LTIMindtree Executive Accountant Interview Questions and Answers

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 ...read more

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,...read more

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...read more

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 ...read more

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...read more

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