20+ Vitech Systems Asia Interview Questions and Answers

Prepaid expenses are advance payments made for goods or services that will be received in the future.

• Prepaid expenses are considered assets on the balance sheet.

• They represent expenses that have been paid for in advance but have not yet been used or consumed.

• Prepaid expenses are typically shown under the current assets section of the balance sheet.

• Examples of prepaid expenses include prepaid rent, prepaid insurance premiums, and prepaid subscriptions.

• As the prepaid expenses a...read more

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.

• There are three types of depreciation: straight-line, accelerated, and units of production.

• Straight-line depreciation is when the asset loses an equal amount of value each year.

• Accelerated depreciation is when the asset loses more value in the early years of its life.

• Units of ...read more

Outstanding expenses journal entries, reconciliations, procure to pay process involve recording expenses, ensuring accuracy, and managing payments.

• Outstanding expenses journal entries involve recording expenses that have been incurred but not yet paid.

• Reconciliations involve comparing financial records to ensure accuracy and identify discrepancies.

• Procure to pay process involves managing the entire process from purchasing goods or services to making payments.

• Example: Recordin...read more

Missing to reverse accruals can lead to inaccurate financial statements and misrepresentation of financial performance.

• Inaccurate financial statements may be issued

• Financial performance may be misrepresented

• Can lead to incorrect decision making based on inaccurate financial data

Proper documentation is crucial for maintaining accuracy, compliance, and communication in any professional setting.

• Proper documentation ensures accuracy in record-keeping and decision-making.

• It helps in maintaining compliance with regulations and standards.

• Good documentation facilitates effective communication among team members and stakeholders.

• It serves as a reference point for future actions and audits.

• Examples: medical records, financial reports, project documentation.

Various Excel formulas like Sum, Sumif, Vlookup, If, Count are commonly used in data analysis and manipulation.

• Sum: Adds up all the numbers in a range of cells.

• Sumif: Adds up numbers in a range based on a given condition.

• Vlookup: Searches for a value in the first column of a table and returns a value in the same row from another column.

• If: Returns one value if a condition is true and another value if it's false.

• Count: Counts the number of cells that contain numbers in a range...read more

I would remain calm, listen to the customer's concerns, apologize for any inconvenience, and work towards finding a solution to address their issue.

• Remain calm and composed

• Listen actively to the customer's concerns

• Apologize for any inconvenience caused

• Empathize with the customer's situation

• Work towards finding a solution to address the customer's issue

• Offer compensation or alternative solutions if necessary

SQL is a programming language used to manage and manipulate relational databases.

• SQL stands for Structured Query Language

• It is used to create, modify, and query databases

• Common commands include SELECT, INSERT, UPDATE, and DELETE

• Examples of database management systems that use SQL include MySQL, Oracle, and Microsoft SQL Server

General accounting concepts are fundamental principles and guidelines used in the preparation and presentation of financial statements.

• Accrual basis accounting vs. cash basis accounting

• Matching principle

• Conservatism principle

• Materiality principle

• Consistency principle

• Revenue recognition principle

• Expense recognition principle

I am proficient in Java, Python, and SQL with a strong understanding of programming basics.

• Proficient in Java, Python, and SQL

• Strong understanding of programming basics

• Familiar with HTML, CSS, and JavaScript

Accruals are expenses incurred but not yet paid or revenues earned but not yet received.

• Accruals are used to match expenses and revenues to the period in which they are incurred or earned.

• The entry for accruals involves debiting an expense account and crediting a liability account.

• Examples of accruals include accrued salaries, accrued interest, and accrued taxes.

Prepaid refers to an expense that has been paid for in advance but has not yet been incurred.

• Prepaid expenses are considered assets on a company's balance sheet until they are used or expire.

• The entry for prepaid expenses involves debiting an asset account (prepaid expense) and crediting a liability or expense account.

• Example: If a company pays for a one-year insurance policy in advance, the entry would involve debiting Prepaid Insurance and crediting Cash.

ASP.NET is a web development framework, ADO.NET is a data access technology, HTML is a markup language, CSS is a styling language, and JavaScript is a scripting language.

• ASP.NET is a framework for building web applications using C# or VB.NET

• ADO.NET is used for accessing and manipulating data from databases in .NET applications

• HTML is used for structuring content on web pages

• CSS is used for styling the appearance of web pages

• JavaScript is used for adding interactivity to web p...read more

Computer networking is the practice of connecting devices together to share resources and communicate with each other.

• Computer networking involves the use of hardware and software to connect devices together, such as computers, printers, and servers.

• Networking protocols, such as TCP/IP, are used to facilitate communication between devices.

• Examples of computer networks include local area networks (LANs), wide area networks (WANs), and the internet.

• Networking can also involve s...read more

Golden Rule of accounting states that sales increase assets and liabilities, while purchases decrease assets and liabilities.

• Sales increase assets and liabilities

• Purchases decrease assets and liabilities

• This rule helps in understanding the impact of sales and purchases on financial statements

Account rules are guidelines and regulations that govern the management and use of financial accounts.

• Account rules dictate how financial transactions are recorded and reported

• They ensure compliance with legal and regulatory requirements

• Examples of account rules include the requirement to maintain accurate records and the prohibition of fraudulent activities

SQL queries are used to retrieve and manipulate data from databases. Here are 5 common queries.

• SELECT: retrieves data from one or more tables

• UPDATE: modifies existing data in a table

• DELETE: removes data from a table

• INSERT INTO: adds new data to a table

• JOIN: combines data from two or more tables based on a related column

PTP cycle refers to the Procure-to-Pay cycle, which is the process of obtaining goods or services from a supplier to making payment for them.

• PTP cycle involves requisitioning, purchasing, receiving, and paying for goods or services.

• It starts with the need for a product or service, followed by creating a purchase order, receiving the goods, and finally making payment.

• Efficient PTP cycle helps in managing costs, reducing errors, and improving supplier relationships.

Types of depreciation include straight-line, double declining balance, units of production, and sum-of-the-years' digits.

• Straight-line depreciation: Equal amount of depreciation is charged each year.

• Double declining balance depreciation: Accelerated method where depreciation expense is higher in the early years.

• Units of production depreciation: Depreciation is based on the actual usage of the asset.

• Sum-of-the-years' digits depreciation: Depreciation expense decreases each yea...read more