Pyrotek India Interview Questions and Answers

Accounting is the process of recording, summarizing, analyzing, and reporting financial transactions of a business.

• Accounting involves recording financial transactions, summarizing them in financial statements, analyzing the data, and reporting the results.

• Accounts receivable are amounts owed to a company by customers for goods or services provided. Accounts payable are amounts owed by a company to suppliers for goods or services received.

• Holding companies are entities that o...read more

Consolidation of accounts and entries involves combining financial information from multiple entities into a single set of financial statements.

• Consolidation is necessary when a company has subsidiaries or other entities that it controls.

• The process involves eliminating intercompany transactions and balances.

• Consolidated financial statements provide a more accurate picture of a company's financial position and performance.

• Entries may include adjusting entries to eliminate int...read more

Depreciation methods are techniques used to allocate the cost of a tangible asset over its useful life.

• Depreciation methods include straight-line, double declining balance, units of production, and sum of the years' digits.

• Straight-line method evenly spreads the cost of an asset over its useful life.

• Double declining balance method accelerates depreciation in the early years of an asset's life.

• Units of production method bases depreciation on the actual usage of the asset.

• Sum o...read more

Accounting standards are guidelines and rules set by regulatory bodies to ensure consistency and transparency in financial reporting.

• Accounting standards dictate how financial transactions should be recorded, reported, and disclosed in financial statements.

• They help ensure that financial information is accurate, reliable, and comparable across different organizations.

• Examples of accounting standards include GAAP (Generally Accepted Accounting Principles) and IFRS (Internation...read more

I have experience working with Microsoft Office Suite, Adobe Creative Suite, and project management software like Asana.

• Microsoft Office Suite

• Adobe Creative Suite

• Asana

IFRS stands for International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB).

• IFRS are a set of accounting standards used globally to ensure consistency and transparency in financial reporting.

• IFRS are principles-based, meaning they provide guidelines rather than specific rules.

• IFRS are designed to provide a common language for businesses to communicate financial information to investors and stakeho...read more