Greet Technologies Accounts Process Executive Interview Questions, Process, and Tips

The golden rules of accounting are basic principles that guide the process of recording financial transactions.

• The three golden rules of accounting are: Debit the receiver, Credit the giver; Debit what comes in, Credit what goes out; Debit all expenses and losses, Credit all incomes and gains.

• These rules help ensure that financial transactions are accurately recorded and classified in the accounting system.

• For example,...read more

Depreciation is the allocation of the cost of a tangible asset over its useful life.

• Depreciation is a non-cash expense that reduces the value of an asset over time.

• It reflects the wear and tear, obsolescence, or decrease in value of the asset.

• Common methods of calculating depreciation include straight-line, double declining balance, and units of production.

• Example: A company buys a delivery truck for $50,000 with a use...read more

GST stands for Goods and Services Tax, a value-added tax levied on most goods and services sold for domestic consumption.

• GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer.

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

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

• Input tax credit can be claimed on taxes paid on input goods and services.

• GST registratio...read more

Types of GST include CGST, SGST, IGST, and UTGST.

• CGST - Central Goods and Services Tax

• SGST - State Goods and Services Tax

• IGST - Integrated Goods and Services Tax

• UTGST - Union Territory Goods and Services Tax

Yes, I am familiar with Tally for accounting, GST for taxation, and TDS for tax deduction.

• I have experience using Tally software for maintaining accounting records.

• I understand the concepts of GST (Goods and Services Tax) and its implications on business transactions.

• I am aware of TDS (Tax Deducted at Source) and its requirements for tax deduction.

• I have practical knowledge of how to handle GST and TDS compliance in ac

Intangible assets are non-physical assets that have value, such as patents, trademarks, copyrights, and goodwill.

• Intangible assets lack physical substance

• They are long-term assets with no physical form

• Examples include patents, trademarks, copyrights, and goodwill

• Intangible assets are typically listed on a company's balance sheet

Credit note is issued by seller to buyer for refund or adjustment, while debit note is issued by buyer to seller for additional payment or adjustment.

• Credit note is issued by seller to buyer when there is an overpayment or refund due to the buyer.

• Debit note is issued by buyer to seller when there is an underpayment or additional payment due to the seller.

• Credit note reduces the amount payable by the buyer to the seller...read more

Depreciation is the systematic reduction in the recorded cost of a fixed asset over its useful life.

• Depreciation allocates the cost of an asset over its useful life, reflecting wear and tear.

• Common methods include straight-line, declining balance, and units of production.

• For example, a $10,000 machine with a 5-year life may depreciate $2,000 annually using straight-line.

• Depreciation impacts financial statements, reduci

Depreciation is a non-cash expense reflecting the reduction in value of tangible assets over time.

• Depreciation is classified as an operating expense on the income statement.

• It represents the allocation of an asset's cost over its useful life.

• For example, a company buys machinery for $100,000 with a 10-year life; it depreciates $10,000 annually.

• Depreciation affects net income but does not involve actual cash outflow.