Africare Global Business Ventures (India) Private Limited Account Assistant Interview Questions and Answers

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Q1. Both are good morning
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Q1. What is the difference between a provision and a reserve
Ans. 
Provisions are liabilities that are uncertain in timing or amount, while reserves are profits set aside for specific purposes.
• Provisions are made for known liabilities that are uncertain in timing or amount, such as bad debts or legal claims.

• Reserves are profits set aside for specific purposes, such as expansion, dividends, or contingencies.

• Provisions are charged against profits as expenses, while reserves are not char...read more
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Q1. How will you recognise revenue in service industries
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Revenue recognition in service industries depends on the type of service provided and the terms of the contract.
• Recognize revenue when the service is completed and the customer is billed

• Recognize revenue over time if the service is ongoing and the customer is billed periodically

• Recognize revenue when the service is delivered if payment is received in advance

• Recognize revenue based on percentage of completion if the ser...read more
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Q1. What is accounting
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Accounting is the process of recording, summarizing, analyzing, and reporting financial transactions of a business.
• Accounting involves recording financial transactions such as sales, purchases, and expenses.

• It includes summarizing the financial data into financial statements like balance sheets and income statements.

• Accounting also involves analyzing the financial information to provide insights for decision-making.

• Rep...read more
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Q2. What is journal
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A journal is a detailed record of financial transactions in chronological order.
• A journal is used to record all financial transactions of a business.

• It includes the date, description, and amount of each transaction.

• Journals are typically organized by accounts, such as cash, accounts receivable, and accounts payable.

• The information recorded in a journal is later transferred to the general ledger for financial reporting.

• ...read more
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Q1. Almost how much years are you doing accounting.
Ans. 
I have been doing accounting for 8 years.
• I have 8 years of experience in accounting.

• I started my accounting career in 2013.

• I have worked in various accounting roles over the past 8 years.

• I am well-versed in financial reporting, budgeting, and auditing.

• I have a strong understanding of accounting principles and regulations.
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Q2. Which are the area of specialisation
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Areas of specialization for accountants include tax accounting, forensic accounting, auditing, and management accounting.
• Tax accounting involves preparing tax returns and advising clients on tax laws.

• Forensic accounting focuses on investigating financial discrepancies and fraud.

• Auditing involves examining financial records to ensure accuracy and compliance with laws.

• Management accounting involves analyzing financial da...read more
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Accounting and Taxations

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Q1. Both are good morning
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