Gallagher
20+ J D Pharma Consultants Pvt.Ltd. Interview Questions and Answers
Q1. What is bills receivable
Bills receivable refers to the amount of money owed to a company by its customers for goods or services provided on credit.
Bills receivable is an asset account on a company's balance sheet.
It represents the amount of money that a company expects to receive from its customers in the future.
Bills receivable can be in the form of promissory notes, checks, or other types of written agreements.
For example, if a company sells goods to a customer on credit, it will record the amount...read more
Q2. What is bills payable
Bills payable refers to the amount of money a company owes to its suppliers or vendors for goods or services received but not yet paid for.
Bills payable is a liability account in the company's balance sheet.
It represents the amount of money the company owes to its suppliers or vendors.
The amount is recorded when the company receives the goods or services but has not yet paid for them.
Examples of bills payable include invoices for raw materials, utilities, rent, and other expe...read more
Q3. DEPRECIATION AMMORTIATION JOURNAL ENTRIES WHAT IS TRADING AC
Trading account is a financial statement that shows the results of buying and selling goods and services.
Trading account is a part of the final accounts of a business.
It shows the gross profit or loss made by the business through trading activities.
It includes details of sales, purchases, direct expenses, and direct incomes.
The formula for calculating gross profit is: Gross Profit = Net Sales - Cost of Goods Sold.
Q4. What is bank reconciliation
Bank reconciliation is the process of comparing a company's bank statement with its own accounting records.
Identifying and resolving discrepancies between the two records
Ensuring accuracy of financial statements
Examples: checks that have not cleared, bank fees, interest earned
May involve adjusting entries in accounting records
Q5. What is the meaning of insurance
Insurance is a contract between an individual and an insurance company to protect against financial loss.
Insurance provides financial protection against unexpected events such as accidents, illnesses, or natural disasters.
The individual pays a premium to the insurance company in exchange for coverage.
The insurance company assumes the risk of financial loss and pays out claims when necessary.
Types of insurance include health, life, auto, home, and business insurance.
Insurance ...read more
Q6. Are you flexible in any shift timings?
Yes, I am flexible in any shift timings.
I am open to working in different shifts, including night shifts.
I understand the importance of being adaptable and available for work at different times.
I have previous experience working in shifts and have successfully adjusted my schedule accordingly.
I prioritize the needs of the job and am willing to make necessary adjustments to accommodate different shift timings.
Q7. What is insurance? Types of insurance? Explain 2 types of insurance?
Insurance is a contract between an individual and an insurance company where the individual pays premiums in exchange for financial protection against potential losses.
Types of insurance include life insurance, health insurance, auto insurance, home insurance, and more.
Life insurance provides a lump sum payment to beneficiaries upon the insured's death.
Health insurance covers medical expenses and can include services like doctor visits, hospital stays, and prescription medica...read more
Q8. Entry for bank reconciliation
Bank reconciliation entry is a process of matching the bank statement with the company's accounting records.
Compare the bank statement with the company's accounting records
Identify any discrepancies or differences
Make necessary adjustments to the accounting records
Record the reconciled balance in the accounting system
Q9. what is accounts payable and recevaible
Accounts payable is money owed by a company to its suppliers, while accounts receivable is money owed to a company by its customers.
Accounts payable refers to the money a company owes to its suppliers for goods or services purchased on credit.
Accounts receivable refers to the money owed to a company by its customers for goods or services provided on credit.
Accounts payable is a liability on the company's balance sheet, while accounts receivable is an asset.
Managing accounts p...read more
Q10. What are the golden rule for accounting
The golden rules of accounting are basic principles that guide the process of recording financial transactions.
The golden rules include: Debit what comes in, Credit what goes out; Debit the receiver, Credit the giver; Debit expenses and losses, Credit income and gains.
For example, when a company receives cash from a customer, the cash account is debited (increased) and the accounts receivable account is credited (decreased).
Similarly, when a company pays for expenses, the exp...read more
Q11. What is Marine Insurance
Marine insurance is a type of insurance that covers the loss or damage of ships, cargo, terminals, and any transport by which the property is transferred.
Provides coverage for ships, cargo, terminals, and transport
Covers risks such as damage, loss, theft, and liability
Common types include hull insurance, cargo insurance, and liability insurance
Important for businesses involved in international trade
Q12. what is premium
Premium is the amount paid for insurance coverage.
Premium is the cost of insurance coverage paid by the policyholder to the insurance company.
It is typically paid on a regular basis, such as monthly or annually.
The premium amount can vary based on factors like the type of insurance, coverage limits, and the insured individual's risk profile.
Higher premiums are often associated with more comprehensive coverage or higher risk individuals.
Premiums are essential for maintaining i...read more
Q13. depreciation and its types
Depreciation is the allocation of the cost of an asset over its useful life. Types include straight-line, double declining balance, and units of production.
Depreciation is a method of allocating the cost of an asset over its useful life
Straight-line depreciation evenly spreads the cost over the useful life of the asset
Double declining balance method accelerates depreciation in the early years of an asset's life
Units of production method bases depreciation on the actual usage ...read more
Q14. What is debenture? , whether capital is an asset or liablity?
A debenture is a type of debt instrument that is issued by a company or government entity to raise capital.
Debentures are typically long-term investments with a fixed interest rate and maturity date.
They are unsecured, meaning they are not backed by any specific collateral.
Debenture holders are considered creditors of the company and have a claim on its assets in case of default.
Capital is considered a liability as it represents the funds that a company owes to its shareholde...read more
Q15. What is bank reconciliation statement ?
Bank reconciliation statement is a document that compares the bank statement with the company's accounting records.
It helps to identify any discrepancies between the two records.
It includes items such as deposits, withdrawals, and bank fees.
It ensures that the company's financial records are accurate and up-to-date.
It is usually prepared on a monthly basis.
Example: If the bank statement shows a withdrawal of $100 but the company's records show a withdrawal of $50, the bank re...read more
Q16. What is debentureee ?
A debenture is a type of debt instrument that is not secured by physical assets or collateral.
Debenture holders are creditors of the company and have a right to receive interest and principal payments.
Debentures can be issued by corporations, governments, and other organizations.
Debentures can be convertible or non-convertible, and can have varying maturity dates and interest rates.
Debentures are often used as a way for companies to raise capital without diluting ownership or...read more
Q17. what do you know about insurance
Insurance is a contract between an individual and an insurance company to protect against financial loss.
Insurance provides financial protection against unexpected events such as accidents, illnesses, and natural disasters.
Types of insurance include health, life, auto, home, and business insurance.
Insurance premiums are paid regularly to maintain coverage.
Insurance companies use actuarial science to calculate risk and determine premiums.
Insurance policies have terms and condi...read more
Q18. What is cost accounting
Cost accounting is a branch of accounting that focuses on calculating and controlling the costs of producing goods or services.
It involves analyzing, recording, and reporting on the costs associated with producing goods or services.
Cost accountants help management make decisions by providing information on the costs of different products, services, or activities.
Examples of cost accounting techniques include job costing, activity-based costing, and standard costing.
Q19. What is accounting
Accounting is the process of recording, summarizing, analyzing, and reporting financial transactions of a business.
Involves recording financial transactions
Summarizing financial data in financial statements
Analyzing financial information to make business decisions
Reporting financial results to stakeholders
Examples: preparing balance sheets, income statements, cash flow statements
Q20. What is brokerage
Brokerage refers to the fee or commission charged by a broker for facilitating a transaction between a buyer and a seller.
Brokerage is a fee or commission charged by a broker.
It is the cost of using a broker's services to facilitate a transaction.
Brokers can be individuals or companies that act as intermediaries between buyers and sellers.
The brokerage fee is typically a percentage of the transaction value.
For example, when buying or selling stocks, a brokerage fee is charged...read more
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