Raheja Universal Interview Questions and Answers

The golden rules of accountancy are basic principles that guide the recording of financial transactions.

• The first golden rule is the Personal Account rule, which states that all personal accounts are debited for the receiver and credited for the giver.

• The second golden rule is the Real Account rule, which states that all real accounts are debited for what comes in and credited for what goes out.

• The third golden rule is...read more

A trial balance is a list of all the general ledger accounts used by a company, along with their respective debit or credit balances.

• A trial balance is prepared to ensure that the total debits equal the total credits in the general ledger.

• It helps in identifying any errors or discrepancies in the accounting records.

• The trial balance includes all the accounts, such as assets, liabilities, equity, revenues, and expenses.

• ...read more

TDS stands for Tax Deducted at Source. It is a system in which tax is deducted from the income of an individual or entity at the time of payment.

• TDS is a method of collecting tax in India

• It is applicable to various types of payments such as salaries, interest, rent, etc.

• The person making the payment deducts a certain percentage of tax before making the payment

• The deducted tax is then deposited with the government on be...read more

The income tax slab rates vary based on the individual's or company's income level.

• Income tax slab rates differ for individuals, companies, and organizations.

• The rates are determined based on the income level of the taxpayer.

• Different countries have different income tax slab rates.

• Tax rates may vary for different income brackets.

• Tax rates can change over time due to government policies and reforms.

Ledger is a book of accounts where transactions are recorded, while Trial Balance is a statement that shows the balances of all ledger accounts.

• Ledger is a primary book of accounts where all transactions are recorded chronologically.

• Trial Balance is a statement that shows the balances of all ledger accounts at a particular point in time.

• Ledger is used to prepare Trial Balance.

• Ledger contains all the details of transact...read more

Debit is an entry that increases assets and decreases liabilities, while credit is an entry that decreases assets and increases liabilities.

• Debit is on the left side of an account, while credit is on the right side.

• Debit is used to record an increase in assets, such as cash or inventory.

• Credit is used to record a decrease in assets, such as when a customer pays off a debt.

• Debit is used to record a decrease in liabiliti...read more

The accounting equation is a fundamental principle in accounting that states that assets equal liabilities plus equity.

• The accounting equation is expressed as: Assets = Liabilities + Equity

• It is used to ensure that the financial statements are balanced.

• Assets represent what a company owns, liabilities represent what a company owes, and equity represents the owner's interest in the company.

• The equation must always be in...read more

MIS in Accounting stands for Management Information System which is a computerized system used to manage and analyze financial data.

• MIS helps in generating financial reports and analyzing financial data

• It helps in decision making by providing accurate and timely information

• MIS can be used to track inventory, sales, and expenses

• It can also be used to monitor cash flow and budgeting

• Examples of MIS software include QuickB...read more

Depreciation is the decrease in value of an asset over time due to wear and tear, obsolescence, or other factors.

• Depreciation is a non-cash expense that reduces the value of an asset on the balance sheet.

• It is calculated by dividing the cost of the asset by its useful life.

• There are different methods of calculating depreciation, such as straight-line, declining balance, and sum-of-the-years-digits.

• Examples of assets th...read more

P2P in Accounting stands for Procure-to-Pay, which is the process of purchasing goods or services and paying for them.

• P2P involves several steps such as requisition, purchase order, receipt of goods or services, invoice processing, and payment.

• It helps in streamlining the procurement process and reducing costs.

• P2P can be automated using software such as ERP systems.

• Examples of P2P software include SAP Ariba, Coupa, and...read more

R2R stands for Record to Report, which is a finance and accounting process that involves recording financial transactions and preparing financial statements.

• R2R is a crucial process in accounting that involves recording financial transactions, reconciling accounts, and preparing financial statements.

• It includes activities such as journal entries, general ledger maintenance, balance sheet reconciliations, and financial ...read more

Closing stock is recorded as an asset in the balance sheet. The entry involves debiting the closing stock account and crediting the trading account.

• Debit the closing stock account

• Credit the trading account

• Closing stock is recorded as an asset in the balance sheet

• The entry is made at the end of the accounting period

Debit note is a document sent by a buyer to a seller to request a credit for overcharged amount, while credit note is a document sent by a seller to a buyer to acknowledge a credit for undercharged amount.

• Debit note is sent by the buyer to request a credit for overcharged amount

• Credit note is sent by the seller to acknowledge a credit for undercharged amount

• Debit note reduces the amount payable by the buyer

• Credit note ...read more

Yes, profit or loss is a nominal account.

• Nominal accounts are accounts that are related to income, expenses, gains, and losses.

• Profit or loss is a nominal account because it is related to the income and expenses of a business.

• It is used to calculate the net profit or loss of a business at the end of an accounting period.

• Examples of other nominal accounts include salaries, rent, interest, and depreciation.