EXL Service Senior Associate Interview Questions, Process, and Tips for Experienced

Provision for income tax entry is an accounting entry made to account for future tax liabilities.

• Provision for income tax is made to account for future tax liabilities.

• It is based on estimated tax rates and taxable income.

• It is recorded as a liability on the balance sheet.

• It is adjusted periodically based on actual tax liabilities.

• Example: If a company estimates that it will owe $10,000 in taxes for the year, it will m...read more

Goods in transit entry refers to the accounting treatment of goods that are in transit from one location to another.

• Goods in transit are recorded as inventory on the balance sheet until they reach their final destination.

• The cost of goods in transit is included in the cost of goods sold when the goods are sold.

• Goods in transit can be tracked using shipping documents such as bills of lading or delivery receipts.

• The entr...read more

Accounting journal entries are records of financial transactions that are recorded in a company's general ledger.

• Journal entries are used to record transactions such as sales, purchases, and expenses.

• Each entry includes a debit and credit entry, with the total debits equaling the total credits.

• Journal entries are typically recorded in chronological order and are used to create financial statements.

• Examples of journal e...read more

Communication level can be tested through various methods.

• One can conduct verbal and written communication tests.

• Observing body language and non-verbal cues can also help.

• Group discussions and role-playing exercises can be used to assess communication skills.

• Feedback from colleagues and superiors can provide valuable insights.

• Language proficiency tests can also be used to evaluate communication level.

General accounting principles and practices refer to the basic rules and guidelines that govern the field of accounting.

• These principles include the accrual basis of accounting, the matching principle, and the consistency principle.

• They also involve the use of financial statements, such as the balance sheet, income statement, and cash flow statement.

• Other practices include the use of double-entry bookkeeping, the recor...read more