S2 Infotech Intern Interview Questions and Answers

An account is a record of financial transactions of a person or organization.

• Accounts are used to track income, expenses, assets, and liabilities.

• They are important for financial planning and budgeting.

• Examples of accounts include checking accounts, savings accounts, and credit card accounts.

• Accounting software is often used to manage accounts.

• Accounts can be used to generate financial statements such as balance sheets

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.

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

• Depreciation is important for businesses to accurately reflect the value of their assets and ...read more