UFLIX DESIGN Interview Questions and Answers

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, when a company receives cash from a customer, the cash ac...read more

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 accounting processes.

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.

• Debit note increases the amount payable by the buyer to t...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 registration is mandatory for businesses with an annual turnover abov...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

TDS stands for Tax Deducted at Source and TCS stands for Tax Collected at Source. They are types of indirect taxes in India.

• TDS is deducted by the payer at the time of making payment to the payee.

• TCS is collected by the seller from the buyer at the time of sale of specified goods.

• TDS rates vary based on the nature of payment, while TCS rates are fixed.

• TDS is applicable on income like salary, interest, commission, etc., while TCS is applicable on sale of goods like scrap, mine...read more