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The golden rules of accounting are basic principles that guide the recording of financial transactions.
The revenue recognition principle
The matching principle
The cost principle
The full disclosure principle
The going concern principle
The objectivity principle
The consistency principle
The conservatism principle
Net worth is the total value of an individual's assets minus their liabilities.
Net worth is calculated by subtracting an individual's liabilities from their assets.
Assets can include cash, investments, property, and other valuables.
Liabilities can include debts, mortgages, and other financial obligations.
Net worth is a measure of an individual's financial health and can be used to track progress towards financial goals...
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I applied via campus placement at Institute of Cost and Works Accountants of India (ICWAI) and was interviewed in Oct 2024. There were 2 interview rounds.
It was a case study where we have to come up with a solution for the problem and the time given for the discussion is 15 min
Blocked credit refers to the amount of credit that is temporarily unavailable for use due to certain restrictions or issues.
Blocked credit can occur when a customer exceeds their credit limit.
It can also happen when there are pending transactions that have not been processed yet.
Blocked credit may be due to suspected fraudulent activity on the account.
In some cases, blocked credit can be resolved by contacting the cred...
Reverse charge mechanism is a concept in taxation where the recipient of the goods or services is liable to pay the tax instead of the supplier.
Under reverse charge mechanism, the recipient of the goods or services is responsible for paying the tax directly to the government.
This mechanism is commonly used in B2B transactions where the supplier is not required to collect tax from the recipient.
It is often implemented t...
CAPM model stands for Capital Asset Pricing Model, used to determine the expected return on an investment based on risk and cost of capital.
CAPM model calculates the expected return on an investment by considering the risk-free rate, beta of the investment, and market risk premium.
It helps in determining if an investment is worth the risk by comparing the expected return with the required return.
The formula for CAPM is...
I will approach third parties for information by establishing clear communication channels and building strong relationships.
Initiate contact through email or phone to request information
Clearly explain the purpose of the request and provide necessary details
Follow up politely and promptly if there is no response
Maintain professionalism and confidentiality in all communications
Build rapport with third parties to facili
I applied via Walk-in and was interviewed in Mar 2021. There were 4 interview rounds.
I applied via Referral and was interviewed before Apr 2021. There were 2 interview rounds.
I applied via LinkedIn and was interviewed in Nov 2019. There was 1 interview round.
Credit procedure involves the process of assessing and granting credit to customers based on their creditworthiness.
Credit procedure involves evaluating the creditworthiness of customers.
It includes assessing factors such as credit history, financial stability, and payment behavior.
The procedure may involve obtaining credit reports, analyzing financial statements, and conducting credit checks.
Based on the evaluation, c...
The documents required to audit food or tariff bills include invoices, receipts, purchase orders, bank statements, inventory records, and tax returns.
Invoices and receipts provide evidence of the transactions and payments made.
Purchase orders help verify the items purchased and their prices.
Bank statements show the financial transactions related to the bills.
Inventory records assist in reconciling the stock and ensurin...
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