Trent Interview Questions and Answers

We will manage all payments and staff records through a comprehensive accounting software system.

• Implementing an accounting software system to track and manage all payments and staff records

• Creating a centralized database to store and organize payment and staff information

• Establishing clear processes and procedures for recording and updating payment and staff records

• Regularly reconciling payment records with bank statements to ensure accuracy

• Implementing strong security measu...read more

The TDS rate under section 94C varies depending on the nature of the payment.

• TDS rate under section 94C is applicable for payments made to contractors and sub-contractors.

• For payments made to contractors engaged in advertising, broadcasting, or telecasting, the TDS rate is 1%.

• For payments made to contractors engaged in any other business, the TDS rate is 2%.

• If the contractor provides a valid PAN, the TDS rate is reduced to 0.75% or 1.5% respectively.

• The TDS rate under section...read more

Yes, I am familiar with petty cash transactions.

• Petty cash transactions refer to small cash payments made for miscellaneous expenses.

• These transactions are typically recorded in a petty cash book or log.

• Examples of petty cash transactions include reimbursing employees for office supplies, paying for small repairs, or covering minor travel expenses.

• Proper documentation and reconciliation of petty cash transactions are essential to maintain accurate financial records.

Accounts types refer to the classification of accounts based on their nature and purpose. Accounts definition is the explanation of what an account represents in financial transactions.

• Accounts Types: Assets, Liabilities, Equity, Revenue, Expenses

• Accounts Definition: An account is a record of financial transactions related to a particular item or category

• Examples: Cash (Asset), Accounts Payable (Liability), Retained Earnings (Equity), Sales (Revenue), Rent (Expense)

ERP stands for Enterprise Resource Planning.

• ERP is a software system that integrates various business processes and functions into a single system.

• It helps in streamlining operations, reducing costs, and improving efficiency.

• Examples of ERP software include SAP, Oracle, and Microsoft Dynamics.

• ERP modules can include finance, human resources, inventory management, and customer relationship management.