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General Ledger Interview Questions

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What is the difference between ledger and general ledger

Asked By: ferozbm | Asked On: Mar 8th, 2006

Answered by: Madhusudhan on: Jun 9th, 2014

Ledger means witch contains all account closing balance. General ledger means a group of accounting like a/c payable, a/c receivables, exp & loss etc

Answered by: sanele on: May 15th, 2014

Ledger fall under the general ledger

Why depreciation is not charged on land?

Asked By: Sushil Kumar Jangir | Asked On: Dec 9th, 2006

Answered by: pavan kumar on: Mar 5th, 2014

Is Land depreciable -? Land generally doesn't depreciated in value because it is a limited resource with infinite life and can use for a range of purpose.. Scarcity of land increase the value, there ...

Answered by: debashis bhattacharya on: Feb 11th, 2014

The value of land depends on the development surrounding the land so if Their is no development their will be depreciation. In economic slowdown the value of land depreciate

Service tax entry in SAP

Asked By: unmesh | Asked On: Oct 9th, 2013

If a manpower supplier is a proprietor & service receiver is ltd company. Due to rcm amendment service provider 25 % service tax & service receiver is paying remaining 75% service tax. So what will be general ledger entry in above cases in SAP. & what will be general entry at a time of cenVAT credit...

Answered by: GVR on: Dec 4th, 2013

For service provider portion Expense A/C Dr Service tax deposit A/C Dr    To Creditor A/C For Service Receiver portion First you have to create a service tax payable A/C and a vendor A/C in the name...

Impact in books at the time of merger

Asked By: meghapost | Asked On: Oct 31st, 2013

Problem statement- • there are 2 regions in a country region x & region- y • region x is closed and GL trial balance (tb) is transferred to region y books ( x-tb is uploaded in y books like a journal we do normally)- no sub ledger (sl) level transfer was done • there was 1 invoices lying AP sl...

Answered by: ganesh mane on: Nov 27th, 2013

X A/C Dr .......
TO Y A/C Cr......

How would you account for the leasing of a vehicle

Asked By: hooked cruiser | Asked On: Feb 18th, 2008

As a sole trader you require a vehicle to trade and decide to lease the vehicle rather than purchase it, how would you account for it in the company accounts and what nominal would you use?

Answered by: ANIL on: Oct 23rd, 2013

Hi, Would you please give any example to explain the below question because i am not able to understand plzzzzz As a sole trader you require a vehicle to trade and decide to lease the vehicle rather ...

Answered by: sivaram addagada on: Sep 15th, 2010

I will open an vehicle owner account under hire vehicles a/c under current liability a/c.

Journal & payment for entries service tax credit

Asked By: chandragenie | Asked On: Jul 11th, 2008

If we availing service tax credit , what is the journal entry we have to pass when we receives the bill & what is the payment entry we have to pass if we make a payment

Answered by: c7831887 on: May 20th, 2009

If we receives a bill with service tax @ 12.36% on Rs.10000/-, the entry will be:Purchase A/c Dr.11236  To Party's A/c10000  To Service Tax payable A/c  (Contra-1)1236(Being the Pur...

Answered by: cmasunil on: Aug 6th, 2008

When we are making a payment for services which include service tax, Then entry will be     1. Paid to Port trust for haulage, tipping, sidding etc charges including Service Tax &n...

Financial statements reconciliation

Asked By: ravikesan | Asked On: Apr 29th, 2010

Why do we perform reconciliations? Are reconciliations part of financial statements?

Answered by: LAVANYA on: Jan 9th, 2013

Yes reconciliation is necessary in financial statement .

Journal entry

Asked By: pramod.anavatti | Asked On: Aug 29th, 2008

Every increase in expenditure & assets will be a debit, every decrease in expenditure & assets will be a credit - put a journal entry and show a puchase transaction.

Star Read Best Answer

Editorial / Best Answer

Answered by: sivareddy.bommu

View all answers by sivareddy.bommu

Member Since Oct-2009 | Answered On : Oct 13th, 2009

Non Cash Transactions Should be Recorded In Journal Entry.

For Ex:

Salaries A/c  Dr xxxxx

 To Salaries Payble A/c xxxx.

Answered by: Nishanth Loyal on: Sep 12th, 2012

Journal entry means entering the all financial transactions of the business in a chronological order using golden rules. Also the narration will be given to all the entries. Each transations having tw...

Answered by: sivareddy.bommu on: Oct 13th, 2009

Non Cash Transactions Should be Recorded In Journal Entry.For Ex:Salaries A/c  Dr xxxxx To Salaries Payble A/c xxxx.

What is the process flow for general ledger ?

Asked By: ragmadu2 | Asked On: Sep 16th, 2011

Answered by: maninder sandhu,9958214206 on: Sep 10th, 2012

Gl set ups> open the periods of gl > create/reverse journal entries> post and review> conversion , revaluation, translation, consolidation can be run > review/correct balances > run accounting reports> close gl periods.

Answered by: pk on: Oct 21st, 2011

Because land the only thing which has appreciation its value is increasing day by day not decreasing so we can not charge depreciation on it as it appreciating day by day

P&l account & trial balance.

Asked By: sdamirmohd | Asked On: May 22nd, 2012

What is the difference between p&l account and trial balance?

Answered by: pushpa c bonal on: Jun 7th, 2012

1) P/L is prepared to ascertain net profit or net loss
2) P/L balance is transferred to balance sheet
3) Records various income and exp

Trail Balance
1) It is statement containing various ledger account balance
2) Prepared to check arithmetical accuracy
3) It does not indicate profit and loss

Answered by: Kamla Amarnauth on: Jun 2nd, 2012

P& l account do not include asset accounts

Chart of account ?

Asked By: saurabh_singh362 | Asked On: Sep 14th, 2011

What is the meaning of "the account of chart"?

Answered by: Devendra on: Mar 15th, 2012

Chart of Accounts is nothing but list of G/L Accounts used by the one r more company codes....the chart of accounts contains the account no & account name.the chart of accounts is the operating chart of accounts used for the daily postings in company code.

Answered by: vrkirank on: Oct 31st, 2011

Chart of accounts is the structure of Accounts {its the combination of Segments, Segment Qualifiers & Segment Values}

What is the difference between general ledger and final accounts?

Asked By: swetha sophia | Asked On: Feb 10th, 2011

(it was asked in an interview)

Answered by: rejo on: Dec 23rd, 2011

General ledger includes all ledgers after adjusting the balance where as final accounts is arranging ledger balance to get profit and loss as well as to know the finacial position.

What are the factors to determine the net profit

Asked By: Karuppasamyvm | Asked On: Nov 18th, 2010

Answered by: Amirtha on: Nov 29th, 2011

O.Stock,
C.Stock,
Purchase,
Sales,
Direct Expenses,
Indirect Expenses,
Direct Incomes,
Miscellaneous Income.

Answered by: shilpa kamble on: Aug 4th, 2011

The factors are
1. sales or Incomes
2. indirect incomes, misc, income
3. direct expense and indirect expense
4. depreciation
5. tax.

What is meant by group chart of accounts in SAP FICO

Asked By: shashikumar | Asked On: Nov 23rd, 2006

Answered by: NAVEEN on: Nov 25th, 2011

Group chart of accounts used for consolidation purpose

Answered by: keshav311 on: Jul 5th, 2007

Group coa isa corporate level glsbasically used at consolidation level these coa will be viewed by the directors of the corporate comapny with diffrent gl numbers otherthan operative coa and country spcific coa these gl nos should not be over laped

General ledger reconciliations

Asked By: Venugopal | Asked On: Aug 31st, 2011

Hi, i’m looking for job into general ledger reconciliations, can some one send list of possible questions along with answers in word doc. Or pdf. Format, which will be very useful to face the interview board, regards, venu.

Suspense account

Asked By: kv040 | Asked On: Feb 22nd, 2008

Hi friends,i have a problem with suspense account. I been working for some organization and they have been getting this suspense account error since 2003. But its a big organization and they didn't consider it as a problem so far..But now-a-days this suspense account is increasing rapidly and decreasing...

Answered by: Hemant Balodia on: Jul 25th, 2011

I have worked for "Westpac Banking corporation" which is largest bank of Australia. I was in suspense team. In suspense accounts generally value comes when the values moves from sub ledger to ledge...

Answered by: raghunath on: Jul 23rd, 2011

To clear suspends account in oracle finance.we have to assign suspends account type in at our chart of accounts as liabilities account type.in values of account segment.then go to accounting setups op...

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