PVR Inox Senior Executive Finance & Accounts Interview Questions and Answers

Fixing assets journal entries involves correcting errors in recording asset transactions.

• Identify the error in the original journal entry

• Reverse the incorrect entry by debiting the asset account and crediting the original account

• Make the correct entry by debiting the correct account and crediting the asset account

• Ensure the entry is properly documented and approved by management

IFRS and US GAAP are two sets of accounting standards used by companies worldwide, with key differences in principles and rules.

• IFRS (International Financial Reporting Standards) is principles-based, focusing on the conceptual framework and objectives of financial reporting.

• US GAAP (Generally Accepted Accounting Principles) is rules-based, providing specific guidelines and detailed rules for accounting treatments.

• IFRS ...read more