Datamatics Business Solutions Tax Consultant Interview Questions and Answers

Questions releated to reasoning

Cash vs UPI time:-15 min members:-10,

Q1. Tell me about yourself
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Q2. What is financial statement
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A financial statement is a document that provides an overview of a company's financial performance and position.
• Financial statements include the balance sheet, income statement, and cash flow statement.

• They are prepared by companies to communicate their financial information to stakeholders.

• Financial statements help in assessing the profitability, liquidity, and solvency of a company.

• They are used by investors, credito...read more
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Q3. What is GAAP? and how its help us as a tax consultant
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GAAP stands for Generally Accepted Accounting Principles. It is a set of standard accounting rules and guidelines.
• GAAP provides a framework for preparing financial statements and ensures consistency and comparability in financial reporting.

• As a tax consultant, understanding GAAP helps in accurately interpreting financial statements and identifying taxable income.

• GAAP also helps in determining the appropriate tax treatm...read more
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Learn about p and l and bakancesheet

Q1. Learn all basic account question
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Balance sheet and general knowledge

Q1. Balance sheet items
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Q2. Accrued items meanings of balance sheet
Ans. 
Accrued items on the balance sheet refer to expenses that have been incurred but not yet paid.
• Accrued items are liabilities that represent expenses that have been recognized but not yet paid.

• They are recorded on the balance sheet as a current liability.

• Examples include accrued salaries, accrued interest, and accrued taxes.

• Accrued items are typically adjusted at the end of an accounting period to reflect the accurate fi
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