Reventics Accountant Interview Questions and Answers

Accounting involves recording, classifying, and summarizing financial transactions to provide information for decision-making.

• Maintain accurate financial records

• Classify transactions into appropriate categories

• Summarize financial data for reporting and analysis

• Ensure compliance with accounting standards and regulations

• Use accounting software and tools

• Provide financial information for decision-making

The tax calculation on proprietorship depends on the income and tax laws of the specific country.

• Tax on proprietorship is calculated based on the income generated by the business.

• The tax rate may vary depending on the tax laws and regulations of the country.

• Deductions and exemptions allowed for business expenses can also affect the tax calculation.

• For example, in the United States, sole proprietors report their busines...read more

P2P process refers to the procurement-to-payment process, which involves the entire cycle of purchasing goods or services and paying for them.

• P2P process involves requisitioning, purchasing, receiving, and paying for goods or services.

• It starts with a purchase requisition, which is then approved and turned into a purchase order.

• The goods or services are received and inspected, and an invoice is generated.

• The invoice is...read more