Osource Global Executive Accountant Interview Questions and Answers

TDS (Tax Deducted at Source) has various types based on the nature of income and the applicable tax rates.

• TDS on Salary: Deducted by employers from employee salaries.

• TDS on Interest: Deducted on interest earned from banks and financial institutions.

• TDS on Rent: Deducted when rent exceeds a specified limit.

• TDS on Professional Fees: Applicable on payments made to professionals like doctors and lawyers.

• TDS on Commiss...read more

The entry of sales refers to the recording of sales transactions in the accounting system.

• Sales entry includes recording the date, customer name, product or service sold, quantity, unit price, and total amount.

• It is important to categorize sales correctly, such as distinguishing between cash sales and credit sales.

• Sales entries are typically recorded in the sales journal or general journal, and then posted to the ...read more

The entry of bad debts is a financial transaction that records the amount of money owed by customers who are unlikely to pay.

• Bad debts are recorded as an expense in the income statement.

• The entry involves debiting the bad debt expense account and crediting the accounts receivable account.

• The amount of bad debts is typically estimated based on historical data or specific customer circumstances.

• Example: If a custome...read more

GST stands for Goods and Services Tax. Types include CGST, SGST, and IGST. Types of taxes include direct and indirect taxes.

• GST stands for Goods and Services Tax

• Types of GST include CGST (Central Goods and Services Tax), SGST (State Goods and Services Tax), and IGST (Integrated Goods and Services Tax)

• Types of taxes include direct taxes (e.g. income tax) and indirect taxes (e.g. GST)

Types of accounts include assets, liabilities, equity, revenue, and expenses.

• Assets: Resources owned by the company (e.g. cash, inventory)

• Liabilities: Debts or obligations owed by the company (e.g. loans, accounts payable)

• Equity: Represents the owner's stake in the business (e.g. common stock)

• Revenue: Income generated from the company's operations (e.g. sales revenue)

• Expenses: Costs incurred to generate revenue (e...read more