Techsource Services Interview Questions and Answers

Trial balance is a list of all ledger accounts with their debit or credit balances, while balance sheet is a statement of assets, liabilities, and equity of a company at a specific point in time.

• Trial balance is an internal document used to ensure the accuracy of accounting records before preparing financial statements.

• Balance sheet is a financial statement that shows the financial position of a company at a specific point in time.

• Trial balance lists all ledger accounts with ...read more

Important terms used in a balance sheet include assets, liabilities, equity, current assets, current liabilities, long-term liabilities, and retained earnings.

• Assets: Resources owned by a company that have economic value, such as cash, inventory, and property.

• Liabilities: Debts or obligations owed by a company, such as loans and accounts payable.

• Equity: The residual interest in the assets of a company after deducting liabilities.

• Current Assets: Assets that are expected to be ...read more

Journal is a record of transactions while ledger is a summary of those transactions.

• Journal is the first step in the accounting process where transactions are recorded in chronological order

• Ledger is the second step where transactions are classified and summarized by account

• Journal provides the details of each transaction while ledger provides the balance of each account

• Journal is used to create entries in the ledger

• Ledger is used to prepare financial statements

vlookup is a function in Excel used to search for a specific value in a table and return a corresponding value from another column.

• vlookup stands for 'vertical lookup'

• It requires a lookup value, a table array, column index number, and an optional range lookup value

• It can only search for values in the leftmost column of the table array

• It returns the first matching value found, so it may not be accurate if there are duplicates

• It can be slow and inefficient for large datasets

Golden rules of accounting are basic principles to be followed while recording financial transactions.

• Debit the receiver, credit the giver

• Debit what comes in, credit what goes out

• Debit all expenses and losses, credit all incomes and gains

Query to find rows beginning with a letter in SQL

• Use the LIKE operator with the pattern '[letter]%'

• Replace [letter] with the desired letter

• Enclose the pattern in single quotes

• Example: SELECT * FROM table_name WHERE column_name LIKE 'A%'

To find duplicates in Excel, use the conditional formatting feature or the Remove Duplicates tool.

• Select the range of cells where you want to find duplicates

• Go to the 'Home' tab and click on 'Conditional Formatting'

• Select 'Highlight Cells Rules' and then 'Duplicate Values'

• Choose the formatting style and click 'OK'

• Alternatively, go to the 'Data' tab and click on 'Remove Duplicates'

• Select the columns where you want to find duplicates and click 'OK'

Query to find duplicates in SQL

• Use GROUP BY clause to group the columns that may have duplicates

• Use HAVING clause to filter the groups that have more than one row

• Use COUNT() function to count the number of rows in each group