Gokiwi Tech Interview Questions and Answers

Balance sheet is a financial statement that shows a company's assets, liabilities, and equity at a specific point in time.

• Assets are resources owned by the company, such as cash, inventory, and equipment.

• Liabilities are obligations or debts that the company owes to others, such as loans and accounts payable.

• Equity represents the owner's stake in the company, calculated as assets minus liabilities.

• The balance sheet equation is Assets = Liabilities + Equity.

• Example: If a compan...read more

There are various types of computers available in the market.

• Desktop computers

• Laptop computers

• Tablet computers

• Server computers

• Mainframe computers

• Supercomputers

The 3 golden rules of accounting are the rules that govern how financial transactions should be recorded and reported.

• 1. Debit the receiver, credit the giver: When an asset is received, it is debited. When an asset is given, it is credited.

• 2. Debit what comes in, credit what goes out: Debit increases assets and expenses, credit decreases them.

• 3. Debit all expenses and losses, credit all incomes and gains: Expenses and losses are debited, incomes and gains are credited.

Reconciliation is the process of comparing two sets of records to ensure they are in agreement.

• Reconciliation involves verifying and adjusting financial records to match bank statements or other sources.

• It helps identify discrepancies, errors, or fraud in financial transactions.

• Examples include reconciling bank statements with cash records, credit card statements with expense reports, or inventory records with physical counts.

Accounting is the process of recording, classifying, and summarizing financial transactions to provide information that is useful in making business decisions.

• Accounting involves recording financial transactions

• It includes classifying transactions into categories such as assets, liabilities, and equity

• Summarizing financial information to provide useful insights for decision-making

• Examples of financial statements include balance sheets, income statements, and cash flow stateme...read more

GST stands for Goods and Services Tax, a consumption tax levied on the supply of goods and services. TDS stands for Tax Deducted at Source, a tax collection method.

• GST is a value-added tax levied on most goods and services sold for domestic consumption.

• TDS is a tax deducted by the payer at the time of making payment to the payee.

• GST is collected by businesses and remitted to the government, while TDS is deducted by the payer and deposited with the government.

• GST rates vary de...read more

Different types of accounts are used to classify and track financial transactions based on their nature and purpose.

• Types of accounts include assets, liabilities, equity, revenue, and expenses.

• Assets are resources owned by the company, such as cash, inventory, and property.

• Liabilities are obligations owed by the company, such as loans and accounts payable.

• Equity represents the residual interest in the assets of the company after liabilities are deducted.

• Revenue is the income ...read more

A computer is an electronic device that can perform various tasks by executing instructions given to it.

• Computers can process and store large amounts of data

• They can be used for communication, entertainment, and work

• Examples include desktops, laptops, tablets, and smartphones