Neil Patel Digital India Interview Questions and Answers for Freshers

Accounting is the process of recording, summarizing, analyzing, and reporting financial transactions of a business.

• Involves recording financial transactions

• Summarizing financial data in financial statements

• Analyzing financial information to make business decisions

• Reporting financial results to stakeholders

• Examples: preparing balance sheets, income statements, cash flow statements

Accrual accounting is a method of accounting where revenues and expenses are recorded when they are earned or incurred, regardless of when cash is exchanged.

• Revenue is recognized when it is earned, not necessarily when cash is received

• Expenses are recognized when they are incurred, not necessarily when cash is paid

• Accrual accounting provides a more accurate representation of a company's financial position and performan

Filing for GST returns involves registering for GST, maintaining proper records, calculating the tax amount, and submitting the returns online.

• Register for GST with the tax authorities.

• Maintain accurate records of all sales and purchases.

• Calculate the GST amount to be paid or refunded.

• Submit the GST returns online through the GST portal.

• Ensure timely filing to avoid penalties.