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Accounts payable is the amount of money a company owes to its suppliers or vendors for goods or services purchased on credit.
Accounts payable is a liability on the balance sheet
It represents the amount of money owed by a company to its suppliers or vendors
It is typically recorded when goods or services are received but payment has not yet been made
Accounts payable is an important part of a company's working capital man
Bank reconciliation statement is a document that compares the bank's records with the company's records to ensure they match.
It is used to identify any discrepancies between the two sets of records.
It includes items such as deposits in transit, outstanding checks, bank errors, and service charges.
The goal is to ensure the accuracy of the company's financial records and the bank's records.
Once discrepancies are identifi...
I applied via Referral and was interviewed before Dec 2016. There were 3 interview rounds.
I applied via Referral and was interviewed before Mar 2021. There was 1 interview round.
I applied via Naukri.com and was interviewed before Aug 2020. There was 1 interview round.
A type of obligation that a company or individual owes to another party.
Liability refers to the legal obligation to pay debts or fulfill other obligations.
It can be classified as current or long-term, depending on the time frame for repayment.
Examples include accounts payable, loans, and taxes owed.
Liabilities are listed on a company's balance sheet and are an important factor in determining financial health.
Debit represents incoming funds while credit represents outgoing funds.
Debit is used to record an increase in assets or a decrease in liabilities or equity.
Credit is used to record a decrease in assets or an increase in liabilities or equity.
For example, when a company receives cash from a customer, it would debit cash and credit accounts receivable.
Conversely, when a company pays a supplier, it would credit cash and d
I applied via Walk-in and was interviewed in Sep 2022. There were 2 interview rounds.
TDS stands for Tax Deducted at Source. It is a tax collection mechanism in India.
TDS is a way of collecting tax at the source of income.
It is applicable to various types of income such as salary, interest, rent, commission, etc.
The person making the payment deducts a certain percentage of tax and deposits it with the government.
The deducted amount is reflected in the Form 16/16A which is issued to the person receiving ...
GST is a value-added tax levied on goods and services in India. GST return is a document containing details of income, tax paid, and refund claimed.
GST stands for Goods and Services Tax
It is a single tax levied on the supply of goods and services
It replaced multiple indirect taxes like VAT, excise duty, service tax, etc.
GST return is a document filed by registered taxpayers containing details of their income, tax paid,...
ERP stands for Enterprise Resource Planning. It is a software system that integrates all aspects of a business's operations.
ERP helps businesses streamline their processes and improve efficiency
It includes modules for finance, human resources, inventory management, and more
Examples of ERP systems include SAP, Oracle, and Microsoft Dynamics
ERP can be customized to fit the specific needs of a business
It provides real-tim...
I applied via Company Website and was interviewed in Jan 2022. There were 2 interview rounds.
Financial statements are reports that show the financial performance of a company over a specific period of time.
There are three main financial statements: balance sheet, income statement, and cash flow statement.
The balance sheet shows a company's assets, liabilities, and equity at a specific point in time.
The income statement shows a company's revenue, expenses, and net income over a specific period of time.
The cash ...
Golden rules of accounting are basic principles that guide the recording of financial transactions.
The first golden rule is the rule of debit and credit.
The second golden rule is the rule of assets and liabilities.
The third golden rule is the rule of income and expenses.
These rules ensure accuracy and consistency in financial reporting.
For example, if a company purchases inventory on credit, the rule of debit and credi...
Net worth is the value of assets minus liabilities of an individual or company.
Net worth = Assets - Liabilities
Assets include cash, investments, property, and other valuables
Liabilities include debts, loans, and other financial obligations
Net worth is a measure of financial health and stability
Example: If an individual has $100,000 in assets and $50,000 in liabilities, their net worth is $50,000
I applied via Naukri.com and was interviewed in Sep 2021. There were 2 interview rounds.
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