GAMMON INDIA Officer Interview Questions and Answers

Types of ledger include general ledger, subsidiary ledger, and control ledger.

• General ledger contains all financial transactions of a business.

• Subsidiary ledger provides detailed information on specific accounts.

• Control ledger summarizes information from subsidiary ledgers.

• Examples: Sales ledger, Purchase ledger, Cash ledger.

Types of ledger include general ledger, subsidiary ledger, and control ledger.

• General ledger contains all financial transactions of a business.

• Subsidiary ledger provides detailed information on specific accounts.

• Control ledger summarizes information from subsidiary ledgers.

• Examples: Sales ledger, Purchase ledger, Cash ledger.

FIFO and LIFO are inventory management methods. FIFO stands for First In, First Out, while LIFO stands for Last In, First Out.

• FIFO means that the oldest inventory items are sold first, while LIFO means that the newest inventory items are sold first.

• FIFO is commonly used in industries with perishable goods, such as food, while LIFO is more suitable for industries with non-perishable goods.

• FIFO results in lower tax liabi...read more