Nexdigm Associate Interview Questions, Process, and Tips

Payroll rules are guidelines and regulations that govern the calculation and distribution of employee wages.

• Payroll rules determine how employee wages are calculated, including factors such as hours worked, overtime, and deductions.

• They also dictate how and when employees are paid, such as through direct deposit or physical checks.

• Payroll rules may vary based on factors like employment type (full-time, part-time, contr...read more

The question is asking for the sections of TDS.

• TDS stands for Tax Deducted at Source.

• Sections of TDS refer to different provisions under the Income Tax Act that specify the rates and conditions for deducting tax at source.

• Some common sections of TDS include Section 192 for salary, Section 194C for contractor payments, and Section 195 for non-resident payments.

Accounts receivable refers to the money owed to a company by its customers for goods or services provided on credit.

• Accounts receivable is an asset on a company's balance sheet.

• It represents the amount of money that customers owe to the company.

• It is created when a company sells goods or services on credit terms.

• Accounts receivable is typically collected within a specified period, known as the credit period.

• Companies o...read more

The process of accounts receivables involves managing and tracking the money owed to a company by its customers.

• Accounts receivables refer to the outstanding payments that a company is yet to receive from its customers.

• The process starts with generating and sending invoices to customers for the goods or services provided.

• Once the invoices are sent, the company tracks the payments and follows up with customers for any o...read more

Journal entries of purchase return

• When goods are returned to the supplier, a purchase return journal entry is made

• The accounts affected are Accounts Payable and Purchase Returns

• The purchase return is recorded as a debit to Purchase Returns and a credit to Accounts Payable

• Example: If goods worth $500 are returned to the supplier, the journal entry would be: Debit Purchase Returns $500, Credit Accounts Payable $500

Accounts payable and receivables are both financial transactions, but they differ in terms of direction and purpose.

• Accounts payable refers to the money a company owes to its suppliers or vendors for goods or services received.

• Accounts receivable refers to the money owed to a company by its customers or clients for goods or services provided.

• Accounts payable represents a liability for the company, while accounts receiv...read more