President Motors Account Assistant Interview Questions and Answers

CGST stands for Central Goods and Services Tax and SGST stands for State Goods and Services Tax.

• CGST and SGST are two components of GST.

• CGST is levied by the central government and SGST is levied by the state government.

• Both taxes are charged on the same taxable value of a product or service.

• The combined rate of CGST and SGST is equal to the GST rate applicable on the product or service.

Direct expenses are directly related to the production of goods or services, while indirect expenses are not directly related.

• Direct expenses are incurred for a specific purpose, such as raw materials or labor costs.

• Indirect expenses are incurred for general business purposes, such as rent or utilities.

• Direct expenses are variable costs that increase or decrease with production, while indirect expenses are fixed costs ...read more

Return reason code 71 for CHAQ

• CHAQ stands for Customer Handling and Quality

• Return reason code 71 indicates that the customer returned the product due to a defect or quality issue

• The code may vary depending on the company's return policy and system

We are using GST to comply with the government's tax regulations and to streamline our accounting processes.

• GST helps us to avoid double taxation and reduces the burden of multiple taxes.

• It also helps us to claim input tax credit on our purchases.

• By using GST, we can easily file our tax returns online and avoid any penalties for non-compliance.

• For example, if we purchase office supplies, we can claim the GST paid on th...read more

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

• Reconciliation involves comparing financial records to ensure accuracy

• It is important for identifying errors and discrepancies

• Examples include reconciling bank statements and accounts payable/receivable

• Reconciliation is a key part of the accounting process

Inventory refers to the goods or materials a business holds for the purpose of resale or production.

• Inventory includes raw materials, work-in-progress goods, and finished products.

• It is important for businesses to manage their inventory levels to avoid stockouts or excess inventory.

• Inventory can be tracked using various methods such as FIFO, LIFO, and weighted average.

• Examples of businesses that heavily rely on invento...read more

Inventory is used to track and manage the stock of goods a company has on hand.

• Inventory helps businesses keep track of their stock levels and avoid stockouts.

• It allows businesses to forecast demand and plan production accordingly.

• Inventory can also help businesses identify slow-moving or obsolete items and make informed decisions about pricing and promotions.

• Examples of businesses that use inventory include retail sto...read more

Stock statements are used to track inventory levels and monitor sales performance.

• Stock statements help in identifying slow-moving or dead stock.

• They aid in making informed decisions about inventory management.

• They provide insights into sales trends and help in forecasting future demand.

• Stock statements are useful for financial reporting and tax purposes.

• Examples of stock statements include inventory turnover ratio, da...read more

RTGS stands for Real Time Gross Settlement.

• RTGS is a system for transferring funds from one bank to another in real-time.

• It is used for high-value transactions that require immediate clearance.

• The minimum amount for RTGS transactions is usually set by the bank.

• RTGS is a secure and reliable way to transfer funds.

• It is commonly used for transactions such as large business payments, property purchases, and investments.

NEFT stands for National Electronic Funds Transfer.

• NEFT is an electronic payment system used for transferring funds between bank accounts in India.

• It operates on a deferred net settlement (DNS) basis, which means transactions are processed in batches.

• NEFT transactions can be initiated online or at a bank branch.

• The minimum amount for NEFT transactions is usually Rs. 1, but this can vary depending on the bank.

• NEFT is a ...read more

IMPS stands for Immediate Payment Service, enabling real-time money transfers in India.

• IMPS allows instant fund transfers 24/7, unlike traditional banking methods.

• It is widely used for mobile banking and online transactions.

• IMPS transactions can be done using mobile apps, SMS, or internet banking.

• For example, you can transfer money from one bank account to another instantly using IMPS.

Yes, I use net banking regularly for all my financial transactions.

• I find net banking to be a convenient and secure way to manage my finances.

• I use it to transfer funds, pay bills, and check my account balance.

• I also make sure to keep my login credentials and passwords secure.

• I have never faced any issues with net banking and find it to be a reliable option.

Creditors are owed money by a company, while debtors owe money to a company.

• Creditors are external parties who have provided goods or services to a company on credit and are waiting to be paid.

• Debtors are customers who owe money to a company for goods or services that they have received but not yet paid for.

• Creditors are liabilities on a company's balance sheet, while debtors are assets.

• Examples of creditors include su...read more