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The type of account refers to the classification of accounts based on their nature and purpose.
There are five main types of accounts: assets, liabilities, equity, revenue, and expenses.
Assets are resources owned by the company, such as cash, inventory, and equipment.
Liabilities are obligations owed by the company, such as loans and accounts payable.
Equity represents the owner's stake in the business.
Revenue is the inco...
Bank reconciliation is the process of comparing and matching the balances in a company's accounting records with the balances on its bank statement.
Bank reconciliation helps ensure that all transactions are recorded accurately in the company's books.
It involves comparing the company's records of its bank account with the bank statement to identify any discrepancies.
Common reasons for discrepancies include outstanding c...
Tangible assets are physical assets that can be seen and touched.
Real estate
Machinery
Vehicles
Inventory
Furniture and fixtures
Current assets are assets that are expected to be converted into cash or used up within one year.
Includes cash, accounts receivable, inventory, and prepaid expenses
Listed on the balance sheet under assets
Helps determine a company's liquidity and ability to pay off short-term obligations
The gold rule of accounting states that debits must equal credits in every financial transaction.
Debits must always equal credits in accounting entries
It is the foundation of double-entry accounting
Helps ensure accuracy and balance in financial records
I applied via Walk-in and was interviewed in Dec 2023. There were 2 interview rounds.
The journal entry for accounts payable is a credit to accounts payable and a debit to the corresponding expense or asset account.
Accounts payable is a liability account that represents the amount owed to suppliers or vendors for goods or services received.
When recording the journal entry for accounts payable, the accounts payable account is credited to increase the liability.
The corresponding expense or asset account i...
Journal entries for accounts receivable record the increase and decrease in the amount owed by customers.
When a sale is made on credit, the journal entry debits accounts receivable and credits sales revenue.
When a customer makes a payment, the journal entry debits cash and credits accounts receivable.
If a customer returns goods, the journal entry debits sales returns and allowances and credits accounts receivable.
If an...
What people are saying about EXL Service
I applied via Recruitment Consultant and was interviewed in Dec 2021. There were 3 interview rounds.
Working capital is the measure of a company's liquidity and operational efficiency. It represents the difference between current assets and current liabilities.
Working capital is the amount of money available to a company for its day-to-day operations.
It is calculated by subtracting current liabilities from current assets.
Positive working capital indicates that a company has enough assets to cover its short-term liabil...
EXL Service interview questions for designations
I was interviewed in Jul 2017.
I am a detail-oriented accountant with 5 years of experience in financial analysis and reporting.
5 years of experience in financial analysis and reporting
Detail-oriented and organized
Proficient in accounting software such as QuickBooks
Strong analytical skills
Bachelor's degree in Accounting from XYZ University
I am impressed by the company's reputation for innovation and growth, and I believe my skills and experience align well with the opportunities here.
Company's reputation for innovation and growth
Alignment of skills and experience with opportunities
Excited about potential for career development and advancement
I am seeking new challenges and opportunities for growth in my career.
Looking for new challenges and opportunities for growth
Interested in expanding my skill set
Seeking a more supportive work environment
Want to work for a company with better work-life balance
I applied via Walk-in and was interviewed in Jul 2019. There were 3 interview rounds.
I applied via Campus Placement and was interviewed before Dec 2019. There was 1 interview round.
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