Congruex Asia Pacific Accounts Receivable Associate Interview Questions and Answers

Bank reconciliation is the process of matching and comparing the balance in a company's accounting records with the balance in its bank statement.

• Bank reconciliation ensures that all transactions are accurately recorded in the company's accounting system.

• The process involves comparing the company's records of deposits, withdrawals, and other transactions with the bank statement.

• Any discrepancies are identified and reso...read more

Prime cost is the total of direct materials cost and direct labor cost involved in production.

• Prime cost includes only the direct costs associated with production.

• It does not include indirect costs like overhead expenses.

• Formula: Prime Cost = Direct Materials Cost + Direct Labor Cost

• Example: If a company's direct materials cost is $10,000 and direct labor cost is $5,000, the prime cost would be $15,000.

The sections under TDS include 192, 194, 194A, 194B, 194C, 194D, 194DA, 194E, 194EE, 194F, 194G, 194H, 194-I, 194J, 194K, 194LA, and 195.

• Section 192: TDS on salary

• Section 194: TDS on dividends

• Section 194A: TDS on interest other than interest on securities

• Section 194B: TDS on winnings from lotteries or crossword puzzles

• Section 194C: TDS on payment to contractors and sub-contractors

• Section 194D: TDS on insurance commissi...read more

Bank reconciliation is the process of matching and comparing the balance in a company's accounting records with the balance in its bank statement.

• Bank reconciliation ensures that all transactions are accurately recorded in the company's accounting system.

• The process involves comparing the company's records of deposits, withdrawals, and other transactions with the bank statement.

• Any discrepancies are identified and reso...read more