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IDBI Intech Limited
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I applied via Job Portal and was interviewed in Jul 2022. There was 1 interview round.
Revenue recognition as per IndAS 115
Identify the contract with the customer
Identify the performance obligations in the contract
Determine the transaction price
Allocate the transaction price to the performance obligations
Recognize revenue when (or as) the entity satisfies a performance obligation
The journal entry for lease accounting in the books of lessee involves recording the lease liability and right-of-use asset.
Debit the right-of-use asset account for the present value of the lease payments
Credit the lease liability account for the same amount
Recognize interest expense on the lease liability
Recognize amortization expense on the right-of-use asset
Adjust for any lease payments made
Example: Debit Right-of-U...
Service industry provides intangible products while manufacturing industry produces tangible products.
Service industry focuses on providing services rather than physical products
Manufacturing industry involves the production of tangible goods
Service industry is labor-intensive while manufacturing industry is capital-intensive
Service industry has a higher degree of customer interaction compared to manufacturing industry
...
Provision for doubtful debt is an estimation of the amount of bad debt that a company is likely to incur.
Provision for doubtful debt is a contra account to accounts receivable.
It is created by recording an adjusting entry at the end of each accounting period.
The amount of the provision is based on historical data and management's judgment.
It reduces the net value of accounts receivable on the balance sheet.
If the actua...
To audit purchase or expenses voucher, follow these steps:
Verify the authenticity of the voucher
Check if the voucher is properly authorized and approved
Ensure that the voucher is supported by relevant documents
Verify the accuracy of the voucher amount
Check if the voucher is recorded in the correct account
Perform a test check of a sample of vouchers
Document the audit findings and report to management
Ind AS 115 is a new revenue recognition standard that replaces the existing Ind AS 18 and Ind AS 11.
Ind AS 115 provides a single, comprehensive revenue recognition model for all contracts with customers.
It requires companies to recognize revenue based on the transfer of control of goods or services to customers.
The standard also requires companies to disclose more information about their revenue streams and contract ba...
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I applied via Naukri.com and was interviewed before Feb 2021. There was 0 interview round.
I applied via Job Portal and was interviewed before Aug 2021. There were 2 interview rounds.
OOPs is a programming paradigm based on the concept of objects, which can contain data and code.
OOPs stands for Object-Oriented Programming.
It focuses on creating objects that interact with each other to solve a problem.
The four main concepts of OOPs are encapsulation, inheritance, polymorphism, and abstraction.
Encapsulation is the process of hiding the implementation details of an object from the outside world.
Inherit...
I applied via Naukri.com and was interviewed in Aug 2020. There were 3 interview rounds.
I applied via Referral and was interviewed before Aug 2020. There was 1 interview round.
I applied via Walk-in and was interviewed before Dec 2021. There were 3 interview rounds.
I applied via Referral and was interviewed in Dec 2020. There was 1 interview round.
I applied via Naukri.com and was interviewed before Aug 2020. There were 4 interview rounds.
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