Interview Questions Answers in Accounting General, Accounting AllOther

Questions / { k. srinivasa rao }

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What is the meaning of deferred revenue and expenditure, give examples

Bank Of America, Capital IQ,

2 Accounting General 11630

Answers / { k. srinivasa rao }

Question { 7450 }

Where will you show the EXCHANGE RATE RESERVES in final
accounts....???

Answer

Difference in exchange rates are shown in profit & loss
acounts only

Is This Answer Correct ?

3 Yes

1 No

Question { 26426 }

What is difference between profit, revenue?

Answer

Profit means total income less total expenses,
Revenue means total received or receiveble against sale of
goods or service done to others

Is This Answer Correct ?

2 Yes

4 No

Question { IBM, 45328 }

what is subsidiary book?

Answer

subsidiary books, it is nothing but a ledger, which can be
maintained by big organization concerns, subsidiary books
includes that cash book, purchase book,
P’ return book, sales books, return book, b/r book, b/p
book and proper journal.

Is This Answer Correct ?

34 Yes

9 No

Question { HSBC, 141169 }

what is the journal entry for tax refund?

Answer

jouna entry should be passed in books only when the create
of provision for taxation for the accounting year not for
refund received from income tax department. for the above
we have to pass a receipt entry i.e

Journal entry :
provision for taxation a/c. (Current liability)

To Advance income tax
To TDS Receivable

balance of excess paid

bank a/c. dr

to provision for taxation

Is This Answer Correct ?

52 Yes

16 No

Question { 141216 }

Whatis the Journal entry for advance payments and advance
receipts from Debtors and creditors

Answer

when the payment made to creditors, and receipts from
debtors should pass the payment voucher and receipt voucher
only not journal voucher.

when payment made to creditors

creditors a/c.
To Bank/Cash

When receipts received from debtors
Bank/Cash a/c.
To Debtors a/c.

Is This Answer Correct ?

67 Yes

27 No

Question { Capital IQ, 16821 }

What is Earning per share?

Answer

Earning per share means net profit (after depreciation,
taxation) distributed to no.of shares

Is This Answer Correct ?

0 Yes

0 No

Question { 33373 }

what is mean by MIS?

Answer

mis means Management Information Systems i.e difference
between estimates and acctuals.

comparison between estimations of the company against of
that acctuals

Is This Answer Correct ?

21 Yes

5 No

Question { Genpact, 20887 }

what is actual meaning of Tax Deduction at source

Answer

TDS is to be deducted and to be paid to the central
government on behalf of who receives any amount i.e
consultancy, contract income, rent or any under the head
prescribed by the government.

TDS is applicable if the payment is exceeds (one time
payment) Rs. 20,000/- or Rs. 50,000/- p.a during the year.
tds to be deducted as prescribed rates.

Is This Answer Correct ?

84 Yes

10 No

Question { 8882 }

what is the meaning of fbt? tell me diffrent type of fbt
rate? & when it will consider in accounting?

Answer

FBT means Fringe Benefit Tax,

FBT payable on Business pramotion, advertisement,vehicle
repairs, depreciation as per i.t act on vehicles, fuel
expenses to vehicles, conveyance & Travelling (For
Construction Business - 5%), Telephone charges.
FBT is payable 20 % of the above.

Fringe benefit tax shown in current libilites.

Is This Answer Correct ?

10 Yes

1 No

Question { 5873 }

what is direct tax or inderect tax? all uses form with fill
up full?

Answer

Direct tax is income tax,TDS and FBT

In direct tax is VAT, CST, Service TAx

Is This Answer Correct ?

7 Yes

0 No

Question { 27744 }

If I purchased a machinary of Rs. 50,000 and Received a
free printer of Rs. 3000 . What its Accounting entry?

Answer

for the above we have passed two different type entries

1. plant & machinery a/c. 50,000
Computers a/c. 3,000

T name of the supplier a/c. 53,000

2. Name of the supplier a/c. dr. 53,000

To Discount recd. on purchases 53,000 (Other
income)

Is This Answer Correct ?

4 Yes

27 No

Question { HJ, 200855 }

what is the difference between direct income and indirect
income. pleases explain with example.

Answer

direct income basing of company nature of business eg. for
construction company - sale of flats, sale of plots,
contract income received, 2. for trading companies - sale
of the materials

if the company received any other income i.e not relating
to the nature of its business i.e indirect income.

i.e dividend on chits (not for chit fund companies),
interest received on f.d's, sale of scrap, any misc. income

Is This Answer Correct ?

126 Yes

34 No

Question { 16140 }

what is a JOURNAL ENTRIES FOR ISSUING A dabit NOTE

Answer

Debit note is issued by seller to purchaser for sales
returns

sale returns a/c. dr

to name of the party

Is This Answer Correct ?

19 Yes

24 No

Question { 11302 }

what is net turnover and how to calculate?

Answer

The Turnover is calculated on basing of company nature of
businees, for trading companies were calculate on basing of
sales, for construction companies were calculate on basing
of work done.

Is This Answer Correct ?

6 Yes

5 No

Question { 4966 }

what is TDS ?

Answer

TDS MEans TAx DEdected at Source, When we make the some
payments is exceed Rs. 20,000/- for one time or Rs. 50,000/-
per annum, we have to deduct tax and pay to the central
government, there is differents rates and different section
is there eg. contractors - 2.06% (if payment is more than
10.00 lakhs - 2.26%), on professional charges 10%
+Surcharge, Sub contractors - 1.02%

Is This Answer Correct ?

17 Yes

0 No