Finance General Faqs

What is deferred account?
A best example of a deferred account is advertisement expense account. This account are those where an investment or expense is don't with an expectation of making a intangible profit which cannot be measured or directly linked to expense. ...... More »
What are MIS reports and do you prepare it?
MIS is management information system. In addition, MIS report is reporting information of reports like efficiency of wing or a department of a company. IF we take BPO (Call center) sector as example, MIS consists of efficiency of agents...... More »
What is your role in planning?
It is a common question in interview, based on CV Planning is a group work, so we find what work we done on the planning process. Every work is group work so we find what work we done in every part of Accounting. ...... More »
How can you do credit control?
1. Make the creditor, your debtor 2. For good creditor, give discounts & offers 3. For bad creditor, inform your position of willingness but inability to sustain relationship keeping in mind our business position. ...... More »
What is bank reconciliation statement?
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 a...... More »
What are the functions of manger -accounts and manager-finance? Explain in detail.
When we see their difference from broad organizational review, the function of accounts manager are- The approval of the accounting system utilization and calculated amounts in supportable documents ,for example in journal vouchers and the approva...... More »
What are the extraordinary items?
Transactions that happened due to catastrophic events i.e. unusual circumstance example: earthquake, flood, tsunami etc are called extraordinary items. ...... More »
What are the fictitious assets?
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...... More »
What are the Steps involved in Project implementation?
Step involved in project implementation: ► Identification of the need ► Idea generation and screening of ideas ► Feasibility Study ► Project Development ► Impl...... More »
What are time sheets? How are they maintained?
Timesheet is an approved document by an Authorized person of the particular Project where employee is working, for the work done by the concerned employee/consultant along with the description of work done. Time sheet contains the Billable/Non-Bil...... More »