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Accounting cycle consist eight stages 1) identify transaction 2) passing journal entries 3) preparation of ledger a/c 4) preparation of Trial balance 5) adjustment entries 6) then adjusted Trial balance 7) preparation of financial statements and finally 8) close the books of a/c.

@CorporateWala

Жыл бұрын

correct 💯 💯

Impirement of assets is the unexpected drastic drop down in the fair value of an assets below it's book value

@CorporateWala

Жыл бұрын

absolutely right

Difference - amortization is write off the value of intengible fixed assets and depreciation is charges on tangible fixed assets.

@CorporateWala

Жыл бұрын

well attempted , all the question you are ans. without cheating?

@mdrizwanansari5579

Жыл бұрын

@@CorporateWala no cheating because it basic of a/c and we r using everyday in our day to day business.

Golden rules for nominal a/c is Expenses & losses are debited Income & gains are credited

@CorporateWala

Жыл бұрын

correct 💯

Reserve may be general or special reserve but provision for bad debt, provision for plant and machinary

@CorporateWala

Жыл бұрын

correct 💯

Hello sir, Your videos are helpful for us. Can you provide us full list of R2R questions with perfect answer so we will prepare it ???

We never charge depreciation on intengible assets actually we Amortize the value of intengible assest @ 25℅

@CorporateWala

Жыл бұрын

👍

Your videos are very helpful thanks

@CorporateWala

Жыл бұрын

Great to know ☺️

Chart of Account means list of Master ladger a/c Like rent A/c salary a/c capital a/c etc

@CorporateWala

Жыл бұрын

correct 💯

@mdrizwanansari5579

Жыл бұрын

I saw your interview with two people with in two days they fail to answer even a simple answer but think I have more knowledge in comparison of those two candidate but I still waiting for a job.

@Common_sense_wala

9 ай бұрын

​@@mdrizwanansari5579when you don't study (means you are not in college anymore and working professional then you tend to forget basic things even and you just remember the things you are currently working on). To upcoming this problem we just need brushup and nothing else...

Reserve is the part of profit

@CorporateWala

Жыл бұрын

yes

Intengible asset are goodwill copyright etc

@CorporateWala

Жыл бұрын

name 5 , if you can

@mdrizwanansari5579

Жыл бұрын

@@CorporateWala patent, trade mark, franchise, know how, license, logo,

Provision must be create

@CorporateWala

Жыл бұрын

right 👍

Hello sir can you tell me what is avature I'd and how to created

@CorporateWala

Жыл бұрын

it is the hiring platform that Genpact uses, they would have given you an id for your reference at the time of applying/or in email communication

@vandanagautam7912

Жыл бұрын

Thank you sir for answering 😊

Creation of reserve is optional

@CorporateWala

Жыл бұрын

yes

i guess rather than presenting here the interview of candidature, you must tell us the what should be the correct answers. Video is not good for Freshers n if any candidate has really worked in fixed asset, COA is just a little thing for any of the transaction.

@CorporateWala

Жыл бұрын

Appreciate your feedback, however, I have a different opinion, if you follow my channel, you would have noticed I have separate videos where I explain the concepts. These mock interview videos are for candidates's practice, and people who are watching it, they can learn from others mistakes

I think chart of accounts will be different in all the companies ? Like for cash - 01000 . Please confirm

@mdrizwanansari5579

Жыл бұрын

Absolutely because you have to decide no range for a COA.

@CorporateWala

Жыл бұрын

Account no will be different for sure but yes the concept of categorised accounts will be same

@CorporateWala

Жыл бұрын

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