What does the abbreviation dr mean in accounting? Where should TDS received should show in balance sheet?

What is the difference between personal account real account and nominal account? What are premises in accounting sense? What is VAT adjustment? What is the basic accounting equation? What is Service Tax & Excise? How will it be charged? What is Purchase returns Accounting? What is the difference between Perpetual and Periodic Inventory systems? Give me examples of the accounting reports you have prepared? What are the fictitious assets? What is Departmental Accounting? Give an example? What procedure for excess payment to supplier I would like know without adjusting invoice that means how supplier will send back excess amount how do in oracle apps? How many accounting standards are currently published? What is the difference between inactive accounts and dormant account? What is marginal cost? What is Executive Accounting? What is the dual aspect concept? What is meant by public accounting? What are the different branches of accounting ? Why are Accounting Standards necessary? What are the Accounting entries for branch accounts? What is a difference between public and private accounting? What are the differences between accounting and

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What is the definition of offset accounting?

Are there any questions you would like to ask?

What is retail banking?

What are the elements of the accounting equation?

What do you mean by material facts in accounting?

What are bills receivable?

What is accrual accounting?

Define Tally Accounting?

What is the difference between Consigner and Consignee?

What are the Steps involved in Project implementation?

What is bank reconciliation statement?

What does overhead mean in regards to accounting? In accounting, are assets a permanent account?

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What is the meaning of Scrap Value in accounting?

What is the difference between provision and reverse? What are MIS reports and do you prepare it?

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In which ways is math used in accounting What are the items that are to be debited in accounting and what are the items that are to be credited in accounting?

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What is the relationship between cost accounting financial accounting and managerial accounting?

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What is accounting ethics?

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What is cash flow and fund flow?

What is computerized accounting?

What is the basic accounting

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What is service tax?

Why did you choose the A-levels you did? What are cost accounting and its applications?

How to prepare finalization accounts?

What is accounting chart of accounts?

Explain the concept of responsibility accounting

What is Use of statistics in accounting?

How many invoices on average do you handle on a weekly/monthly basis? What is balance sheet and off balance sheet?

What are trade bills?

What is meant by partitioning?

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What are the different branches of accounting? What have you read in the newspapers in the last few days that particularly interested you? What is an operative accounts? What is definition of a cash float in accounting? What is fair value accounting? What is meant by balancing? Discuss the consistency concept in accounting? What are the disadvantages of back-flush accounting? Why do users of accounting Information need accounting information? What is double entry book

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keeping? What is fiduciary accounting? How did you chose your university? How can you do credit control? Have you ever been involved in an invoice dispute? How did you manage the problem? What is dividend warrants? Is financial accounting necessary? What is Capital Budget? What is an interlocking accounting system? Tell me about an invoice discrepancy you discovered and how you resolved it? What is meaning of

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invoice?

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What does it mean to do accounting training outside of public practice? What is Letter of Credit? What is the definition of manual accounting? What is meant by daily accrual and booking? Discuss the consistency concept in accounting? What are the golden rules of accounting? What accounts payable applications are your familiar with?

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Can I take service tax on freight outward? What information do you require before you approve an invoice for

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payment? What is depreciation and how many types are there. Please give details? What is debit and credit note? What is the definition of accounting? What is the difference between financial accounting and management accounting? What is a register when referring to accounting or bookkeeping? What is mutual fund sub accounting? What are the different fields of accounting? When a company s accounting year-ends on a day that is other than the end of the calendar year what is

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called in accounting? What is deferred account? What is SLA? What is the difference of Cost Accounting and Financial Accounting? What are the effects of international accounting standards on accounting practices of developing nations? What is the TDS effect in balance sheet if TDS receipts? Accounting for VC money in financials? What are the nine accounting cycles? What is the difference between cost accounting management accounting and financial accounting?

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vendor? What is the important of computerized accounting to manual?

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Who is considered the father of accounting? What does the abbreviation m mean in accounting? Is an "account receivable" and "goodwill" real accounts in accounting? Why do you want to be an accountant? What steps would you take before approving an invoice for payment? Explain Accounting 101? What is accounting transaction? What are accounting entities? Describe the advantages and

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disadvantages of the different accounting packages/systems you have used recently in your accountant jobs? Tell me about a situation where you showed determination? What is customer account? What are time sheets? How are they maintained? What are the advantages of Computer accounting over Paper accounting? What is the Provision? What is the Entry for Provision? How does accounting contribute to the community? Why are accounting firms needed? Definition of push down accounting? How is an accounting department structured? What is the Importance of accounting

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standards? What is partnership accounting?

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What are the functions of accounting? What are the 4 phases accounting? What is normative accounting? What is account in accounting? What is accounting?

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What role did you play in collections?

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What is Contingent Liabilities?

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Explain the accounts payable cycle.

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What are the extraordinary items?

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Does the accounting system appear to facilitate one specialty from financial, auditing, or cost managerial or tax accounting over the others? Where the financial accounting fails the cost accounting for is rescue but still there are some limitations deficiencies in the system? What are the steps to take before you approve an invoice for payment?

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In terms of accounting the trial balance when is it taken?

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What is capital gain?

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What is the relationship between bookkeeping and accounting?

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Is there a difference between accounting for conversion of bonds and accounting for the conversion of preferred stock?

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What are the most important goals of accounts receivable?

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What information is included in a bill for services?

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What is accounting for plant assets? What is the difference in Accounting and Marketing and what is so different about them? What is a ledger in regards to accounting? What is accounting normalization? Describe any accounting process that you have developed or revised? Which accounting applications are your familiar with?

1. 'Dr' means Debere in Latin stands for 'what comes in' or in simple words whatever assets the business owns or the expenses it has to pay comes under debit. While 'cr' means credere in Latin means 'what goes out', in simple words whatever liabilities business owns, or the income it earned during the year comes under credit.

You are correct, debt the receiver and credit is the giver.......

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The abbreviation "dr" in the accounting it refers to "debit" where as "cr" refers to "credit" According to the "Golden Rules" of accounting.. under "Personal a/c" 'dr the receiver' 'cr the giver' under "Real a/c" 'dr what comes in' 'cr what goes out' under "Nominal a/c" 'dr all expenses and losses' 'cr all incomes and gains'.

2. Assets Side: Advance In-Come Tax Ledger in current year.

it should be shown under the head current asset on the asset side of balancesheet

3. The total business transactions are divided in to three They are Transactions related to persons, Transactions related to Things, Transactions related to incomes & expenditures. In accountancy we have three types of accounts they are personal, real, nominal Personal accounts refers to all the transactions related to natural persons, artificial persons and representative persons ex:- rama, ravi, Indian bank, outstanding rent. ,. First category of transactions belongs to personal accounts RULE: debit the receiver and credit the giver Real accounts include things in the business i.e. assets. Second category of transactions related to Real accounts ex: buildings, machinery, cash etc. RULE: Debit what comes in and credit what goes out Nominal accounts includes all the transactions related to expenditures, incomes, losses, and profits. Ex: - rent paid, rent received, bad debts, profit on sale of an asset. RULE: Debit all expenses and losses and credit all incomes and profits

4. Premises is and Fixed Assed in the accounting sense which is shown in the balance sheet in final accounts Vat adjustment is out put tax - input tax the vat which is paid on purchase will be deducted from vat collected from sales this adjustment is known as vat adjustment.

5. Accounting Equation- Accounting rotates around three basic terms. These terms are assets, liabilities and capital. the true relationship between these terms is represented as Acconting Equations ie.. Assets= liabilities+ Capital.

6.

Service Tax is a form of indirect tax imposed on specified services called Taxable services. Presently it covers 58 services. The service provider but A collected shall pay a service tax from the service receiver. Excise is also a form of indirect tax levied on A goods produced or manufactured in India.

7. "Purchase returns" is the entry made in the journal that refers to "Unsatisfactory or defectivemerchandise/goods which is returned back to the supplier".

8. In perpetual inventory system, the inventory account is adjusted continually

throughout the accounting period. Whereas in the Periodic Inventory System: - Recording inventory transactions periodically thanrecording them continually.

9. Demonstrate your experience in maintaining accounting principles, practices and procedures to ensure accurate and timely financial statements and reporting. Discuss your ability to meet tight deadlines and undertake a multitude of accounting activities. Show your understanding of generally accepted and statutory accounting principles.

10. These are like intangible assets, which cannot be seen or touched. Actually, these are not assets but some expenditure, which cannot turn to profit and loss account of a particular period that is why these items are shown on assets side of balance sheet to be written off to P&L account in reasonable years.

11. Departmental accounting means account prepared separately for the department and here ledgers will be opened trial balance will be prepared, also p&l account will be prepared, and profit or loss is included in the main p&l account and shown in the balance sheet. 12. send back excess amount how do in oracle apps? Excess payment to supplier is treated as Advance paid to supplier. This will show as debit balance in supplier account. Supplier can send the payment by way of check/ demand draft without adjusting in his subsequent bills.

13. Dormant accounts are those accounts in which there are transactions in the recent history (the stipulation may vary according to the company's rules). Inactive accounts are those accounts in which transactions are being made for long time.

14. The marginal cost of an additional unit of output is the cost of the additional inputs needed to produce that output. More formally, the marginal cost is the derivative of total production costs with respect to the level of output. Marginal cost and average cost can differ greatly. For example, suppose it costs $1000 to produce 100 units and $1020 to produce 101 units. The average cost per unit is $10, but the marginal cost of the 101st unit is $20The Econ Model applications Perfect Competition and Monopoly emphasize the roles of average cost and marginal cost curves. The short movie Derive a Supply Curve (40 seconds) shows an excerpt from the Perfect Competition presentation that derives a supply curve from profit maximizing behavior and a marginal cost curve

15. Executive Accounting is designed for service type businesses that require a sophisticated accounting system, yet simple to use accounting system. Executive Accounting contains many advanced features such as three styles of invoicing (service, distribution and recurrent), multi-currency capabilities, multiple bank account capabilities and other powerful features. Executive is a single-user system that can be upgraded to an unlimited number of users.

16. Dual aspect concept: Each transaction has two sides. Example: when you buy a shirt, then shirt comes to you while cash leaves you similarly if you sell the same shirt to anyone then cash comes to you while shirt leaves you. Recording both aspects of coming and going is called dual aspect concept. according to dual aspect concept every business have two concept of business transaction one is debit second is credit transaction.if follow the both aspects (dr,ct) in business that is called dual aspects of business.

17. Accounting standards are necessary to promote high quality financial reporting. The fundamentalrole of accounting is to communicate economic information about businesses and other organizationto various stakeholders including government, investors, shareholders, suppliers, lenders, customers, and the public. These stakeholders use such information to take decisions and to assess the stewardship of people appointed to manage such organizations. If this information were not of a high quality standard, then the stakeholders would be unable to take effective decisions that will benefit them. For example, if a financial report were manipulated to show higher profits, investors would hold on to their shares with the belief that the company is doing well. Accounting standards came to be developed from the mid sixties onwards to promote the integrity of the accounting profession by way of ensuring uniformity in the way accountants report transactions in their books and in their preparation of the final accounts of businesses. This is largely aimed at boosting the confidence of stakeholders, particularly shareholders and potential investors in the accounting profession. Good and useful information should have the essential characteristics of understandability, comparability, relevance, and reliability in order to play its role effectively. Accounting standards serve to promote the understandability, comparability, relevance, and reliability of financial reports.

18. Financial accounting refers to accounting for revenues, expenses, assets, and liabilities. It involves the basic accounting processes of recording, classifying, and summarizing transactions. - Cost accounting is the branch of accounting dealing with the recording, classification, allocation, and reporting of current and prospective costs.

- Managerial accounting is the branch of accounting designed to provide information to various management levels in the hospitality operation for enhancing controls.

There are three types of branch of accounting 1. Financial Accounting 2. Management Accounting 3. Cost Account

19. Accounting records the events. Auditing is a process that checks to see whether the events occurred and it is properly recorded.

20. Accrual Accounting refers to the recording of financial transactions once an economic event has happened and it is not based on the movement of cash. For example, in Accrual Accounting if you have office rent of $1000 per month, you would record the expense of $1000 each month, regardless if you have actually paid the rent or received an invoice from the property owner. Most individuals live our daily lives in the cash basis of accounting. We get our paychecks we have revenue, when we pay our car note we have expense.

21. A Bank reconciliation statements are prepared if balance of bank account as shown in cashbook differs from balance as shown in passbook. This statement shows the reasons or transactions because of which balances as shown in cashbook and passbook are not tallying with each other.Bank reconciliation statement statement which reconciles the bank balance as per the cash book with balance as per the pass book or bank statement by showing all causes of difference between the two

22. MIS is management information system. In addition, MIS report is reporting information of reports like efficiency of wing or a department of a company. IF we take BPO (Call center) sector as example, MIS consists of efficiency of agents, Average time taken hold time etc, and passing this to the management level for their analysis.

23. Bills Receivable , in merchant accounts, are all promissory notes, bills of exchange, bonds, and other evidences or securities which a merchant or trader holds, and which are payable to him.

24. Cash flow and funds flow: cash flow means direct entry of cash in your business and exit of the same funds flow means entry of funds (cash funds or non cash funds) and their exit non cash funds may mean rise in current assets or fall in current liabilities which was not due to any cash movement./

25. The Accounting Principles are the assertion rules of accounting and the application of these rules, method, & procedures to actual practice of accounting. These Accounting principles have been divided into A. accounting concepts B. accounting conventions

26. Bookkeeping is the maintenance of the company's financial records. Accounting is the presentation and interpretation of those records to be used by management for decision making, improvement, and planning.

27. Capital Budgeting is a way to justify capital expenditures. It was done to see if the added benefit of a capital purchase, i.e. increased revenue or decreased expense, exceeds the cost of capital.

28. Yes, the accounting calculates the cost of capital to the business. It compares the current, expected, and historic rates of return. Suppose a company is making 12% returns but borrowing money by using the owner's credit card at 22% be good to know that

29. In double entry book, keeping method a journal entry is posted to both respective accounts for each transaction.

Let us say for sales transaction, debit entry posted to cash account credit entry posted to sales account. Therefore, it is one of the methods to post accounting transactions.

Double entry book keeping is a system wherein every transaction has two fold aspects i.e. a single transaction affects two accounts at a time 30. The theory and system of setting up, maintaining, and auditing the books of a firm; art of analyzing the financial position and operating results of a business house from a study of its sales, purchases, overhead, etc. The systematic recording, reporting, and analysis of financial transactions of a business. The person in charge of accounting is known as an accountant, and this individual is typically required to follow a set of rules and regulations, such as the Generally Accepted Accounting Principles. Accounting allows a company to analyze the financial performance of the business, and look at statistics such as net profit.

31. Very briefly, the difference has to do with the needs of the user. Management accounting for is the internal users of an entity and Financial Accounting is for the external users. Internal users (management) may be interested in the cost of making an item using process A versus process B. Whereas External users are mostly interested in the overall results of those management decisions.

32. Very briefly, the difference has to do with the needs of the user. Management accounting for is the internal users of an entity and Financial Accounting is for the external users. Internal users (management) may be interested in the cost of making an item using process A versus process B. Whereas External users are mostly interested in the overall results of those management decisions.

33. Debit and credit note: while making entry in your books of accounts you need the documentary voucher. Therefore, the voucher made stating what

entry and why it is made is called debit/credit note.