MGM Healthcare Accounts & Finance Executive Interview Questions and Answers

TDS rates vary depending on the type of payment and the recipient's status.

• TDS rate for salary income is based on the individual's income tax slab rate.

• TDS rate for rent payment is 10% if annual rent exceeds Rs. 2.4 lakhs.

• TDS rate for professional fees is 10% if payment exceeds Rs. 30,000 in a financial year.

• TDS rate for interest income is 10% if the interest exceeds Rs. 40,000 in a financial year.

• TDS rate for lottery ...read more

Month end process refers to the activities that are performed at the end of each month to close the books and prepare financial statements.

• Reconciling accounts

• Posting adjusting entries

• Preparing financial statements

• Reviewing financial performance

• Closing the books

• Ensuring compliance with accounting standards

• Preparing for audits

A process of matching three documents - purchase order, invoice, and receiving report - to ensure accuracy of payment.

• Three documents - purchase order, invoice, and receiving report - are compared to ensure accuracy of payment.

• The purchase order details what was ordered and at what price.

• The receiving report confirms that the goods were received and in what quantity.

• The invoice details what was shipped and at what pric...read more

To pass a provision entry, debit the expense account and credit the provision account. To reverse, do the opposite.

• Debit the expense account and credit the provision account to pass a provision entry

• To reverse, credit the expense account and debit the provision account

• Provision entries are made for expected expenses that have not yet been incurred

• Examples of provision entries include provision for bad debts, provision