Konnect Consultancy Services Senior Tax Associate Interview Questions and Answers

A tangible asset is a physical asset that has a measurable value and can be seen or touched.

• Examples include buildings, land, machinery, and inventory.

• Tangible assets are typically depreciated over time.

• They are recorded on a company's balance sheet.

• Tangible assets can be bought, sold, or traded.

• They are different from intangible assets, such as patents or trademarks.

An intangible asset is a non-physical asset that has no intrinsic value but has value due to its legal or intellectual property rights.

• Intangible assets include patents, trademarks, copyrights, and goodwill.

• They cannot be touched or seen but can be owned and traded.

• Their value is based on their ability to generate revenue or provide a competitive advantage.

• Intangible assets are recorded on a company's balance sheet and...read more

Insurance is a contract between an individual and an insurance company to protect against financial loss.

• Insurance provides financial protection against unexpected events

• Premiums are paid to the insurance company in exchange for coverage

• Types of insurance include health, auto, home, and life insurance

• Insurance policies have terms and conditions that must be followed to receive benefits

• Insurance companies use actuarial

Accounts payable is the amount of money a company owes to its suppliers or vendors for goods and services received but not yet paid for.

• Accounts payable is a liability on the balance sheet.

• It represents the amount owed to suppliers or vendors for goods or services received.

• Accounts payable is usually paid within a certain period of time, known as the payment terms.

• Examples of accounts payable include bills for utilitie...read more

Account receivables refer to the money owed to a company by its customers for goods or services provided on credit.

• It is a type of asset on a company's balance sheet

• It represents the amount of money owed to the company by its customers

• It is typically collected within a certain period of time, usually 30-90 days

• Examples include unpaid invoices, outstanding bills, and overdue payments

Non-PO refers to purchases made without a purchase order.

• Non-PO purchases are made without a formal purchase order.

• These purchases are typically made for urgent or small items.

• Non-PO purchases may require additional approval or documentation.

• Examples of Non-PO purchases include office supplies, travel expenses, and minor repairs.

FB03 is a transaction code in SAP used to display financial accounting documents.

• FB03 is used to view accounting documents such as invoices, credit memos, and payment receipts.

• It allows users to search for documents based on various criteria such as document number, posting date, and company code.

• FB03 also provides options to display document details, line items, and accounting entries.

• It is commonly used by finance an...read more

Fixed assets can be categorized into tangible and intangible assets.

• Tangible assets include property, plant, and equipment (PPE), such as buildings, machinery, and vehicles.

• Intangible assets include patents, copyrights, trademarks, and goodwill.

• Fixed assets are long-term assets that are not intended for sale and are used in the production of goods or services.

• Fixed assets are recorded on the balance sheet and are subje...read more

GL stands for General Ledger. It is a record-keeping system that contains all financial transactions of a company.

• GL is used to track and manage financial transactions such as sales, purchases, and expenses.

• It helps in creating financial statements like balance sheets and income statements.

• GL is an important part of accounting and financial management.

• Examples of GL software include QuickBooks and SAP.

• GL accounts are c...read more

Receivables refer to the money owed to a company by its customers for goods or services provided on credit.

• Receivables are recorded as assets on a company's balance sheet.

• They represent the amount of money that a company expects to receive from its customers.

• Receivables can be short-term or long-term depending on the payment terms agreed upon with the customer.

• Examples of receivables include outstanding invoices, loans...read more