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General Ledger Interview Questions

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Why depreciation is not charged on land?

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

Answered by: niranjankumar on: Mar 14th, 2013

We saw in previous answers there is no depreciation on land. Because land have no useful life time and total amount of production its correct and testified answer i will agree with it. But in case of...

Answered by: wadood khan on: Mar 8th, 2013

Land is a scarce resources hence we cannot do depreciation on land.

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

What is the difference between ledger and general ledger

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

Answered by: Jabraham on: Apr 3rd, 2012

As someone mentioned in the thread before the right question would be what is the difference between a Sub Ledger and General Ledger, earlier when manual books of accounts were maintained Sub Ledger w...

Answered by: Bharath Kumar Nimmalapudi on: Aug 29th, 2011

All the ledger accounts together called as General ledger, and the sub ledger is a independent source of General ledger which contains business transaction in micro level( like including all check and...

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 gls
basically 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...

How to exceed the funding budget amount limit in the actual journal?

Asked By: sangeetha | Asked On: Apr 21st, 2006

Answered by: Basit Mursaleen on: May 11th, 2011

We can exceed the funding budget through using alternative depreciation methods and through borrowing short term loans.

What are ptd, qtd and ytd? Explain

Asked By: K.Senthil Kumar | Asked On: May 18th, 2007

Answered by: Nseek on: Jan 31st, 2011

Yes they are Period to date, Quarter to date and Year to Date but you read them like the following when working inside Oracle E-suite (accounting software) for example.PTD means amounts entered in a s...

Answered by: Arun K Rajan on: Aug 1st, 2007

period to date for ex - can be same as YTD if period = 1 year
quarter to date for ex - 1st qtr of calender year - Jan,Feb,Mar, All financial items (revenue+expenses) Jan-Feb is QTD Feb
year to date for ex - if fiscal year Jan-Dec - all financial items (revenue + expenses) from Jan-Aug is YTD Aug

Clarification of entry.

Asked By: deepakkumarcs | Asked On: Oct 20th, 2010

We have purchsed 100 share by cheque and we have sold 200 share from our stock. Tell how can we give entry to accounts ?

Answered by: sreejithsr on: Nov 28th, 2010



    Purchase of Share
            Share a/c dr Bank a/c cr
    Sold of shares
            Bank a/c dr Share a/c cr
   

Answered by: kashiffakih on: Nov 15th, 2010

At the time of Purchase "Purchase A/C Dr to Bank Cr and " and at the time sold Party A/c Dr to Sales A/C Cr.

What is the difference between single entry system & double entry system?

Asked By: chethana | Asked On: May 28th, 2007

Answered by: sreejithsr on: Nov 28th, 2010


In Single Entry System Cash / Bank transactions mentioned in same column But double  entry transactiones mentioned in seperated by Cash & Bank column.

Answered by: mrforever on: Jan 21st, 2008

Single Entry is an incomplete record of book keeping Whereas Duble Entry is an complete record of book keeping.

What is the meaning of GL reconciliation?

Asked By: santhosh | Asked On: Jun 25th, 2007

Answered by: Karuppasamyvm on: Nov 18th, 2010

GL reconciliation means Account payable , Accounts receivable ledger balance compared with General Ledger balance and it should be tallied.  If not tallied we have to do the reconcliation. 

Answered by: Arun K Rajan on: Aug 1st, 2007

GL Reconciliations are list of items that make up a GL account. For example, list of current unreversed accruals in a Sundry Creditors Balance sheet account. The items in Reconciliation should be iden...

If 2 companies are there, they have maintained separate chart of accounts, how can you consolidate their activities?

Asked By: parasuram | Asked On: Jun 19th, 2007

Answered by: sudhi0381 on: Sep 21st, 2010

In case the two company codes are using two diffrent chart of account, in each chart of account the GL Account has be defined wtth a alternative GL account, which will represent in the Group Chart of Account. By this way the consolidation of both the company code in Group level will be done.

Answered by: Shahrukh on: Nov 20th, 2007

In this case you have to have a additional field in the COA called "Alternate Account".  Your month end consolidated reports must be based on the alternate account. Example: Retail sale...

Explain about capitalization of internal, external asset?

Asked By: yashoda.t84 | Asked On: Jun 4th, 2010

Answered by: sudhi0381 on: Sep 21st, 2010

Internal Acqusition of an asset means, when an asset is built inhouse by creating an AUC(Asset Under Constuction), and then once the assets is fit to use for Production, its get capitalized as Complet...

Answered by: atelkar on: Sep 15th, 2010

Asset becomes capitalised when it is bought for profit motive, as an investment, and most important : when it is used.
Asset available within an organisation - Internal Asset.
Asset where they are present physically out of organisation - External Asset.

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