Value Innovation Labs Interview Questions and Answers

There are currently 4 GST rates in use.

• The GST rates are 5%, 12%, 18%, and 28%

• The rates vary depending on the type of goods or services being taxed

• Some goods and services are exempt from GST, such as healthcare and education

• The GST rates are periodically reviewed and may be subject to change

Our bank offers a wide range of products including savings accounts, checking accounts, loans, credit cards, and investment options.

• Savings accounts

• Checking accounts

• Loans

• Credit cards

• Investment options

A journal entry of purchase and sale records the transactions related to buying and selling of goods or services.

• Journal entry of purchase and sale is a common accounting practice.

• It involves recording the details of purchases and sales in the general ledger.

• The entry includes the date, description, amount, and accounts affected.

• For example, a purchase journal entry may include the debit of an inventory account and the credit of a accounts payable account.

• Similarly, a sales j...read more

Trial balance is a statement that lists all the general ledger accounts and their balances to ensure they are in balance.

• Trial balance is prepared at the end of an accounting period.

• It includes all the accounts from the general ledger, such as assets, liabilities, equity, revenues, and expenses.

• The purpose of a trial balance is to check the accuracy of the recorded transactions and ensure that debits equal credits.

• If the trial balance is in balance, it indicates that the acco...read more

Banking is a financial service industry that deals with managing money, providing loans, and facilitating transactions.

• Banking involves accepting deposits from customers and lending money to individuals and businesses.

• Banks provide various financial services such as savings accounts, checking accounts, loans, and credit cards.

• They also facilitate electronic transactions, wire transfers, and currency exchange.

• Banking institutions are regulated by government authorities to ensu...read more