Redserv Global Solutions Interview Questions and Answers

Depreciation entry is an accounting entry that records the decrease in value of an asset over time.

• Depreciation entry is recorded in the books of accounts to reflect the decrease in the value of an asset due to wear and tear, obsolescence, or other factors.

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

• Depreciation can be calculated using various methods such as straight-line method, ...read more

Liability is a present obligation while provision is a possible obligation.

• Liability is a certain obligation that a company owes to others, while provision is a possible obligation that may or may not occur in the future.

• Liability is recorded on the balance sheet while provision is recorded in the notes to the financial statements.

• Examples of liabilities include accounts payable, loans, and salaries payable, while exam...read more