PwC Senior Accountant Interview Questions and Answers

Journal entry for prepaid expenses involves debiting Prepaid Expense account and crediting Cash or Bank account.

• Debit Prepaid Expense account to record the expense paid in advance

• Credit Cash or Bank account to show the decrease in cash due to prepayment

• Prepaid expenses are considered assets until they are used up or expire

• Example: Journal entry for prepaid rent - Debit Prepaid Rent, Credit Cash/Bank

Bank reconciliation is the process of comparing a company's records with those of its bank to ensure they match.

• Bank reconciliation involves comparing the company's records of its financial transactions with the bank's records.

• It helps identify any discrepancies such as missing transactions, errors, or fraudulent activity.

• The process involves adjusting the company's records to match the bank's records by reconciling an...read more

TDS stands for Tax Deducted at Source. It is a tax collection method where a certain percentage of tax is deducted by the payer at the time of making payment to the payee.

• TDS is deducted by the payer and deposited with the government on behalf of the payee.

• It is applicable to various payments like salary, interest, commission, rent, etc.

• One section of TDS is Section 194C which deals with TDS on payments to contractors ...read more