JioStar Senior Associate Interview Questions and Answers

Revaluation of assets is done to reflect their current market value and ensure accurate financial reporting.

• To reflect the true value of assets on the balance sheet

• To comply with accounting standards and regulations

• To provide stakeholders with accurate financial information

• To make informed decisions regarding asset management and investment

• To prevent overvaluation or undervaluation of assets

• Example: Revaluing real esta

Revaluation of assets is the process of adjusting the value of assets on a company's balance sheet to reflect their current market value.

• Revaluation is typically done for assets such as property, plant, and equipment.

• The purpose is to ensure that the assets are carried at a more accurate value on the balance sheet.

• Revaluation can result in an increase or decrease in the value of assets, which impacts the company's fina...read more

Deferred tax is a balance sheet item that represents the tax consequences of temporary differences between accounting income and taxable income.

• Deferred tax is a liability or asset that arises from temporary differences between accounting income and taxable income.

• It is recorded on the balance sheet and represents taxes that will be paid or saved in the future.

• Example: If a company uses accelerated depreciation for tax...read more