Easy Tax Solution Interview Questions and Answers

Accounts related questions

Q1. Related to accoounts
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Q2. What is payment
Ans. 
Payment is the transfer of money from one party to another in exchange for goods, services, or debts.
• Payment can be made in various forms such as cash, credit card, check, or online transfer.

• It is a crucial part of financial transactions and is necessary for completing a purchase or settling a debt.

• Payments can be one-time or recurring, depending on the agreement between the parties involved.

• Examples of payments includ...read more
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Q3. What is receipt
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A receipt is a written acknowledgment that a specified article or sum of money has been received.
• A receipt typically includes details such as the date, amount received, purpose of payment, and the parties involved.

• Receipts are commonly used in business transactions to provide evidence of payment.

• Receipts can be issued for various transactions, such as purchases, payments, donations, etc.
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Q4. Which is debit side
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Debit side is the side of an account where increases in assets, expenses, and losses are recorded.
• Debit side is the left side of an account.

• Increases in assets, expenses, and losses are recorded on the debit side.

• Examples of debit side entries include purchases, salaries, and rent expenses.

• Debit side is abbreviated as 'Dr.'
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Q5. Which is credit side
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Credit side is the side of an account where the increases in assets, liabilities, and owner's equity are recorded.
• Credit side is typically the right side of an account.

• Credits increase liabilities, owner's equity, and revenue accounts.

• Examples of credit side entries include sales revenue, loans payable, and owner's equity.

• Credits decrease asset accounts and expenses.
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