Genpact Interview Questions and Answers

The entry for Salaries with TDS and PF involves debiting the Salaries expense account and crediting the TDS and PF liability accounts.

• Debit the Salaries expense account to record the amount paid as salaries

• Credit the TDS liability account to record the amount withheld for tax deduction

• Credit the PF liability account to record the amount withheld for provident fund

• Ensure the total debits equal the total credits in the entry

The due date to file TDS varies depending on the type of TDS and the entity's status.

• The due date for filing TDS returns for non-government deductors is typically the 7th of the following month.

• For government deductors, the due date is the last day of the following month.

• However, the due date may differ for specific types of TDS, such as TDS on salary or TDS on rent.

• Late filing of TDS returns may attract penalties and interest.

• It is important to stay updated with the latest n...read more

Gamlaa is a financial technology company that provides accounting software solutions for businesses.

• Gamlaa specializes in developing software for financial management and accounting.

• Their software helps businesses automate their accounting processes and manage their financial data.

• Gamlaa's solutions include features like bookkeeping, invoicing, payroll management, and financial reporting.

• They offer cloud-based software that allows users to access their accounting data from an...read more

The financial year is a 12-month period used by organizations to report their financial performance and prepare financial statements.

• It is a period of time typically lasting 12 months.

• It is used by organizations to track and report their financial activities.

• It helps in preparing financial statements and analyzing financial performance.

• The financial year can vary depending on the country or organization.

• For example, in the United States, the financial year is often the calend...read more

The Golden Rule is a moral principle that states one should treat others as one would like to be treated.

• The Golden Rule is a fundamental ethical principle found in many cultures and religions.

• It encourages individuals to consider the impact of their actions on others.

• It promotes empathy, kindness, and respect towards others.

• Examples of the Golden Rule include 'Do unto others as you would have them do unto you' and 'Treat others the way you want to be treated.'

Accrual refers to the recognition of revenue or expenses in the financial statements before the actual cash transaction occurs.

• Accrual accounting method is used to record transactions based on when they are incurred, rather than when cash is exchanged.

• Accruals help provide a more accurate picture of a company's financial position and performance.

• Examples of accruals include accrued revenue, accrued expenses, and accrued interest.

• Accruals are necessary to comply with the match...read more