Electrical Research & Development Association Deputy Executive Interview Questions and Answers

Depreciation on fixed assets can be booked using various methods such as straight-line, reducing balance, and sum-of-the-years' digits.

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

• Straight-line method charges an equal amount of depreciation each year.

• Reducing balance method charges a higher amount of depreciation in the early years and lower in later years.

• Sum-of-the-years' digits me...read more

Yes, a debit note can be raised and filed on the GST portal.

• A debit note can be raised when there is an increase in the value of taxable supply.

• It can be filed on the GST portal by logging in and selecting the 'Debit Note' option.

• The details of the debit note such as the recipient's GSTIN, invoice number, and date must be provided.

• The debit note must also be linked to the original invoice for which it is being raised.

• O...read more

Bank reconciliation is the process of comparing a company's bank statement with its own financial records to ensure accuracy.

• Bank reconciliation involves comparing the bank statement with the company's own financial records.

• It helps to identify any discrepancies or errors in the financial records.

• The process involves matching transactions, such as deposits and withdrawals, between the two records.

• Any differences are th...read more

There are 4 types of TDS return.

• Form 24Q for salaries

• Form 26Q for payments other than salaries

• Form 27Q for payments made to non-residents

• Form 27EQ for TCS

ESIC and EPFO contribution rates for employer and employee.

• ESIC contribution rate for employer is 3.25% and for employee is 0.75% of the employee's salary.

• EPFO contribution rate for employer is 12% and for employee is 12% of the employee's basic salary.

• ESIC is applicable for employees earning up to Rs. 21,000 per month and EPFO is applicable for all employees.

• Employers with less than 10 employees can opt for the Atal P

Threshold limit of TDS refers to the maximum amount of tax that can be deducted at source.

• The threshold limit for TDS varies depending on the type of payment being made.

• For example, the threshold limit for TDS on salary payments is Rs. 2.5 lakhs per annum.

• For TDS on rent payments, the threshold limit is Rs. 2.4 lakhs per annum.

• If the payment exceeds the threshold limit, TDS is deducted at the applicable rate.

• The thresh...read more

Tolerance refers to the acceptable range of variation in a measurement or specification.

• Tolerance is the allowable deviation from a desired value or specification.

• It is used to determine if a product or process meets the required standards.

• Tolerance can be expressed as a numerical value or a percentage.

• For example, if a measurement has a tolerance of ±0.1mm, it means that the actual value can vary by up to 0.1mm from t...read more

RAM stands for Random Access Memory.

• RAM is a type of computer memory that can be accessed randomly.

• It is used to store data that is currently being used by the computer's operating system, applications, and processes.

• RAM is volatile memory, meaning its contents are lost when the computer is powered off or restarted.

• It is much faster than other types of storage like hard drives or solid-state drives.

• RAM capacity affects...read more

UPS stands for Uninterruptible Power Supply.

• UPS is a device that provides emergency power to a load when the input power source fails.

• It ensures that critical equipment remains operational during power outages.

• UPS systems can be used for various applications, including protecting computers, servers, and other electronic devices.

• They typically consist of a battery, an inverter, and a charger.

• UPS units come in different ...read more

Ohm's Law states that the current flowing through a conductor is directly proportional to the voltage applied across it and inversely proportional to its resistance.

• Ohm's Law is named after the German physicist Georg Simon Ohm.

• It is commonly represented by the equation: V = I * R, where V is voltage, I is current, and R is resistance.

• This law helps in understanding the relationship between voltage, current, and resista...read more