NeuSource Startup Minds India Key Accounts Executive 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. Working capital formula is current assets minus current liabilities.

• Balance sheet is divided into two sections: assets and liabilities & equity

• Assets include cash, accounts receivable, inventory, property, and equipment

• Liabilities include accounts payable, loans, and taxes owed

• Equity includes retai...read more

There are 7 types of ITR forms. ITR6 is used by companies to file their income tax returns.

• ITR stands for Income Tax Return

• There are 7 types of ITR forms - ITR1, ITR2, ITR3, ITR4, ITR5, ITR6, and ITR7

• ITR6 is used by companies to file their income tax returns

• ITR6 is applicable for companies other than those claiming exemption under section 11 of the Income Tax Act, 1961

• ITR6 is to be filed electronically

• ITR6 requires det...read more

Journal entry of GST ITC set off

• When GST ITC is set off, the journal entry is made in the books of accounts

• The ITC is set off against the output GST liability

• The journal entry for ITC set off is a simple double entry

• The ITC is debited and the output GST liability is credited

• For example, if the ITC is Rs. 10,000 and the output GST liability is Rs. 8,000, then the journal entry will be: ITC A/c Dr. Rs. 10,000 To Output G...read more