LKQ Corporation Accounts Payable Associate Interview Questions and Answers

TDS stands for Tax Deducted at Source. It is a system in which tax is deducted at the time of making payments such as salary, rent, etc.

• TDS is a method of collecting tax in India

• It is applicable to various types of payments like salary, rent, commission, etc.

• The person making the payment deducts a certain percentage of tax before making the payment

• The deducted tax is then deposited with the government

• TDS helps in ensur...read more

Account rules are guidelines and principles that govern the recording and reporting of financial transactions.

• Accounts must be classified into appropriate categories such as assets, liabilities, equity, revenue, and expenses.

• Debits must always equal credits in every transaction.

• Transactions must be recorded in the accounting system in a timely and accurate manner.

• Financial statements must be prepared in accordance with...read more