Nissan Powertrain Engineer Interview Questions and Answers

Journal entries of reconciliation involve adjusting entries to ensure the balance in the general ledger matches the bank statement.

• Reconciliation involves comparing the transactions in the bank statement with those in the general ledger.

• Adjusting entries are made to correct any discrepancies between the two records.

• Common adjusting entries include recording bank fees, interest income, outstanding checks, and deposits i...read more

The 3 golden rules of accounting are the rules that govern how financial transactions should be recorded and reported.

• 1. Debit the receiver, credit the giver: When an asset is received, it is debited. When an asset is given, it is credited.

• 2. Debit what comes in, credit what goes out: Debit increases assets and expenses, credit decreases them.

• 3. Debit all expenses and losses, credit all incomes and gains: Expenses and ...read more

A voucher in Tally is a document used to record financial transactions in the accounting software.

• Vouchers in Tally include sales vouchers, purchase vouchers, payment vouchers, receipt vouchers, journal vouchers, etc.

• Each voucher type has specific fields to enter transaction details like date, party name, amount, ledger accounts, etc.

• Vouchers help in maintaining accurate and organized financial records for businesses.

• V...read more

Balance sheet is a financial statement that shows a company's assets, liabilities, and equity at a specific point in time.

• Assets are resources owned by the company, such as cash, inventory, and equipment.

• Liabilities are obligations or debts that the company owes to others, such as loans and accounts payable.

• Equity represents the owner's stake in the company, calculated as assets minus liabilities.

• The balance sheet equa...read more

GST stands for Goods and Services Tax, a consumption tax levied on the supply of goods and services. TDS stands for Tax Deducted at Source, a tax collection method.

• GST is a value-added tax levied on most goods and services sold for domestic consumption.

• TDS is a tax deducted by the payer at the time of making payment to the payee.

• GST is collected by businesses and remitted to the government, while TDS is deducted by the...read more

Reconciliation is the process of comparing two sets of records to ensure they are in agreement.

• Reconciliation involves verifying and adjusting financial records to match bank statements or other sources.

• It helps identify discrepancies, errors, or fraud in financial transactions.

• Examples include reconciling bank statements with cash records, credit card statements with expense reports, or inventory records with physical