Assistant Account Executive Interview Questions and Answers

A loan is money borrowed that must be repaid with interest, while an investment is money used to purchase assets with the expectation of generating income or profit.

• A loan involves borrowing money from a lender and agreeing to repay it over time with interest.

• An investment involves using money to purchase assets such as stocks, bonds, or real estate with the expectation of generating income or profit.

• Loans typically have fixed repayment terms and interest rates, while investm...read more

GST is a tax levied on the supply of goods and services in India. Accounting is the process of recording financial transactions. A journal is a record of financial transactions. Tally Prime software is used for accounting and includes features for purchase entries.

• GST stands for Goods and Services Tax, a tax levied on the supply of goods and services in India.

• Accounting is the process of recording financial transactions of a business.

• A journal is a record of financial transac...read more

Data included in a GST return

• Sales and purchases

• Output tax (GST collected)

• Input tax (GST paid)

• GST payable or refundable

• Details of supplies made to registered and unregistered persons

• Details of purchases from registered and unregistered persons

Accounts payable is money owed by a company to its suppliers while accounts receivable is money owed to a company by its customers.

• Accounts payable is a liability on the balance sheet, while accounts receivable is an asset.

• Accounts payable represents money owed for goods or services purchased on credit, while accounts receivable represents money owed for goods or services sold on credit.

• Examples: Accounts payable - unpaid invoices from suppliers, Accounts receivable - outstan...read more

Journal entries are used to record financial transactions in accounting.

• Identify the accounts affected by the transaction

• Determine if it is a debit or credit entry

• Follow the double-entry accounting system

• Ensure the accounting equation (Assets = Liabilities + Equity) remains balanced