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The journal entry for closing stock is used to record the value of unsold goods at the end of an accounting period.
Closing stock is an asset and is recorded on the debit side of the trading account.
The corresponding credit entry is made to the closing stock account on the balance sheet.
The value of closing stock is determined by either the cost price or the net realizable value, whichever is lower.
If the closing stock ...
Schedule III format refers to the format prescribed for financial statements under the Companies Act, 2013.
Schedule III format is applicable for the preparation of financial statements of companies in India.
It provides a standardized structure and presentation for financial information.
The format includes various sections such as balance sheet, profit and loss account, cash flow statement, and notes to accounts.
It spec...
Closing stock is recorded as an asset in the balance sheet through a journal entry.
Closing stock account is debited
Trading account is credited
The value of closing stock is determined by physical stocktaking
Closing stock is valued at cost or net realizable value, whichever is lower
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Reasoning and english round was there
Current assets are assets that can be converted into cash within a year.
Current assets are listed on the balance sheet and include cash, accounts receivable, inventory, and prepaid expenses.
They are important for assessing a company's liquidity and ability to pay off short-term debts.
Examples of current assets include cash in hand, short-term investments, accounts receivable, inventory, and prepaid expenses.
Current ass...
AS 17 deals with segment reporting in financial statements.
AS 17 requires companies to report financial information about their operating segments, which are components of the company that generate revenue and incur expenses.
The standard defines how to identify and report operating segments, and requires disclosure of segment revenue, profit or loss, assets, liabilities, and other information.
Segment reporting helps us...
Average questions asked on QA, logical reasoning
Communication skill,analytical skill and critical thinking
Communication skill and leadership skill
I was interviewed before Mar 2024.
Audit, Accounts, Tax and General Knowledge
I applied via Referral and was interviewed in Feb 2021. There were 3 interview rounds.
I applied via Naukri.com and was interviewed in Jan 2021. There was 1 interview round.
Identifying risks and controls in a process
Identify the process and its objectives
Identify the inputs, activities, and outputs of the process
Identify the risks associated with each step of the process
Identify the controls in place to mitigate the risks
Evaluate the effectiveness of the controls
Recommend improvements to the process and controls
Examples: Order-to-cash process, procurement process, hiring process
I applied via Company Website and was interviewed in Dec 2020. There were 4 interview rounds.
based on 4 reviews
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Executive Accountant
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CA Article Assistant
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KPMG India
Deloitte
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Ernst & Young