ICRA Interview Questions and Answers

A Bank Reconciliation Statement (BRS) is a financial document that compares a company's bank statement with its own records.

• BRS helps identify discrepancies between bank records and company accounts.

• It includes items like outstanding checks and deposits in transit.

• For example, if a company issued a check that hasn't cleared yet, it will appear in BRS.

• Regular reconciliation helps prevent fraud and errors in financi...read more

Accumulated depreciation is recorded to reflect the reduction in asset value over time.

• Debit: Depreciation Expense - This increases the expense on the income statement.

• Credit: Accumulated Depreciation - This is a contra asset account that reduces the asset's book value.

• Example: If equipment worth $10,000 depreciates by $1,000, the entry would be: Debit Depreciation Expense $1,000, Credit Accumulated Depreciation $...read more

Depreciation is recorded to allocate the cost of an asset over its useful life, impacting both the asset and expense accounts.

• Debit Depreciation Expense account to recognize the expense.

• Credit Accumulated Depreciation account to reduce the asset's book value.

• Example: For a $10,000 asset with 5-year life, annual depreciation = $2,000.

• Journal entry: Debit Depreciation Expense $2,000, Credit Accumulated Depreciation ...read more

Cash flow is the movement of money in and out of a business, showing how much cash is generated or spent over a specific period of time.

• Cash flow can be categorized into three types: operating cash flow, investing cash flow, and financing cash flow.

• Operating cash flow represents the cash generated from a company's core business activities.

• Investing cash flow includes cash spent on investments in assets such as pro...read more

Credit analysis involves evaluating the creditworthiness of a borrower to determine the likelihood of repayment.

• Gather financial information about the borrower, including income, assets, and liabilities

• Assess the borrower's credit history and credit score

• Analyze the borrower's debt-to-income ratio and other financial ratios

• Consider external factors such as economic conditions and industry trends

• Make a recommendati...read more

The question covers various topics related to database management, SQL, and object-oriented programming concepts.

• Truncate is a DDL command used to delete all records from a table, while delete is a DML command used to remove specific records.

• Primary key uniquely identifies each record in a table, while a unique key ensures that all values in a column are unique.

• Composite key is a combination of multiple columns th...read more

The pandemic situation has had a significant impact on India and the world.

• India has been hit hard by the pandemic, with a high number of cases and deaths

• The pandemic has also had a major impact on the global economy

• Countries around the world have implemented various measures to control the spread of the virus, such as lockdowns and travel restrictions

• The development and distribution of vaccines have been a major ...read more