North West Carrying Co. Accountant Interview Questions and Answers

Accounting is the process of recording, classifying, and summarizing financial transactions to provide information that is useful in making business decisions.

• Accounting involves recording financial transactions

• It classifies transactions into categories such as assets, liabilities, and equity

• It summarizes the transactions in financial statements such as balance sheets and income statements

• Accounting provides informatio...read more

Sale or purchase refers to the exchange of goods or services for money or other valuable consideration.

• Sale is the transfer of ownership of goods or services from the seller to the buyer in exchange for money or other valuable consideration.

• Purchase is the acquisition of goods or services by paying money or other valuable consideration to the seller.

• Examples of sale include selling a car, a house, or a product in a sto...read more

Goods and Services Tax (GST) is a comprehensive indirect tax levied on the supply of goods and services.

• GST is a single tax that replaced multiple indirect taxes in India

• It is a destination-based tax, meaning the tax is collected where the goods or services are consumed

• GST has 4 tax slabs - 5%, 12%, 18%, and 28%

• It has simplified the tax structure and made compliance easier for businesses