JSK Industries Financial Accountant Interview Questions and Answers for Experienced

Q1. Process of accounting in Tally
Ans. 
Accounting in Tally involves recording financial transactions, generating reports, and managing accounts.
• Recording financial transactions such as sales, purchases, payments, and receipts

• Generating financial statements like balance sheet, profit and loss statement

• Managing accounts receivable and accounts payable

• Creating and maintaining ledgers for different accounts

• Reconciling bank statements with Tally entries

• Generatin...read more
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Q2. What is Accounts payable
Ans. 
Accounts payable is the amount of money a company owes to its suppliers or vendors for goods or services purchased on credit.
• Accounts payable is a liability on the balance sheet

• It represents the amount owed by the company to its creditors

• It is typically recorded when goods or services are received but payment has not yet been made

• Examples include invoices from suppliers for inventory purchases or services rendered
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