IDFC FIRST Bank Account Assistant Interview Questions and Answers

Financial system services

Q1. What are the journal entries
Ans. 
Journal entries are accounting entries made to record financial transactions in a company's general ledger.
• Journal entries consist of a debit entry and a credit entry for each transaction.

• Debits are recorded on the left side of the account, while credits are recorded on the right side.

• The total debits must equal the total credits for each journal entry.

• Example: Debit Cash $500, Credit Sales $500.
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Q2. What is the petty cashier
Ans. 
Petty cashier is a designated employee responsible for handling small cash transactions in an organization.
• Responsible for managing small cash transactions

• Maintains a petty cash fund for minor expenses

• Reconciles petty cash account regularly

• Issues receipts for petty cash disbursements
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Q3. What about the financial services
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Q4. What are the investment management
Ans. 
Investment management involves managing financial assets and investments on behalf of clients to achieve their financial goals.
• Investment management involves creating and implementing investment strategies for clients.

• It includes analyzing financial markets, researching investment opportunities, and monitoring portfolio performance.

• Investment managers may recommend buying or selling assets based on market conditions an...read more
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Q5. What is bank reconciliation statement
Ans. 
Bank reconciliation statement is a document that compares the bank's records with the company's records to ensure they match.
• It is used to identify any discrepancies between the two sets of records.

• It includes items such as deposits in transit, outstanding checks, bank errors, and service charges.

• The goal is to ensure the accuracy of the company's financial records and the bank's records.

• Once discrepancies are identifi...read more
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Q6. How do the profit and loss account
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The profit and loss account shows the financial performance of a company over a specific period of time.
• It summarizes the revenues, costs, and expenses incurred by the company.

• The difference between the total revenue and total expenses is the net profit or loss.

• It helps in evaluating the financial health and performance of the company.

• Example: If a company's revenue is $100,000 and expenses are $80,000, the net profit ...read more
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