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Greet Technologies

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Facebook Interview Questions and Answers

Updated 1 Mar 2025

Q1. Who is debtors and creditors where we add those in B/S

Ans.

Debtors are people who owe money to the company, while creditors are people or entities that the company owes money to. They are added to the balance sheet.

  • Debtors are listed under current assets on the balance sheet

  • Creditors are listed under current liabilities on the balance sheet

  • Debtors can include customers who have not yet paid for goods or services

  • Creditors can include suppliers who have not yet been paid for goods or services received

  • The balance between debtors and cre...read more

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Q2. What is accounting

Ans.

Accounting is the process of recording, classifying, and summarizing financial transactions to provide information that is useful in making business decisions.

  • It involves keeping track of financial transactions such as sales, purchases, and payments

  • It includes preparing financial statements such as balance sheets and income statements

  • It helps in analyzing financial performance and making informed business decisions

  • Examples include bookkeeping, tax preparation, and auditing

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Q3. How balance sheet is calculated

Ans.

Balance sheet is calculated by subtracting liabilities from assets.

  • Assets are listed on the left side of the balance sheet and liabilities on the right side.

  • The difference between the two sides is the owner's equity or net worth.

  • The balance sheet is a snapshot of a company's financial position at a specific point in time.

  • Examples of assets include cash, accounts receivable, and property.

  • Examples of liabilities include accounts payable, loans, and taxes owed.

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Q4. How bad debt refers in balance sheet

Ans.

Bad debt refers to the amount of money owed to a company that is unlikely to be paid back.

  • Bad debt is recorded as an expense on the income statement.

  • It is also reflected on the balance sheet as a reduction in accounts receivable.

  • The amount of bad debt is estimated by the company based on past experience and current economic conditions.

  • For example, if a company has $100,000 in accounts receivable and estimates that $5,000 is unlikely to be paid back, the bad debt expense would...read more

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Q5. What is Drm and Cr.

Ans.

DR and CR are abbreviations used in accounting to represent Debit and Credit respectively.

  • DR stands for Debit and is used to record an increase in assets or a decrease in liabilities or equity.

  • CR stands for Credit and is used to record a decrease in assets or an increase in liabilities or equity.

  • Every transaction in accounting must have an equal amount of DR and CR entries.

  • DR and CR are used to maintain the balance sheet equation: Assets = Liabilities + Equity.

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Q6. What is bad debt

Ans.

Bad debt is an amount owed by a debtor that is unlikely to be paid back to the creditor.

  • Bad debt is a loss for the creditor as they are unable to recover the amount owed.

  • It can occur due to various reasons such as bankruptcy, insolvency, or fraud.

  • Bad debt can be written off as an expense for tax purposes.

  • For example, if a customer owes $1000 to a company and declares bankruptcy, the company may not be able to recover the amount owed, resulting in bad debt.

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Q7. What is bad debt?

Ans.

Bad debt is an amount owed by a debtor that is unlikely to be paid back.

  • Bad debt is a loss for the creditor as they are unlikely to receive the amount owed.

  • It can occur due to bankruptcy, insolvency, or default by the debtor.

  • Bad debt can be written off as an expense for tax purposes.

  • Examples include unpaid credit card bills, unpaid loans, and unpaid invoices.

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Q8. Explain About tally

Ans.

Tally is an accounting software used for managing financial transactions and generating reports.

  • Tally is widely used by businesses for bookkeeping and accounting purposes.

  • It can handle various financial transactions such as invoicing, inventory management, payroll, and taxation.

  • Tally provides various features such as data security, remote access, and multi-lingual support.

  • It can generate various reports such as balance sheets, profit and loss statements, and cash flow stateme...read more

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Q9. Golden rules of accounts

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