10+ Reliance Industries 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

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 useful life of 5 years. Using straight-line depreciation, the...read more

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

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

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.

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

Real Account of Golden Rule is a principle in accounting that states all assets have a debit balance and all liabilities have a credit balance.

• Real Account of Golden Rule is based on the principle of double-entry bookkeeping.

• Under this rule, all assets are recorded on the debit side of the balance sheet.

• Liabilities, on the other hand, are recorded on the credit side of the balance sheet.

• This rule helps maintain the fundamental accounting equation: Assets = Liabilities + Equit...read more

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.

Accounting is the process of recording, summarizing, and analyzing financial transactions of a business.

• Accounting involves the systematic recording of financial transactions.

• It includes summarizing and organizing financial data into financial statements.

• Accounting also involves analyzing financial information to provide insights and make informed decisions.

• Examples of accounting tasks include bookkeeping, preparing financial statements, and conducting financial analysis.

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.

A contra entry is a bookkeeping entry that offsets the effect of a previous entry in order to correct errors or adjust balances.

• Contra entries are used to reverse or cancel out a previous entry in the accounting records.

• They are typically used to correct errors, adjust balances, or record transactions that involve internal transfers.

• Contra entries are recorded in the opposite account to the original entry, effectively nullifying its impact.

• For example, if a company accidental...read more

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