Winprotech It Solutions Interview Questions and Answers

Q1. What is accrual concept
Ans. 
Accrual concept is an accounting method where revenue and expenses are recorded when they are earned or incurred, regardless of when cash is exchanged.
• Revenue is recognized when it is earned, not necessarily when cash is received.

• Expenses are recognized when they are incurred, not necessarily when they are paid.

• Accrual accounting provides a more accurate picture of a company's financial position.

• Example: A company prov...read more
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Q2. Methods of depreciation and it's types
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Depreciation is the allocation of the cost of an asset over its useful life. Types include straight-line, double declining balance, and units of production.
• Depreciation is a method of allocating the cost of an asset over its useful life

• Straight-line depreciation evenly spreads the cost over the useful life of the asset

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

• Units of...read more
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Q3. Tell me about yourself
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Q1. What is Accrual concept?
Ans. 
Accrual concept is a fundamental accounting principle where revenues and expenses are recognized when they are incurred, regardless of when cash is exchanged.
• Revenue is recorded when it is earned, not necessarily when cash is received.

• Expenses are recognized when they are incurred, not necessarily when they are paid.

• Accrual accounting provides a more accurate representation of a company's financial position and perform...read more
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Q2. What is matching concept?
Ans. 
Matching concept is an accounting principle that requires expenses to be matched with revenues in the same accounting period.
• Expenses should be recognized in the same period as the revenues they helped generate.

• It ensures that financial statements accurately reflect the results of operations for a specific period.

• For example, if a company sells goods in December but doesn't receive payment until January, the revenue sh...read more
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Q3. What type of work you have done earlier
Ans. 
I have extensive experience in financial reporting, budgeting, and tax preparation across various industries.
• Managed monthly financial statements for a mid-sized manufacturing company, ensuring accuracy and compliance with GAAP.

• Prepared annual budgets and forecasts, collaborating with department heads to align financial goals with operational plans.

• Conducted audits for small businesses, identifying discrepancies and re...read more
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Q4. Whether all debits increases every account?
Ans. 
No, debits do not always increase every account.
• Debits increase assets and expenses accounts.

• Debits decrease liabilities, equity, and revenue accounts.

• For example, when cash is received, the Cash account is debited and the Revenue account is credited.

• Another example is when an expense is incurred, the Expense account is debited and the Cash account is credited.
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Q5. Is there any questions to me?
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Q6. Gross Profit (inclusive of gst) 1200 Profit 20% What is net profit?
Ans. 
Net profit can be calculated by subtracting the profit percentage from the gross profit.
• Calculate 20% of the gross profit (1200) which is 240.

• Subtract the profit percentage from the gross profit to get the net profit: 1200 - 240 = 960.
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