10+ Lycatel BPO Interview Questions and Answers

Triple balance sheet refers to the three financial statements - balance sheet, income statement, and cash flow statement.

• Triple balance sheet is a comprehensive financial reporting system that includes three financial statements.

• The three financial statements are balance sheet, income statement, and cash flow statement.

• The balance sheet shows the company's assets, liabilities, and equity at a specific point in time.

• The income statement shows the company's revenue, expenses, a...read more

A balance sheet is a financial statement that shows a company's assets, liabilities, and equity at a specific point in time.

• It provides a snapshot of a company's financial position.

• Assets are listed on the left side and liabilities and equity on the right side.

• The balance sheet equation is Assets = Liabilities + Equity.

• It helps investors and creditors evaluate a company's financial health.

• Examples of assets include cash, inventory, and property.

• Examples of liabilities include...read more

Accounting is the process of recording, classifying, and summarizing financial transactions to provide useful information to stakeholders.

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

• It classifies these transactions into categories such as assets, liabilities, and equity.

• It summarizes this information in financial statements such as balance sheets and income statements.

• Accounting provides useful information to stakeholders such a...read more

Corporate account refers to the financial records of a company or organization.

• Corporate account includes all financial transactions, assets, liabilities, and equity of a company.

• It is used to track the financial health of the company and make informed decisions.

• Corporate account is managed by the finance department and is audited by external auditors.

• Examples of corporate accounts include balance sheets, income statements, and cash flow statements.

Cost accounting is the process of recording, classifying, analyzing, and allocating costs associated with a product or service.

• It helps in determining the cost of production

• It helps in cost control and cost reduction

• It helps in decision making by providing cost data

• It involves the use of various techniques such as standard costing, marginal costing, etc.

• Example: A company uses cost accounting to determine the cost of producing a new product and decides whether it is profitabl...read more

First in first out (FIFO) is a method of inventory valuation based on the assumption that the first goods purchased are the first goods sold.

• FIFO assumes that the oldest inventory items are sold first

• It is commonly used in industries where perishable goods are sold

• FIFO results in higher cost of goods sold and lower net income during periods of inflation

• Example: A grocery store selling fruits and vegetables would use FIFO to ensure that the oldest produce is sold first

LIFO is a method of inventory valuation where the last items purchased are assumed to be sold first.

• LIFO assumes that the last items purchased are sold first

• It is commonly used in industries where the products have a short shelf life

• LIFO can result in higher cost of goods sold and lower net income during inflationary periods

• Example: A grocery store using LIFO will assume that the last batch of milk purchased will be sold first

A ledger is a book or computer program used to record financial transactions.

• A ledger is used to keep track of all financial transactions in a business

• It contains separate accounts for assets, liabilities, income, and expenses

• Ledgers can be physical books or digital software programs

• They are essential for accurate financial reporting and analysis

• Examples of ledger software include QuickBooks and Xero

Final account is the summary of a company's financial transactions for a specific period.

• Final account includes the balance sheet, profit and loss statement, and cash flow statement.

• It shows the financial position of the company at the end of the accounting period.

• Final account is used to evaluate the company's performance and make financial decisions.

• Examples of final accounts include annual reports and financial statements.

Liability refers to the legal obligation to pay debts or fulfill other obligations. Character refers to the moral and ethical qualities of a person.

• Liability is a financial obligation that a person or company owes to another party.

• It can be in the form of loans, mortgages, or unpaid bills.

• Character refers to the personal qualities of an individual, such as honesty, integrity, and responsibility.

• It is important for a chartered accountant to have good character as they are entr...read more

An interview is a formal conversation between an interviewer and an interviewee to assess the suitability of the latter for a job or position.

• An interview is a two-way communication process where the interviewer asks questions and the interviewee answers them.

• The purpose of an interview is to evaluate the skills, knowledge, and experience of the interviewee and to determine if they are a good fit for the job or position.

• Interviews can be conducted in person, over the phone, o...read more

A contingent asset is a potential asset that may be gained or lost depending on the occurrence of a future event.

• Contingent assets are not recognized in financial statements until the event that triggers their existence occurs.

• Examples of contingent assets include pending lawsuits, insurance claims, and potential tax refunds.

• Contingent assets are disclosed in the notes to financial statements.

• Contingent assets are not recorded in the balance sheet but may be disclosed in the ...read more

Contingent liability is a potential obligation that may or may not occur in the future.

• It is a liability that depends on the occurrence of a future event.

• It is not a certain liability and may or may not happen.

• Examples include lawsuits, warranties, and guarantees.

• Contingent liabilities are disclosed in the notes to financial statements.

Accounting is the process of recording, classifying, summarizing and interpreting financial transactions.

• Recording financial transactions in journals and ledgers

• Classifying transactions into appropriate accounts

• Summarizing the transactions into financial statements

• Interpreting the financial statements to make business decisions