TCS General Accounting Operation Analyst Interview Questions, Process, and Tips

Golden rules of accounting are basic principles that guide the process of recording financial transactions.

• There are three golden rules of accounting: Debit the receiver, Credit the giver; Debit what comes in, Credit what goes out; Debit all expenses and losses, Credit all incomes and gains.

• These rules ensure that every transaction is recorded accurately and consistently.

• For example, when a company receives cash from a...read more

Accrual is an accounting method that recognizes revenues and expenses when they are incurred, regardless of when cash is exchanged.

• Accrual accounting matches revenues to the time period in which they are earned and expenses to the time period in which they are incurred.

• It provides a more accurate picture of a company's financial position compared to cash accounting.

• Accruals are recorded as adjusting journal entries at ...read more

Fixed assets are long-term tangible assets that are used in the production of income and are not expected to be consumed or converted into cash within a year.

• Fixed assets include property, plant, and equipment (PP&E) such as buildings, machinery, vehicles, and furniture.

• They are recorded on the balance sheet at their original cost minus accumulated depreciation.

• Fixed assets are not intended for sale in the normal cours...read more

Inventory refers to the goods and materials a business holds for the purpose of resale or production.

• Inventory includes raw materials, work-in-progress, and finished goods.

• It is an important asset on a company's balance sheet.

• Inventory management involves tracking, ordering, and storing inventory efficiently.

• Examples of inventory include merchandise in a retail store, components in a manufacturing plant, and supplies i

Asset life cycle refers to the stages an asset goes through from acquisition to disposal.

• Includes acquisition, maintenance, depreciation, and disposal of assets

• Helps in tracking the value and condition of assets over time

• Optimizing asset life cycle can lead to cost savings and improved efficiency