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I applied via Recruitment Consulltant and was interviewed in Oct 2024. There was 1 interview round.
Deferred revenue refers to income received by a company in advance of earning it, resulting in a liability on the balance sheet.
Deferred revenue is also known as unearned revenue.
It is recorded as a liability on the balance sheet until the revenue is recognized.
Common examples include magazine subscriptions, annual maintenance contracts, and advance payments for services.
Once the revenue is earned, it is recognized on ...
Reconciling bank balances involves comparing the bank statement with the company's records to identify and resolve any discrepancies.
Obtain the bank statement and compare it with the company's records of transactions.
Identify any discrepancies such as missing deposits or withdrawals, bank errors, or outstanding checks.
Adjust the company's records to match the bank statement by recording any necessary corrections.
Ensure...
The three major activities in cash flow statement are operating activities, investing activities, and financing activities. Purchase of fixed assets would fall under investing activities, while repayment of loans would fall under financing activities.
Operating activities involve cash flows from day-to-day business operations, such as sales and expenses.
Investing activities include cash flows related to the purchase and...
The 5 steps of Revenue recognition are identification of the contract, identification of performance obligations, determination of transaction price, allocation of transaction price, and recognition of revenue as performance obligations are satisfied.
Identification of the contract: Determine the existence of a contract with a customer.
Identification of performance obligations: Identify the separate performance obligati...
I want to join Deloitte because of its reputation for providing excellent training and career development opportunities.
Deloitte is known for its high-quality training programs which will help me develop my skills and knowledge in auditing.
I am impressed by Deloitte's commitment to employee growth and advancement, which aligns with my career goals.
I believe that working at Deloitte will provide me with the opportunity ...
Fixed assets are audited by verifying physical existence, ownership, valuation, and depreciation methods.
Verify physical existence by conducting physical inventory counts.
Confirm ownership by reviewing title deeds and purchase agreements.
Ensure accurate valuation by comparing book value to market value.
Review depreciation methods and calculations for accuracy.
Check for impairment indicators and assess if any assets nee...
posted on 22 Jul 2024
I applied via Naukri.com and was interviewed in Aug 2024. There were 4 interview rounds.
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Reconciliation is the process of comparing two sets of records to ensure they are in agreement and accurate.
Reconciliation involves verifying and adjusting differences between two sets of financial records, such as bank statements and accounting records.
It helps to identify errors, discrepancies, or fraudulent activities.
Examples include reconciling bank statements with cash book records, credit card statements with ex...
Filling in GSTR 1 involves reporting outward supplies of goods and services made by a taxpayer.
GSTR 1 is a monthly or quarterly return that needs to be filed by registered taxpayers.
It includes details of sales, invoices issued, and tax collected on sales.
Taxpayers need to report B2B and B2C supplies separately in GSTR 1.
Errors in GSTR 1 can lead to penalties and compliance issues.
Example: A company selling goods worth...
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I applied via Naukri.com and was interviewed in Oct 2024. There was 1 interview round.
My expected salary is negotiable and depends on the responsibilities and benefits offered by the company.
My expected salary is based on my qualifications, experience, and the industry standard for the position.
I am open to discussing salary range during the interview process.
I am looking for a competitive salary that reflects my skills and contributions to the company.
I am also considering other benefits such as health...
posted on 30 Nov 2024
I applied via Walk-in and was interviewed in Oct 2024. There was 1 interview round.
I applied via Walk-in and was interviewed in Jul 2024. There was 1 interview round.
I am a detail-oriented and organized individual with a strong background in accounting and finance.
Graduated with a degree in Accounting
Experience working as a finance intern at XYZ Company
Proficient in using accounting software such as QuickBooks
Strong analytical skills and attention to detail
BRS stands for Bank Reconciliation Statement, which is a process of comparing the bank's records with the company's records to ensure they match.
BRS helps in identifying discrepancies between the bank balance and the company's books.
It involves reconciling items such as deposits in transit, outstanding checks, bank errors, and interest earned.
The goal of BRS is to ensure the accuracy of the financial records and preven...
I applied via Recruitment Consulltant and was interviewed in Feb 2024. There were 2 interview rounds.
Financial system services
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.
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
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...
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...
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 ...
The three golden rules of accounting are the rules of debit and credit, the rule of accounts, and the rule of recording transactions.
Debit the receiver, credit the giver
Debit what comes in, credit what goes out
Debit expenses and losses, credit income and gains
Accrual refers to the recognition of revenues and expenses when they are incurred, regardless of when cash is exchanged.
Accrual accounting matches revenues with expenses in the same accounting period
Accrual entry involves recording revenues when they are earned and expenses when they are incurred, even if cash has not been exchanged
Example: Recording sales revenue when goods are delivered, even if payment is received l
I was interviewed in Apr 2024.
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