Gennext Facility Services Senior Accountant Interview Questions and Answers

BRS is done to reconcile the bank statement with the company's records.

• BRS stands for Bank Reconciliation Statement

• It helps to identify any discrepancies between the bank statement and the company's records

• It ensures that all transactions are accurately recorded and no errors or fraud have occurred

• It helps to maintain the accuracy and integrity of financial records

• Sales purchase GST entry is related to recording transa...read more

Adjusting input GST with output GST involves calculating the difference and either paying or claiming a refund.

• Input GST is the tax paid on purchases, while output GST is the tax collected on sales.

• To adjust, subtract the input GST from the output GST to get the net GST payable or refundable.

• If the output GST is greater than the input GST, the difference is payable to the government.

• If the input GST is greater than the...read more

Block credit refers to a type of credit that is granted to a group of individuals or businesses rather than to an individual or business alone.

• Block credit is often used in the context of trade finance.

• It is typically extended to a group of buyers or suppliers who have a pre-existing relationship with the lender.

• The credit limit is shared among the members of the group, and each member is responsible for their own shar...read more

When a director pays expenses on behalf of the company, an entry is made to record the transaction.

• The director's payment is recorded as a liability for the company.

• The entry includes debiting the appropriate expense account and crediting the accounts payable account.

• Once the company reimburses the director, the accounts payable account is debited and the cash account is credited.

• The entry should be recorded in the com...read more