Tata Group Senior Accountant Interview Questions and Answers

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Q1. What is current account
Ans. 
The current account is a component of a country's balance of payments that records the transactions of goods, services, income, and current transfers.
• It includes exports and imports of goods and services

• It also includes income from investments and transfers such as foreign aid

• The current account balance can be positive (surplus) or negative (deficit)

• A surplus indicates that a country is exporting more than it is import...read more
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Q2. What is preliminary expenses
Ans. 
Preliminary expenses are the costs incurred before a company starts its operations.
• Preliminary expenses are one-time costs that are necessary to set up a business.

• These expenses include legal fees, registration fees, market research costs, etc.

• Preliminary expenses are considered as intangible assets and are amortized over a period of time.

• They are recorded on the balance sheet under the 'Intangible Assets' section.

• Exam...read more
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Q3. Difference between revenue and capital expenditure
Ans. 
Revenue is income generated from the core operations of a business, while capital expenditure is the investment in long-term assets.
• Revenue is the money earned by a company through its primary activities, such as sales of goods or services.

• Capital expenditure refers to the funds spent on acquiring or improving long-term assets, such as property, equipment, or technology.

• Revenue is typically recurring and contributes to...read more
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