Navkar Business Services Book Keeper Interview Questions and Answers

Q1. Nothing much better
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Q1. Nothing much better
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Q1. Nothing much better
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Q1. Nothing much better
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Q1. Both are good morning
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Q1. Nothing much better than
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Q1. What is accounting
Ans. 
Accounting is the process of recording, summarizing, analyzing, and reporting financial transactions of a business.
• Accounting involves recording financial transactions such as sales, purchases, and expenses.

• It includes summarizing the financial data into financial statements like balance sheets and income statements.

• Accounting also involves analyzing the financial information to provide insights for decision-making.

• Rep...read more
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Q2. What is journal
Ans. 
A journal is a detailed record of financial transactions in chronological order.
• A journal is used to record all financial transactions of a business.

• It includes the date, description, and amount of each transaction.

• Journals are typically organized by accounts, such as cash, accounts receivable, and accounts payable.

• The information recorded in a journal is later transferred to the general ledger for financial reporting.

• ...read more
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Q1. What is Tds and how explain one sections
Ans. 
TDS stands for Tax Deducted at Source. It is a tax collection method where a certain percentage of tax is deducted by the payer at the time of making payment to the payee.
• TDS is deducted by the payer and deposited with the government on behalf of the payee.

• It is applicable to various payments like salary, interest, commission, rent, etc.

• One section of TDS is Section 194C which deals with TDS on payments to contractors ...read more
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Q2. Tds is tax deduction source 94c comes under tds for contract
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Q1. What is the difference between a provision and a reserve
Ans. 
Provisions are liabilities that are uncertain in timing or amount, while reserves are profits set aside for specific purposes.
• Provisions are made for known liabilities that are uncertain in timing or amount, such as bad debts or legal claims.

• Reserves are profits set aside for specific purposes, such as expansion, dividends, or contingencies.

• Provisions are charged against profits as expenses, while reserves are not char...read more
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Interaction between two person, share their knowledge, skills and relevant qualifications for the position.

Aptitude test is to test the candidates IQ level and their grasping power towards organizations... Using tricky mathematics to test candidates knowledge.

GST
TYPE OF GST RETURN
RECONCIALATION

Q1. Journal entry for prepaid expenses
Ans. 
Journal entry for prepaid expenses involves debiting Prepaid Expense account and crediting Cash or Bank account.
• Debit Prepaid Expense account to record the expense paid in advance

• Credit Cash or Bank account to show the decrease in cash due to prepayment

• Prepaid expenses are considered assets until they are used up or expire

• Example: Journal entry for prepaid rent - Debit Prepaid Rent, Credit Cash/Bank
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Q2. What is bank reconciliation
Ans. 
Bank reconciliation is the process of comparing a company's records with those of its bank to ensure they match.
• Bank reconciliation involves comparing the company's records of its financial transactions with the bank's records.

• It helps identify any discrepancies such as missing transactions, errors, or fraudulent activity.

• The process involves adjusting the company's records to match the bank's records by reconciling an...read more
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