Khandelwal & Associates Interview Questions and Answers

The Golden rules of accounting are basic principles to maintain accurate financial records.

• The first rule is the Debit and Credit rule, which states that for every debit entry, there must be a corresponding credit entry.

• The second rule is the Real Account rule, which states that all assets and liabilities have a debit and credit balance respectively.

• The third rule is the Personal Account rule, which states that all tra...read more

Accounting Standards (AS) are guidelines for financial reporting. Ind-AS is the Indian version of International Financial Reporting Standards (IFRS).

• AS are issued by the Institute of Chartered Accountants of India (ICAI) to ensure consistency and transparency in financial reporting.

• Ind-AS is based on IFRS and is mandatory for certain companies in India.

• Ind-AS aims to improve the quality of financial reporting and make ...read more

IFRS stands for International Financial Reporting Standards.

• IFRS is a set of accounting standards developed by the International Accounting Standards Board (IASB).

• It is used by companies to prepare and present their financial statements.

• IFRS is designed to provide a common language for business affairs so that company accounts are understandable and comparable across international boundaries.

• Examples of IFRS include IF...read more