Baba Logistics And Engineering Interview Questions and Answers

Accounting is the process of recording, summarizing, analyzing, and reporting financial transactions of a business.

• Involves recording financial transactions

• Summarizing financial data in financial statements

• Analyzing financial information to make business decisions

• Reporting financial results to stakeholders

• Examples include balance sheets, income statements, and cash flow statements

Indirect tax is a tax collected by an intermediary (such as a retailer) from the person who ultimately bears the economic burden of the tax.

• Indirect taxes are not directly paid by the consumer to the government.

• They are imposed on goods and services, and the burden is passed on to the final consumer.

• Examples include sales tax, value-added tax (VAT), excise duty, and customs duty.

Capital gain is the profit that results from a sale of a capital asset, such as stocks, bonds, or real estate.

• Capital gain is the difference between the purchase price and the selling price of an asset.

• It is considered a taxable event by the IRS.

• Long-term capital gains are taxed at a lower rate than short-term capital gains.

• Examples of capital assets include stocks, bonds, real estate, and precious metals.

Depreciation is the allocation of the cost of an asset over its useful life. Journal entry records the financial transaction related to depreciation.

• Depreciation is a non-cash expense that reduces the value of an asset over time.

• It is recorded in the income statement as an expense and in the balance sheet as an accumulated depreciation.

• The journal entry for depreciation involves debiting the depreciation expense account and crediting the accumulated depreciation account.

• For e...read more

Income tax slab rates are the different levels of income at which different tax rates apply.

• Income up to Rs. 2.5 lakh is exempt from tax

• Income between Rs. 2.5 lakh to Rs. 5 lakh is taxed at 5%

• Income between Rs. 5 lakh to Rs. 10 lakh is taxed at 20%

• Income above Rs. 10 lakh is taxed at 30%

Audit is a systematic examination of financial records, while internal audit focuses on internal controls and processes and statutory audit is mandated by law.

• Audit is a systematic examination of financial records to ensure accuracy and compliance with regulations.

• Internal audit is conducted by employees within the organization to evaluate internal controls and processes.

• Statutory audit is an external audit mandated by law to ensure the accuracy of financial statements for re...read more