Graduate Commercial Trainee Interview Questions and Answers

GST is a tax system implemented in India in 2017. There are three types of GST. TAN number has 10 digits.

• GST stands for Goods and Services Tax.

• It is a tax system implemented in India in 2017.

• There are three types of GST: CGST, SGST, and IGST.

• CGST and SGST are levied by the state and central governments respectively on intra-state transactions.

• IGST is levied by the central government on inter-state transactions.

• TAN stands for Tax Deduction and Collection Account Number.

• It has ...read more

Accounts payable is the amount of money a company owes to its vendors or suppliers for goods or services received.

• Accounts payable is a liability account that shows the amount a company owes to its vendors or suppliers.

• It is recorded in the balance sheet under current liabilities.

• Examples of accounts payable include bills for raw materials, utilities, rent, and other expenses.

• Accounts payable is usually paid within a certain period of time, known as the payment terms.

• If a com...read more

Yes, negative working capital can be beneficial for a company.

• Negative working capital means a company is able to pay off its current liabilities with its current assets

• It can indicate efficient management of cash flow and inventory

• However, it can also lead to difficulty in securing financing and paying off long-term debts

• Examples of companies with negative working capital include Amazon and Dell

• Overall, it depends on the specific circumstances of the company and its industry

Forms of business include sole proprietorship, partnership, corporation, and LLC.

• Sole proprietorship is a business owned and operated by one person.

• Partnership is a business owned and operated by two or more people.

• Corporation is a legal entity separate from its owners, with shareholders and a board of directors.

• LLC (Limited Liability Company) is a hybrid of a partnership and a corporation, offering liability protection for its owners while still allowing for flexible managem...read more