Lokmanya Multipurpose Co-op Society Interview Questions and Answers

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

• Accounting involves the recording of financial transactions.

• It includes summarizing and analyzing financial data.

• Accounting helps in preparing financial statements and reports.

• It ensures compliance with financial regulations and tax laws.

• Examples of accounting tasks include bookkeeping, budgeting, and financial analy

BRS stands for Bank Reconciliation Statement.

• BRS is a statement that compares the bank balance as per the bank statement with the balance as per the company's books.

• It helps in identifying any discrepancies or errors in the bank transactions.

• The process involves matching the transactions in the bank statement with the transactions in the company's books.

• Any outstanding checks or deposits are also taken into considerati...read more

Direct taxes are paid directly to the government by the taxpayer, while indirect taxes are paid indirectly through goods and services.

• Direct taxes are progressive in nature and are based on the income of the taxpayer.

• Examples of direct taxes include income tax, corporate tax, and wealth tax.

• Indirect taxes are regressive in nature and are based on consumption.

• Examples of indirect taxes include sales tax, excise duty, an...read more