determining the fair market value of crops, livestock, and other agricultural products.

• Factors that affect valuation include supply and demand, quality, and market conditions.

• Valuation methods may include cost approach, market approach, and income approach.

• Examples of agricultural products that may require valuation include corn, wheat, soybeans, cattle, and dairy products.

0/1 and 1/0 are mathematical expressions representing division by zero.

• 0/1 is equal to 0

• 1/0 is undefined

• Division by zero is not allowed in mathematics