Jio Accountant Interview Questions and Answers

Capitalization of asset, lease accounting under IND AS, depreciation and amortization, and golden rules of accounting.

• Capitalization of asset refers to the process of recording an expenditure as an asset rather than an expense.

• Lease accounting under IND AS requires lessees to recognize lease assets and liabilities on their balance sheets.

• Depreciation is the systematic allocation of the cost of a tangible asset over its...read more

Leases refer to agreements where one party allows another party to use an asset in exchange for periodic payments.

• Leases involve a lessor (owner of the asset) and a lessee (user of the asset).

• There are two main types of leases: operating leases and finance leases.

• Operating leases are typically short-term and do not transfer ownership of the asset.

• Finance leases are long-term and transfer most of the risks and rewards o...read more

Financial lease is a long-term lease where the lessee has ownership benefits, while operating lease is a short-term lease where the lessor retains ownership.

• Financial lease is a type of lease where the lessee has the benefits and risks of ownership, typically for the majority of the asset's useful life.

• Operating lease is a type of lease where the lessor retains ownership of the asset and the lessee uses it for a shorte...read more

Capitalization of asset, lease accounting under IND AS, depreciation and amortization, and golden rules of accounting.

• Capitalization of asset refers to the process of recording an expenditure as an asset rather than an expense.

• Lease accounting under IND AS requires lessees to recognize lease assets and liabilities on their balance sheets.

• Depreciation is the systematic allocation of the cost of a tangible asset over its...read more