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The journal entry for recording depreciation and loss on sale involves debiting the accumulated depreciation account and crediting the asset's original cost and any loss on sale account.
Debit the accumulated depreciation account to reduce the carrying amount of the asset.
Credit the asset's original cost to reflect the reduction in value due to depreciation.
Credit any loss on sale account if the asset is sold for less t...
The journal entry for stock in transit at year-end involves recording the value of goods that are in transit between locations.
Debit the Inventory in Transit account for the value of the stock being transported
Credit the Inventory account for the same value
Example: Debit Inventory in Transit $10,000, Credit Inventory $10,000
Deferred revenue is revenue received in advance for goods or services that have not yet been provided.
Deferred revenue is a liability on the balance sheet until the goods or services are delivered.
The journal entry for deferred revenue involves crediting a liability account and debiting a revenue account.
Example: If a company receives $1,000 in advance for a service to be provided next month, the journal entry would be...
Prepaid expenses are assets paid for in advance but not yet incurred, requiring a journal entry to recognize the expense as it is incurred.
Debit the Prepaid Expense account to increase the asset on the balance sheet
Credit the Cash or Bank account to decrease the asset on the balance sheet
As the prepaid expense is incurred, debit the Expense account and credit the Prepaid Expense account
Example: Journal entry for $1,200...
I applied via LinkedIn and was interviewed in Apr 2024. There was 1 interview round.
I applied via Naukri.com and was interviewed in Feb 2024. There was 1 interview round.
Deferred tax refers to the future tax consequences of temporary differences between accounting profit and taxable profit.
Deferred tax is a balance sheet item that represents the future tax consequences of transactions that have already been recognized in the financial statements.
It arises due to temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and their tax ba...
Basic journal entries
Global FPO interview questions for popular designations
I applied via LinkedIn and was interviewed in Sep 2023. There were 3 interview rounds.
Prepaid refers to payment made in advance for goods or services, while deferred refers to payment made at a later date.
Prepaid involves paying for goods or services before receiving them
Deferred involves paying for goods or services at a later date
Examples of prepaid include prepaid phone plans or gift cards
Examples of deferred include payment plans or layaway programs
I appeared for an interview in May 2023.
Accounting questions like journal entry, bank passbook balance with cash balance, revenue expenditure deffered
The sales return entry should be debited to sales return account and credited to customer's account.
Sales return entry should be debited to sales return account
Sales return entry should be credited to customer's account
Ensure correct accounts are debited and credited to rectify the error
I applied via Naukri.com and was interviewed before Nov 2022. There were 4 interview rounds.
I have experience working in the technology sector, specifically in the software industry, targeting B2B markets.
Worked in the software industry targeting B2B markets
Developed and executed marketing strategies to reach target audience
Collaborated with sales team to drive revenue growth
Utilized digital marketing tactics such as SEO, SEM, and social media
Analyzed market trends and competitor activities to identify opport
My current CTC is $60,000 with expectations of $70,000 fixed and $10,000 variable. I have a notice period of 30 days and can come in for an in-person interview.
Current CTC: $60,000
Expectations: $70,000 fixed, $10,000 variable
Notice period: 30 days
Available for in-person interview
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