Us Taxation Associate Interview Questions and Answers

Golden Rules of Accounts are basic principles that guide the recording of financial transactions.

• The Golden Rules of Accounts include: Debit what comes in, Credit what goes out; Debit the receiver, Credit the giver; Debit expenses and losses, Credit income and gains.

• For example, when a company receives cash from a customer, the entry would be to debit the cash account (what comes in) and credit the accounts receivable account (what goes out).

• These rules help ensure accurate a...read more

My aggregate percentage in MBA was 85%.

• I scored 85% in my MBA program.

• I was among the top performers in my MBA class.

• My GPA in MBA was 3.8 out of 4.0.

Depreciation is the decrease in value of an asset over time due to wear and tear, obsolescence, or other factors.

• Depreciation is a non-cash expense that reduces the value of an asset on the balance sheet.

• It is calculated based on the useful life of the asset and the method of depreciation chosen.

• Examples of assets that can be depreciated include buildings, vehicles, and equipment.

• Depreciation can be used to reduce taxable income and lower tax liability.

• There are different met...read more