Executive Account

Generally speaking, it is important to do research on a regular basis in relation to every individual client or category of clients. Effective research assesses current situations to project future developments and opportunities for the company. It studies competitors and proposes improvements.

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.

Sales collection done by head office from customer on behalf of Branch office

In the books of Head Office

Dr Bank/Cash Account

Cr Branch Office

In the books of Branch office

Dr Branch Office

Cr Customer

Yes, every year I make sure to set some goals for myself. Then I spend the whole year tracking my progress - making sure I work as efficiently as possible.

The interviewer wants to see that you're organized and ambitious.

All the research that I did on you guys shows that we share a lot of the same values.

The interviewer wants to make sure you want the job for more than just the money.

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.

In income tax act method of depriciation allowed in written down value method, while company act allows both written down value method and straight line method of depriciation

Public accounting includes any accounting work that a company performs for another company. Examples would be audits, tax compliance, consulting, etc. The "Big 4" (KPMG, Deloitte & Touch?Price Waterhouse Coopers, and Ernst & Young) are the dominant firms that provide public accounting services.

Private accounting is accounting work that is done for your own company. Every company has some form of an internal accounting department and those employees would be considered private accountants.

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.

TDS either can be deducted by other on payment/income we receive or we deduct on paymnet/expenditure we make to others.

In first instance TDS will be shown in Assets side in balance sheets under current assets and in second instance TDS will be shown in balance sheet under current liability.

TDS is part of advance tax for the deductee while for deductor its current liability.

Material fact in accounting is that we make entry of every material thing like stationary etc but that should be in terms of money.

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.

'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.

All accounting should be creative accounting. It's not just a matter of crunching numbers. It's about making sure those numbers work as best they can. A good accountant isn't afraid to be creative. He or she comes up with innovative solutions to make the numbers work.

The interviewer wants to see that you do everything you can to help your employers save money.

It isn't hard to stay motivated when I'm allowed to do what I love.

The interviewer wants to see that you're a self-starter.

In perpetual inventory system, the inventory account is adjusted continually throughout the accounting period.

Whereas in the Periodic Inventory System: - Recording inventory transactions periodically than recording them continually.

Well, in many accounting situations, there is too much data to go through all this. For example, if we are looking about Ford motor corp., and looking at some specific data, their may be too much to analyze, so we take a sample. Then we need to know how big a sample to take so we can say with 95% confidence that our results are representative of all the data.

Statistics tells us what sample size we need.

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.

Service Tax is a Indirect Tax which is levied on Service. The Service receiver will pay to the service provider.

Ex: Servicing a Vehicle, Delivering goods, outsourcing agencies. etc.

Excise Duty is also a form of Indirect Tax but this is imposed on Goods or manufacturing Items.

Ex: Steel, Cement, dress Materials, etc