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The balance sheet is a financial statement that shows a company's assets, liabilities, and equity at a specific point in time.
It provides a snapshot of a company's financial position
Assets are listed first, followed by liabilities and equity
The equation Assets = Liabilities + Equity must always balance
It is used by investors, creditors, and management to assess a company's financial health
Bank reconciliation statement is a document that compares the bank statement with the company's records.
It helps to identify any discrepancies between the two records.
It includes items such as deposits in transit, outstanding checks, and bank errors.
The goal is to ensure that the company's records match the bank's records.
It is an important tool for detecting fraud or errors in accounting.
Example: If a company records ...
GST stands for Goods and Services Tax, a value-added tax levied on the supply of goods and services in India.
GST is a comprehensive indirect tax that replaced multiple indirect taxes in India.
It is levied on the value addition at each stage of production or distribution.
There are four components of GST: CGST, SGST, IGST, and UTGST.
CGST and SGST are levied by the central and state governments, respectively, on intra-sta...
TDS stands for Tax Deducted at Source. It is a tax collection mechanism in India.
TDS is a system where tax is deducted at the source of income itself.
It is applicable to various types of income such as salary, interest, commission, rent, etc.
The person who is making the payment is liable to deduct TDS and deposit it with the government.
The rate of TDS varies depending on the type of income and the amount being paid.
The...
Accounts receivable is money owed to a company by its customers, while accounts payable is money a company owes to its suppliers.
Accounts receivable is an asset on a company's balance sheet
Accounts payable is a liability on a company's balance sheet
Accounts receivable represents sales that have been made but not yet collected
Accounts payable represents purchases that have been made but not yet paid for
Examples of accou...
My life goal is to continuously learn, grow, and make a positive impact on the world.
To continuously learn and grow in my personal and professional life
To make a positive impact on the world through my work and actions
To build meaningful relationships with family, friends, and colleagues
To achieve financial stability and security
To travel and experience different cultures
To maintain a healthy and active lifestyle
Depreciation is the decrease in value of an asset over time due to wear and tear, obsolescence or other factors.
Depreciation is a non-cash expense that reduces the value of an asset on the balance sheet
It is calculated based on the useful life of the asset and the method of depreciation chosen
Examples of assets that are subject to depreciation include buildings, vehicles, and machinery
Bookkeeping is the recording of financial transactions, while accountancy involves analyzing and interpreting financial data.
Bookkeeping involves recording financial transactions such as sales, purchases, and payments.
Accountancy involves analyzing and interpreting financial data to provide insights and make informed decisions.
Bookkeeping is the foundation of accountancy, providing the data needed for analysis and inte...
posted on 28 Aug 2024
I applied via Job Portal and was interviewed in May 2024. There was 1 interview round.
Worst institute. Rude talks by HoD and CRM team. No support
Worst experience at ICA. Waste my time energy and money
Nothing just want fees back of my collegues
ICA Edu Skills interview questions for popular designations
Get interview-ready with Top ICA Edu Skills Interview Questions
posted on 12 Jul 2024
ICA stands for Information and Communication Technology Agency. It is a government agency in Sri Lanka responsible for implementing ICT policies and initiatives.
ICA is a government agency in Sri Lanka
It is responsible for implementing ICT policies and initiatives
ICA works towards promoting the use of technology in various sectors
It aims to bridge the digital divide in the country
I applied via Recruitment Consulltant and was interviewed in Feb 2024. There was 1 interview round.
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