Greet Technologies Interview Questions, Process, and Tips

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

• Exam...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 she

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 t

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

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.

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...read more

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 $5,0...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 goo...read more

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