Datamatics Business Solutions Account Executive 1 Interview Questions and Answers

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 includes summarizing the financial data into financial statements like balance sheets and income statements.

• Accounting also involves analyzing the financial information to provide insights for decision-making.

• Rep...read more

A journal is a detailed record of financial transactions in chronological order.

• A journal is used to record all financial transactions of a business.

• It includes the date, description, and amount of each transaction.

• Journals are typically organized by accounts, such as cash, accounts receivable, and accounts payable.

• The information recorded in a journal is later transferred to the general ledger for financial reporting.

• ...read more

TDS stands for Tax Deducted at Source. It is a tax collection method where a certain percentage of tax is deducted by the payer at the time of making payment to the payee.

• TDS is deducted by the payer and deposited with the government on behalf of the payee.

• It is applicable to various payments like salary, interest, commission, rent, etc.

• One section of TDS is Section 194C which deals with TDS on payments to contractors ...read more

KPI for R2R (Record to Report) is typically accuracy of financial reporting, timeliness of closing process, and efficiency of reconciliation processes.

• Accuracy of financial reporting

• Timeliness of closing process

• Efficiency of reconciliation processes

GIT stands for Goods in Transit and GRNI stands for Goods Received Not Invoiced.

• GIT refers to inventory items that are in transit between locations or warehouses.

• GRNI refers to goods that have been received by a company but have not yet been invoiced by the supplier.

• Both GIT and GRNI are important for accurate inventory management and financial reporting.

• Example: A company may have GIT when goods are being shipped from...read more