Senior Accountant 2 Interview Questions and Answers

It is important for a Public Limited company to provide facilities to employees regardless of the literacy level of the Departmental HOD.

• It is essential for a Public Limited company to adhere to labor laws and regulations regarding employee rights and facilities.

• Providing facilities to employees, such as proper working conditions, safety measures, and benefits, is crucial for employee satisfaction and productivity.

• Ignoring the needs of employees can lead to legal issues, low ...read more

P2P stands for procure-to-pay, which is the process of obtaining and paying for goods and services. Invoice journal entries are accounting entries made to record invoices received from vendors.

• P2P involves the entire process from requisitioning goods/services to making payments to vendors.

• Invoice journal entries are made to record the amount owed to vendors for goods/services received.

• Examples of invoice journal entries include debiting accounts payable and crediting the expe...read more

Provision is an estimated expense recorded in the financial statements, while journal entry is the actual entry made to record the provision.

• Provision is made for anticipated expenses that have not yet been incurred but are likely to occur in the future.

• Journal entry is the actual accounting entry made to record the provision in the financial statements.

• Provision is usually based on estimates and requires judgment by management.

• Journal entry debits the expense account and cre...read more

Provision is a liability that is uncertain in timing or amount, while a reserve is a portion of profits set aside for specific purposes.

• Provision is a liability that is recognized based on estimates, such as bad debt provision.

• Reserve is a part of profits that is retained for specific purposes, like a contingency reserve.

• Provisions are recorded on the balance sheet, while reserves are shown in the equity section.

• Provisions are usually temporary in nature, while reserves are m...read more