Interview Questions Answers in Accounting AllOther, Taxation, Accounting General

Questions / { madhu }

Questions Answers Category Views Company eMail

What is the meaning of capital profite and capital reciet?
both are same or any different are there?

Answer

CAPITAL PROFIT: a profit that a company makes by selling a capital asset.

CAPITAL RECEIPTS: CAPITAL RECEIPTS is proceeds from the sale of capital assets. They may be used to finance new capital expenditure or repay existing loan debt. Receipts available to finance capital expenditure in future years are normally held in the usable capital receipts reserve.

Is This Answer Correct ?

1 Yes

0 No

Question { Reliance, 62557 }

how to record journal entry for tds on salary on quarterly
basis?

Answer

1) FOR DUE...

SALARY A/C.....DR.
TO TDS ON SALARY A/C
TO OUTSTANDING SALARY A/C

2) FOR PAYMENT...

OUTSTANDING SALARY A/C...DR.
TO BANK OR CASH A/C

Is This Answer Correct ?

1 Yes

0 No

Question { FactSet Systems, 8964 }

what is market captilization?

Answer

The total dollar market value of all of a company's outstanding shares. Market capitalization is calculated by multiplying a company's shares outstanding by the current market price of one share. The investment community uses this figure to determining a company's size, as opposed to sales or total asset figures.

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0 Yes

0 No

Question { FactSet Systems, 8323 }

what is working capital in what way it is useful for
company or orgainzation

Answer

A measure of both a company's efficiency and its short-term financial health. The working capital ratio is calculated as:

WORKING CAPITAL= CURRENT ASSETS-CURRENT LIABILITIES

Positive working capital means that the company is able to pay off its short-term liabilities. Negative working capital means that a company currently is unable to meet its short-term liabilities with its current assets (cash, accounts receivable and inventory).

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0 No

Question { Wipro, 3825 }

WHAT IS VOSTRO Account?

Answer

The account a correspondent bank, usually U.S. or UK, holds on behalf of a foreign bank. Also known as a loro account

Is This Answer Correct ?

0 Yes

0 No

Question { TATA, 49514 }

what is form 'H'? and why its used in Manufacturing
Industry?

Answer

It is used for deemed exports, that is it will be issued by a buyer who will use the goods for export purpose, it will be issued by the buyer to the seller only on deemed exports.

Is This Answer Correct ?

21 Yes

3 No

Question { Dubai Group, 3128 }

Mac Purchased on 15th Jan 12000/- 30th June Machinery
damaged due to Fire Accident 31st Dec received the
Insurance Premium 13000/-. Pass the Journal Entry for all
the above three

Answer

15 JAN...
MACHINERY A/C...DR.
TO VENDOR OR BANK OR CASH A/C

30 JUN...
LOSS BY FIRE A/C...DR.
TO MACHINERY A/C

31 DEC...
BANK A/C...DR.
TO INSURANCE PREMIUM A/C

Is This Answer Correct ?

3 Yes

1 No

Question { 14628 }

TDS form 501A issued to Contractor, which form issued to
sub - contractor ?

Answer

TDS certificate in form 501B to the sub contractor by the main
contractor

Is This Answer Correct ?

3 Yes

1 No

Question { Bank Of America, 17350 }

Plastic money

Answer

Plastic money is a term that is used predominantly in reference to the hard plastic cards we use everyday in place of actual bank notes. They can come in many different forms such as cash cards, credit cards, debit cards, pre-paid cash cards and store cards

Is This Answer Correct ?

20 Yes

5 No

Question { Bank Of America, 8047 }

ACCOUNTING CONCEPTS AND CONVENTIONS

Answer

ACCOUNTING CONCEPTS:
1 MONEY MEASURMENT CONCEPT
2 DUAL ASPECT CONCEPT
3 SEPARATE ENTITY CONCEPT
4 ACCRUAL CONCEPT
5 PERIODICITY CONCEPT
6 REALISATION CONCEPT
7 MATERIALITY CONCEPT

ACCOUNTING CONVENTIONS:
1 CONVENTION OF CONSERVATISM
2 CONVENTION OF CONSISTANCY
3 CONVENTION OF DISCLOSER

Is This Answer Correct ?

3 Yes

1 No

Question { Bank Of America, 3862 }

Inflation

Answer

The rate at which the general level of prices for goods and services is rising, and, subsequently, purchasing power is falling. Central banks attempt to stop severe inflation, along with severe deflation, in an attempt to keep the excessive growth of prices to a minimum.

Is This Answer Correct ?

4 Yes

0 No

Question { Bank Of America, 4777 }

Non-performing Asset (NPA)

Answer

A debt obligation where the borrower has not paid any previously agreed upon interest and principal repayments to the designated lender for an extended period of time. The nonperforming asset is therefore not yielding any income to the lender in the form of principal and interest payments.

Is This Answer Correct ?

1 Yes

1 No

Question { Bank Of America, 4589 }

Bank reconciliation statement

Answer

A FORM THAT ALLOWS INDIVIDUALS TO COMPARE THEIR PERSONAL BANK ACCOUNT RECORDS TO THE BANKS RECORDS OF THE INDIVIDUALS ACCOUNT BALANCE IN ORDER TO UNCOVER ANY POSSIBLE DISCREPANCIES.

Is This Answer Correct ?

5 Yes

0 No

Question { Bank Of America, 4010 }

Cheque

Answer

Cheque is an important negotiable instrument which can be transferred by mere hand delivery. Cheque is used to make safe and convenient payment. It is less risky and the danger of loss is minimised.

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2 Yes

0 No

Question { Genpact, 6057 }

Principles of accounting

Answer

The rules and guidelines that companies must follow when reporting financial data.

Is This Answer Correct ?

10 Yes

1 No