Gita Devi Flour Mills Accounts & Finance Executive Interview Questions and Answers

Opening and closing balance refers to the beginning and ending amounts of a financial account or period.

• Opening balance is the amount of money or value in an account at the start of a period.

• Closing balance is the amount of money or value in an account at the end of a period.

• Opening balance is carried forward from the previous period's closing balance.

• Closing balance is calculated by adding or subtracting transactions ...read more

Reconciliation is the process of comparing two sets of records to ensure they are accurate and in agreement.

• Reconciliation involves comparing financial records, such as bank statements and general ledger accounts, to identify discrepancies.

• It helps in identifying errors, fraud, or missing transactions.

• Reconciliation ensures the accuracy and integrity of financial data.

• Examples include bank reconciliation, where bank st...read more

GST stands for Goods and Services Tax, a value-added tax levied on the supply of goods and services in India.

• GST was implemented in India on July 1, 2017.

• It replaced multiple indirect taxes like VAT, service tax, excise duty, etc.

• GST has 4 tax slabs - 5%, 12%, 18%, and 28%.

• It is a destination-based tax system, meaning the tax is collected by the state where the goods or services are consumed.

• GST has simplified the tax ...read more