Kandarp Management Services Interview Questions and Answers

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

• Salary income includes income from employment

• House property income includes rental income

• Business/profession income includes income from self-employment

• Capital gains income includes profits from sale of assets

• Other sources income includes income from sources not covered under the other heads

• Depreciation is the decrease in value of an asset over time

• Types of depreciation inc...read more

Tax is a mandatory financial charge imposed by the government on individuals and businesses.

• Tax is used to fund public services and infrastructure

• There are different types of taxes such as income tax, sales tax, property tax, etc.

• Tax laws and regulations vary by country and jurisdiction

• Cost accounting is focused on determining the cost of producing a product or service

• Managerial accounting is focused on providing financial information to help managers make business decisions

• B...read more

Items to add in balancesheet after trial balance

• Accrued expenses

• Prepaid expenses

• Depreciation

• Deferred revenue

• Accrued interest

• Goodwill

• Intangible assets

• Long-term investments

• Long-term debt

• Shareholder's equity

Leadership is about inspiring and guiding a team towards a common goal, while management is about planning, organizing, and controlling resources to achieve that goal.

• Leadership focuses on people, while management focuses on processes and systems.

• Leadership is about setting a vision and motivating others to work towards it, while management is about ensuring that the necessary resources are in place to achieve that vision.

• Leadership involves taking risks and being innovative,...read more

Shaktikanta Das is the current RBI Governor.

• Shaktikanta Das was appointed as the 25th Governor of the Reserve Bank of India in December 2018.

• He has previously served as the Economic Affairs Secretary and Revenue Secretary of India.

• As RBI Governor, he has focused on maintaining financial stability and supporting economic growth.

Deferred tax is a liability or asset that arises from the difference between accounting income and taxable income.

• Deferred tax is the tax effect of temporary differences between accounting income and taxable income.

• It can be a liability if taxable income is greater than accounting income, or an asset if the reverse is true.

• Examples include depreciation expenses and revenue recognition timing differences.

• Deferred tax liabilities and assets are reported on the balance sheet.

Depreciation is the allocation of the cost of a tangible asset over its useful life.

• Depreciation is a non-cash expense that reduces the value of an asset over time.

• It reflects the wear and tear, age, and obsolescence of the asset.

• Common methods of calculating depreciation include straight-line, double-declining balance, and units of production.

• Example: A company buys a delivery truck for $50,000 with a useful life of 5 years. Using straight-line depreciation, the annual depre...read more