CohnReznick Interview Questions and Answers for Freshers

P/L stands for profit and loss, which shows the financial performance of a company over a specific period. B/S stands for balance sheet, which provides a snapshot of a company's financial position at a specific point in time.

• P/L (Profit and Loss) shows the revenue, expenses, and profits or losses of a company over a specific period.

• B/S (Balance Sheet) shows the assets, liabilities, and equity of a company at a specific...read more

The 5 heads of income are salary, house property, business or profession, capital gains, and other sources.

• Salary income includes income from employment, bonuses, commissions, etc.

• House property income includes rental income from properties owned by the taxpayer.

• Business or profession income includes income from running a business or providing professional services.

• Capital gains income includes profits from the sale of...read more