Account Sme, Accounts Executive Interview Questions and Answers

Economic activities are recorded in financial statements while non-economic activities are recorded in management reports.

• Economic activities are those that involve monetary transactions such as sales, purchases, and investments.

• Non-economic activities are those that do not involve monetary transactions such as employee training, research and development, and community service.

• Financial statements record economic activities while management reports record non-economic activit...read more

The most important thing in Purchase and Sales item in GSTR3B is accurate reporting of taxable value and tax amount.

• Accurate reporting of taxable value and tax amount is crucial for correct calculation of input tax credit and output tax liability.

• Any errors in reporting can lead to incorrect calculation of GST liability and result in penalties and interest.

• It is important to reconcile the purchase and sales data with the books of accounts to ensure accuracy.

• Proper classificat...read more

The accuracy of the information on the invoice.

• Check the vendor name and address

• Verify the date of the invoice

• Ensure the invoice number is correct

• Confirm the items and quantities ordered

• Check the unit prices and total amounts

• Verify any applicable taxes or discounts

• Ensure the payment terms are accurate

Journal entry is a record of a financial transaction entered into a company's accounting system.

• It includes the date of the transaction, the accounts involved, and the amount of the transaction.

• Journal entries are used to create the general ledger, which is the foundation of a company's financial statements.

• There are two types of journal entries: debit and credit.

• Debit entries increase assets and decrease liabilities, while credit entries decrease assets and increase liabilit...read more

Aarushi return is not a commonly known term. It is unclear what it refers to.

• There is no clear definition or explanation of Aarushi return.

• It is possible that the term is specific to a certain industry or company.

• Without more context, it is difficult to provide a meaningful answer.

TDS stands for Tax Deducted at Source. It is a tax collected by the government at the time of payment.

• TDS is a tax collected by the government at the time of payment.

• It is deducted from the income of the recipient.

• The person making the payment is responsible for deducting TDS and depositing it with the government.

• TDS is applicable on various types of payments such as salary, rent, commission, etc.

• The rate of TDS varies depending on the type of payment and the amount involved....read more