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Cash basis records transactions when cash is exchanged, while accrual basis records transactions when they occur.
Cash basis records revenue when cash is received and expenses when cash is paid.
Accrual basis records revenue when it is earned and expenses when they are incurred.
Cash basis is simpler but may not accurately reflect financial position, while accrual basis provides a more accurate picture of financial health...
Journal entry for sales return with GST involves debiting sales return account, crediting accounts receivable, and adjusting GST payable.
Debit sales return account for the amount of sales return
Credit accounts receivable for the amount of sales return
Adjust GST payable by reversing the GST charged on the original sale
Example: Debit Sales Return Account $500, Credit Accounts Receivable $500, Adjust GST Payable $50
I applied via Campus Placement and was interviewed before May 2021. There were 2 interview rounds.
Accounting is the process of recording, classifying, and summarizing financial transactions to provide information that is useful in making business decisions.
Classification of accounting includes financial accounting, management accounting, tax accounting, and auditing.
Financial accounting involves recording and reporting financial transactions for external stakeholders.
Management accounting involves providing financi...
Yes, there are several advantages of being an accountant.
Stable and in-demand career
Opportunities for growth and advancement
Ability to work in various industries
High earning potential
Opportunity to work independently or as part of a team
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I applied via Company Website and was interviewed in Oct 2020. There were 4 interview rounds.
I applied via Recruitment Consultant and was interviewed before Jun 2020. There were 6 interview rounds.
I applied via Naukri.com and was interviewed before Jul 2020. There was 1 interview round.
I applied via Campus Placement and was interviewed before Dec 2019. There was 1 interview round.
I applied via Referral and was interviewed in Jun 2018. There were 6 interview rounds.
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