S T Agarwal & Associates Accounting Staff Interview Questions and Answers

TDS stands for Tax Deducted at Source and TCS stands for Tax Collected at Source.

• TDS is deducted by the payer while making certain payments, such as salary, rent, or commission, and is deposited with the government.

• TCS is collected by the seller while making sales of specified goods, such as scrap, minerals, or motor vehicles, and is deposited with the government.

• TDS is applicable to various sections of the Income Tax ...read more

The trial balance is a statement that lists all the general ledger accounts and their balances to ensure they are in balance.

• It is a tool used in accounting to check the accuracy of the recorded transactions.

• It lists all the debit and credit balances of the accounts.

• The total of debit balances should equal the total of credit balances.

• If the trial balance doesn't balance, it indicates errors in the accounting records.

• I...read more

Capital is shown on the liability side of the balance sheet because it represents the amount owed to the owners or shareholders of the company.

• Capital is considered a liability because it represents the company's obligation to repay the owners or shareholders their investment in the business.

• It is shown on the liability side to indicate that it is a claim against the company's assets by the owners.

• Capital can be in the...read more

Cash discount is a reduction in the amount payable by a customer for paying in cash, while trade discount is a reduction in the list price of a product offered to a customer.

• Cash discount is given to encourage prompt payment and is usually a percentage of the total invoice amount.

• Trade discount is given to wholesalers or retailers and is deducted from the list price before the customer pays.

• Cash discount is recorded as...read more

The shortcut key to duplicate voucher in Tally Prime is Ctrl+Alt+C.

• The shortcut key is used to quickly duplicate a voucher in Tally Prime.

• Pressing Ctrl+Alt+C will create a duplicate copy of the selected voucher.

• This shortcut can save time when entering similar transactions.

• It is a convenient way to replicate vouchers without manually entering all the details again.