Pacific Global Solutions Interview Questions and Answers

Dashboard design UI design

Q1. Diff b/w Cheque and DD.
Ans. 
Cheque is a written order to pay a specific amount to a specific person, while a Demand Draft is a prepaid instrument where the bank guarantees payment.
• Cheque is drawn by an individual to pay a specific amount to a specific person, while a Demand Draft is issued by a bank on behalf of a customer.

• Cheque can bounce if there are insufficient funds in the account, but a Demand Draft is prepaid and guaranteed by the bank.

• Ch...read more
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Q2. Pass journal entry for prepaid exp and accrued exp
Ans. 
Journal entry for prepaid and accrued expenses
• Prepaid expense journal entry: Debit Prepaid Expense, Credit Cash/Bank

• Accrued expense journal entry: Debit Expense, Credit Accrued Expense Liability

• Example: Prepaid rent of $1,000 - Debit Prepaid Rent $1,000, Credit Cash $1,000

• Example: Accrued salaries of $500 - Debit Salary Expense $500, Credit Accrued Salaries $500
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Q3. 5 scenarios where book balance and bank balance will defer
Ans. 
Scenarios where book balance and bank balance will differ
• Outstanding checks that have not cleared the bank yet

• Deposits in transit that have not been recorded in the books yet

• Bank fees or service charges not yet recorded in the books

• Errors in recording transactions in either the books or the bank statement

• Interest earned on the bank account not yet recorded in the books
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Q4. Diff between amortisation, dep and depletion
Ans. 
Amortisation is for intangible assets, depreciation is for tangible assets, and depletion is for natural resources.
• Amortisation is the process of spreading the cost of an intangible asset over its useful life.

• Depreciation is the allocation of the cost of a tangible asset over its useful life.

• Depletion is the allocation of the cost of natural resources over the period they are consumed or extracted.

• Examples: Amortisatio...read more
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Q5. Checked the communication skills
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Q6. Ask questions based on real life scenarios regarding client’s requirements
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20 random questions about accounting and Quick Books

Q1. What core hr skills you suppose
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Q1. Accounting Questions
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Q1. Experience & accounting
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