R. Devendra Kumar & Associates Interview Questions and Answers

GST stands for Goods and Services Tax, a consumption tax levied on the supply of goods and services in many countries.

• GST is a value-added tax that is collected at each stage of the supply chain.

• It replaces multiple indirect taxes like sales tax and excise duty.

• GST helps in reducing tax evasion and increasing tax compliance.

• There are different GST rates for different goods and services, such as 5%, 12%, 18%, and 28% in...read more

An account is a record of financial transactions for a specific asset, liability, equity, revenue, or expense.

• An account is used to track the financial activity related to a specific category.

• It consists of a title, a description, and a balance.

• Examples include cash account, accounts receivable, and accounts payable.

Recording transactions in Tally or SAP ERP9 involves entering all financial transactions into the software for accurate accounting.

• Ensure all transactions are accurately recorded in the software

• Double check entries to avoid errors

• Use appropriate codes and categories for different types of transactions

• Reconcile accounts regularly to ensure accuracy

• Generate reports to analyze financial data and performance