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More Accounting General Interview Questions

Do you know any other accounting application?

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we have received amount from others through debit/ credit cards. what is the ledger group of this? i am confused selecting the ledger group could you explain.

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What is the entry for Discount Received? & What is the entry for discount paid?

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total assets are equal to total liabilities in final accounts ?why?

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what is contigencies?

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Can you name any other accounting application?

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is there is mentioned that we can adjust excess debtors with creditor in the stock statement while calculating Drawing Power

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I renders interior Services, consider one project cost Rs.500000/- Scenario 1 - Material purchased on my Firm Name Material - 300000 -300000 On party behalf Labour - 200000 -150000 My expenses for Labour Contracts Profit - 50000 My Profit Scenario 2 - Material purchased by client Labour - 200000 -150000 My expenses for Labour Contracts Profit - 50000 My Profit In both Profit is same Rs. 50000/-. which is beneficial for me in terms of turnover or tax matters. and if I have to raise a bill to party as per both scenario, how it will affect bill and tax, where will I suffer loss?

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