Operative Interview Questions and Answers for Freshers

The profit and loss account shows the company's revenues, expenses, and net profit or loss for a specific period. The balance sheet provides a snapshot of the company's assets, liabilities, and equity at a specific point in time.

• Profit and loss account shows the financial performance of a company over a specific period, usually a year.

• It includes revenues, expenses, and the resulting net profit or loss.

• Balance sheet shows the financial position of a company at a specific poin...read more

Cash sales journal entry records sales made in cash, impacting cash and revenue accounts.

• Debit Cash account to reflect cash received. Example: Debit Cash $1,000.

• Credit Sales Revenue account to recognize income. Example: Credit Sales Revenue $1,000.

• This entry increases both cash and revenue on the balance sheet.

• Used for tracking daily cash sales in a cash sales journal.

Vernier calliper least count is the smallest measurement that can be read on the instrument.

• It is the difference between the smallest division on the main scale and the smallest division on the vernier scale.

• It is usually 0.1 mm or 0.02 mm for metric vernier callipers and 0.001 inch for imperial vernier callipers.

• The least count determines the precision of the instrument and affects the accuracy of the measurements taken.

• To measure an object, the jaws of the vernier calliper ...read more