SURESH ACCOUNTS & HR EXPERTS CHOICE

IMPORTANT ACCOUNTING PRINCIPLE

2009-11-05T11:35:00.000+05:30

IMPORTANT ACCOUNTING PRINCIPLE

Objective
The objective of this statement is to prescribe accounting treatment for taxes on income. Taxes on income is one of the significant items in the statement of profit and loss of an enterprise. In accordance with Matching Concept, taxes on income are accrued in the same period as the revenue and expenses to which they relate

Basis for conclusions.
In a situations where an enterprise does not have unabsorbed depreciation or carry forward losses, the degree of certainty required under AS 22 for recognition of deferred tax asset is ‘reasonable certainty’. In contrast, as a measure of greater recognition of deferred tax asset in a situation where an enterprise has unabsorbed depreciation or carry forward of losses. Therefore, the level of certainty required for recognition of deferred tax asset in a situation where an enterprise has unabsorbed depreciation or carry forward of losses is much more than the situation where the enterprise does not have the same.

Accounting Standard Interpretation (ASI) 6

Accounting for Taxes on Income in the context of section 115JB of the Income tax Act, 1961

The payment of tax under section 115JB of the Act is a current tax for the period.
In a period in which a company pays tax under section 115JB of the Act, the deferred tax assets and liabilities in respect of timing differences arising during the period, tax effect of which is required to be recognized under AS 22, should be measured using the regular tax rates and not the tax rate under section 115JB of the Act.
In case an enterprise expects that the timing differences arising in the current period would reverse in a period in which it may pay tax under section 115JB of the Act, the deferred tax assets and liabilities in respect of timing differences arising during the current period, tax effect of which is required to be recognized under AS 22, should be measured using the regular tax rates and not the tax rate under section 115JB of the Act.

Accounting Standard Interpretation (ASI) 7

Disclosure of deferred tax assets and deferred tax liabilities in the balance sheet of a company, Accounting Standard (AS) 22, Accounting for Taxes on Income.

In case of a company, deferred tax assets should be disclosed on the face of the balance sheet separately after the head ‘Investments” and deferred tax liabilities should be disclosed on the face of the balance sheet separately after the head “Unsecured Loans’
Part I of Schedule VI to the Companies Act, 1956, doesn’t contain specific head for disclosure of deferred tax assets/liabilities. Section 211(1) of the Companies Act, 196, provides that every balance sheet of a company shall be prepared in the form set out in Part I of Schedule VI, or as near thereto as circumstances admit. It is, there fore, clear that format of balance sheet as set out in Part I of Schedule VI to the companies Act, 1956, has in-built flexibility to accommodate necessary modifications.

ACCOUNT SYSTEM USED IN HEALTH CARE OR HOSPITALS

2009-10-26T16:20:00.016+05:30

1,ExpertPM Account Management Suite provides the core modules of practice management to efficiently manage your practice. The suite features e-Business Manager, a powerful collection module with electronic queues for real time information as to account status.

Patient Accounting module is the core of the Experior ExpertPM. It integrates with all other ExpertPM modules and programs. Patient Accounting is a comprehensive system designed to maximize collections, process data efficiently, and improve patient services.Patient Accounting lets you customize billing requir ements. It automatically calculates fees based on varying carriers, physicians, and departments, and its flexibility allows you to define parameters to fit your unique processing and management needs.

Accounts receivable and practice management information are provided through extensive and concise reporting capabilities. ExpertPM eases future planning by giving you exact analyses of where your practice is today so you can plan for tomorrow.

Patient Accounting module functions include the following:

Patient Registration
Charge/Payment/Adjustment Entry
Insurance Open Item Posting
Patient Billing and Credit Collection
Insurance Management
Multiple Recall Codes
Inquiry Information
Data Retention
Management Information Reporting

e-Business Manager module. Designed for collection specialists, this module allows your specialists to access and enter all information on-line.

You can optimize your collection ratio with one easy-to-use collection screen. This collector review screen is a worksheet for contacting accounts and updating activity. Each account automatically queues for review and requires the collection specialist to enter an action code before reviewing the next account. Client-defined criteria determine the assignment of accounts and collection policies.

The e-Business Manager module's on-line feature ensures that accounts are never missed for review, and the paperless system eliminates the frustration of lost notes. Statistical reports help you make important decisions on staff performance, requirements, and the effectiveness of your collection techniques. And, by managing collection accounts in-house, you increase revenue by eliminating the cost of large collection agency commissions.

Highlights of the e-Business Manager module include automatic assignment of accounts based on client-defined criteria; assigned collection specialist numbers are displayed in frequently used account screens; total balance of bad debt and collection agency are displayed on the collection screen; ability to track contact codes by creating billing messages when code is entered; ability to enter recall code and date in the collection screen; and, automatic assignment of accounts to small or large balance categories.

The ExpertPM Financial Suite provides all the tools of financial management.BeyondGeneral Ledger, Payables/Receivables, ExpertPM can transmit Purchase Orders electronically in ANSI standard format, update inventory through electronic remittance, and provide Case Costing for surgeries and procedures.

The General Ledger module provides you with financial information critical to determining financial statements. While other financial modules automatically generate accounting entries, leaving only adjusting entries to be entered, the General Ledger module is a byproduct of daily operations, providing a complete financial database.

The General Ledger module automatically integrates with other financial modules, and provides either single entry or double entry mode. On-line inquiry capabilities allow you to view journal entries, account balances, account histories, and budget balances.

Among the many comprehensive reports and statements available in the General Ledger module are charts of accounts; balance sheet and balance sheet comparisons; journal entries log; income statements and comparative income statements and schedules; monthly budgeting and forecasting; and, comprehensive year-end summaries.

Highlights of the General Ledger module include on-line report requesting and system control; multi-company, multi-divisional, and multi-department flexibility; consolidation capabilities; separate fiscal years for each company and client; detail history for entire fiscal year; ten-digit account number capability; automatic integration with other financial modules; and, up to ten years of account balance history.

The Inventory module and its subsystem, Purchase Order, maintain and track inventory distribution, and provide flexible entry and maintenance of purchasing information. Automatic and manual purchasing requests and on-line vendor item cataloging helps your staff manage purchasing functions in an easy and cost-effective manner.

Among the many comprehensive reports and statements available in the Inventory and Purchase Order module are open purchase order; past due purchase order; purchase order request and advice; receipt history; new purchase orders for warehouse; late delivery orders for warehouse; and, items received into warehouse.

Highlights of the Inventory and Purchase Order module include:

Automatic and manual purchasing requests
Incomplete shipment capabilities
Receiving with or without purchase order may be entered
Receipt transaction tracking through inventory module
Batch order capability at client-specified intervals
Automatic price and numbering

The Check Reconciliation module helps your staff balance checking accounts quickly and accurately. With the capability of handling multiple banks and multiple accounts, Check Reconciliation is a perfect solution for multiple site organizations. Its interface with the Payroll and Accounts Payable modules simplifies reconciliation. A check reconciliation report displays all checks returned, all checks outstanding, and any errors in reporting.

Highlights of the Check Reconciliation module include:

Automatic interface with Accounts Payable ExpertPM module
Paid check reconciliation
Outstanding check reconciliation
Capability to handle multiple bank and multiple account requirements
Electronic interface with banks for cancelled checks.

ExpertPM Chart Management manages the who, what, where, of your paper charts. The suite features an efficient bar-code solution to insure files are accounted for, accessible for the provider, and provides protection and preparedness for audits

With Experior’s Chart Tracking modules, lost charts and films are virtually eliminated. Chart Tracking displays information on the date, time, operator, and current location of the chart, and allows staff to access the exact chart location instantly.

Chart Tracking greatly enhances the productivity and efficiency of the Medical Records file room, and all areas of clinic operations benefit from the end of potentially disruptive chart searches. Chart Tracking improves quality assurance and patient care by ensuring that the chart is readily available at any given time.

Because satellite and ancillary facilities have become so common in health care, today’s physicans often need to manage multiple charts for their patients. The Multiple Patient Chart module identifies and tracks multiple chart records for each patient.

With the Multiple Patient Chart module, your staff can match the right chart to the right patient visit instantly. The majority of patient visits require no intervention since the home location is where most of the visits occur. However, when the patient visits an ancillary location, the chart selection process is quick and easy.

The Accounts Payable

2009-10-26T15:51:00.003+05:30

Accounts Payable module provides processing and reporting capabilities for complete expense control and cash disbursement management. It automatically interfaces with your General Ledger. The Accounts Payable module validates distribution account numbers, and lets you add, change, inquire, or delete invoice information on-line.

Highlights of the Accounts Payable module include multi-company and multi-department flexibility; automatic calculation or manual entry of discount terms; cash or accrual basis; temporary vendor capability and retention of up to 99 months; multiple or single invoice per vendor check; on-line inquiry; on-line check printing; and, vendor name and number cross-reference capability.

HOW MANY ROUNDS IN A INTERVIEW

2009-10-25T02:21:00.004+05:30

HOW MANY ROUNDS IN INTERVIEW

In different company there are different rounds will be there, its depends on their company policy's and rules but given below is common process for all interview.

for example HP.I GATE.DELL.,WIPRO.TCS,ALL BPO&KPO.

1. SELF INTRODUCTION,

A self introduction nothing but it’s a self confidence.

A self introduction about your name father name and where are from, this is the basic information about your background, main thing is that how you are going to presenting,

For example where you studied and what are the courses you have done in academic year. Projects in which field you have done all those you should involve in self introduction.

For further information see the blog articles already I published.

2. GD (GROUP DISCUSSION).

Most of companies will not conduct this round, some company will conduct because if the crude is more means they will conduct this round for filtering purpose, for example if they are expecting 100 candidates in day for interview, if there is 200 candidates attended means they are trying reduce the crude,

In that there are 2 types of method

1, they will give the topic we should speak on that particular topic not more than that,

2, we should select the topic, whatever it may be, its May personal or general,

Time limit: some company target the time and some company not.

Important suggestion: you should speak loudly and clearly, don’t speak about personal matter my best suggestion is that speak on your subject one more thing is most of HR doest know about the your subject its advantage for you people,

Vocabulary and accent are very important.

The way of presentation is very important, grammatical and communication,

3. ESSAY WRITING.

In this particular area they will check your grammatical knowledge, because you are going work for local people, all MNC are looks for grammatical spelling, because you are dealing with foreigners not local board,

Some time they will give the topic otherwise we should select the topic,

In this round time is very important. There will be time limit.

4. TYPING TEST

This is the alternative option round, almost BPO and KPO companies will conduct this round,

Know a days it’s a common process for all companies, in non voice process after work we should send a mail to authorities concerns, for example all mnc in abroad when we are logout before that we should send an mail to particular person, and some time a employee write email to customer it may be aphorizing or renewing the service whatever it may this is common (typing)

The minimum speed is per minute 30-35 words required with accuracy should 90 above.

Here time is very important,

Those who are willing to work in BPO and KPO you should very well in this particular area ,first round itself typing test , if 1^st round clear means it’s very easy to get in company.

5. APTIUDE TEST

This is round which we called knowledge testing.

It’s very important round, in aptitude test they will ask you about particular your speciation subject,
if your are management student they are going ask you only management side not more than that but there are some extra question will be ,……..

1, Subject question (basic accountancy, bills payable and bills receivable, etc)

2, Grammatical (making sentence or fill in the blank, is that was this)

3, Logical (use your brine in logical test example: there is one tree in that there are 8 birds one gun man will come and he will shoot one bird will fall down and die then how many birds in that tree)

4, Numerical (mathematical and statistic)

5, Computer (keys of word, excel, power point)

6, Words which not belongs to group (they will give easy type Para we should select which is not belongs to that group (apple, banana, cat,).

6, OPRATION ROUND OR TECHNICAL ROUND

This is last round; here interview conduct by not a ordinary employee, this round will be taken by manager another name managerial round, it’s very important round.

Impress to manager that you are mentally and physically fit for this job, manager may be ask about subject or non subjective questions,but give a numinous answer. be smile on your face don't sit like 12 o'clock some time the manager will check your mentality and detections and humbleness. In this round include, how you are walking, how you are talking, dress séance, behavior, gesture personality all this things will observed in this round , don’t be like foolish! Act like a gentle man,

GENERAL ACCOUNTING

2009-10-24T18:34:00.000+05:30

GENERAL ACCOUNTING
General accounting
handles the bills,
invoices,
accounts payable,
customer receipts,
accounts receivable and payroll functions of a business or organization.
Learn how accounting allows an organiza...

WHAT IS CAPM?

2009-10-20T00:40:00.001+05:30

CAPM
CAPITAL ASSEST PRICING MODEL
it provides a logival and quantitative approch for estimating risk.
it measures the systematic risk of an individual security and relate it to the systematic risk of a well diversified portfolio.

STOCK DIVIDEND

2009-10-20T00:35:00.001+05:30

What is stock dividend?
stock dividend is dividend payable by stock . an issue of bonus shares in addition to the cash dividend to xeisting shareholders.
% of profite earned to be paid to share holders as dividend.

WHAT IS FINANCIAL RISK

2009-10-20T00:32:00.000+05:30

What is financial risk?
It is the risk wich arises on account of use of debt in the capitalisation plan. It is concerned with analysis of income statement between EBIT and FBI, it is also called as risk arising out of not metting financial obligations.

WAHT IS RETURN

2009-10-20T00:28:00.000+05:30

What is return?
return is measured by taking income pluse price change where income is either dividend or interest and price change of security is capital gain or loss.

WHAT IS RISK

2009-10-20T00:23:00.001+05:30

What is risk?
Risk is defined as a situation where possible consequence of the decision that is taken are known.
for example if the investment made in business tha certian results we know before investement.

Interview tips or interview questions with answer

2009-10-16T23:37:00.004+05:30

FREQUENTLY ASKED QUESTIONS

Tell me about yourself.
When asked this question it's your chance to give a professional snapshot of your talents, qualifications and experience. Allow up to two minutes for this response. Be succinct and keep it relevant.
It's time to sell yourself – but keep focused because you need to give a good overview of what you can do in relation to the position for which you are applying.
You could tell the interviewer where and what you studied – include notable snippets like your majors, significant awards or a distinction average but only if the subjects you studied are relevant to the job.
Don't ramble on: keep to the point (no more than four points in total) and don't waste time on irrelevant information – make sure each point hits the mark for the job. Check with the job description and select four main aspects of the job that you could cover.
Finish off by briefly outlining your career plans and how the job on offer fits into those illustrious schemes.

What do you know about this organization?
Before attaining the interview go through that company profile site, which company you are going to attaining.
Sometime they will ask about their company product or service.
So before going attain the interview, you should know about that company profile.
When asked this question, your research will come into play. Whatever you do, do not say 'nothing' or 'I had a quick look at your website so I know you are a _____'. Spend some time on the company website to find out as much as you can about the company so that you can speak for at least a minute and a half about their business.
Also look at any news features or other websites that come up when you search the company name as this is often information generated by others and not the company singing its own praises.
At the interview, you can discuss a number of aspects such as services, goals, position in the market and other points that you have gleaned from your research. Make sure you show knowledge without coming across as a 'know it all'.
'I was impressed with your growth figures over the past twelve months and it's great that you have a policy to support the local community' is an answer that shows you have done your homework and gives the company a pat on the back for their social policies.

What have you done to improve your knowledge in the last year?
Tell the hr that you are done some use full courses for example: JAVA .SAP ect.
And explain extra activities what you really interest.
Particularly hr wants to check you are sitting idly or you are participating useful things.

Are you applying for other jobs?
Say yes Off course, yes & this is my first interview...really I don’t
Want to waste my time.....I’m in need of finding new things
To gain my experience to develop my career leader

Why do you want to work for this organization?
When answering the question about why you want the job, the comprehensive pre-interview research you have done will become essential. The interviewer wants to know why you are interested in the position so he/she can gauge what skills you are bringing to the position and how it fits into your short- and long-term career plans.
Use your answer to demonstrate your knowledge of the company and re-emphasis’ your suitability for the position. Give specific examples of things that attracted you to the company, so the interviewer can see that you match their culture and will thrive in the position.
While this looks like a question about you, the interviewer wants to know what you can do for the company and that you are a good fit for the job.
In your answer, you might want to elaborate on your strengths and achievements and how they match the position description. You could also talk about your career goals and the objectives of the company (information from your research). In both these instances, you are explaining how and why you would be an asset to the company.

What kind of salary do you need?
If you are a fresher say: as a company standers don’t say that what you are expecting. Even though if they are paying less than your expectation doesn’t revile your expiation, some time hr will check weather really you are looking for job or for money. If you are experience candidate tell him that you are expecting 30% hike salary.
Because 30% is the basic for experience candidates.

Are you a team player?
Don’t say or don’t support one side you should be both side
Tell him that you are team player as well as individual worker.
Often selection you should work both side, so he will check whether he will take risk or not.

How long would you expect to work for us if hired?
Answer positively for this question, tell that your are concentrating for long term goal or commitment
As far as the company need me because company needs some
Expectation from me, other concern is respect for employees Will not be leaving this company because as I Can find my growth and everything in this company

What is your philosophy towards work?
Philosophy of work is a genre on its own! This is definitely a topic to be addressed to the interviewer, to show them a side of deep understanding and thought provocation.

“I think many people take ‘work’ as a means to ‘leisure’. We work to the ultimate goal of ‘vacationing’ and that’s the philosophy that most people have generally accepted. In my opinion, I think work has essential value on its own. I think we all have natural talents and inclinations, which stir us to use our minds cohesively, and produce great works. We want to produce good works that has good purpose for the world. I think work is part of human needs to understand, quantify, the greater part that is us- nature, resource, ideals, philosophy, ethics, and the world. Work is necessary, to understand ourselves better in our endeavors- failure and frustration is a part of the process in which we can appreciate and measure the outcome. It would be too much emphasis on work to say that it is solely our human value (reference to Capitalism). We are not our work, and our value cannot be summed up to the works we produce, it is just a method in which we learn.”

Explain how you would be an asset to this organization.
To obtain a challenging position in progressive and dynamic organization that allows me to apply and enhance my knowledge and reorganization my contribution to the growth of the organization.
I think I give all my efforts towards co. Benefit & I don't
Work like a d the employee of this co, but this is my own
co. & 1 more thing I don't have any depreciation also.

Where do you see yourself in five years?
The 'where do you see yourself in five years?' probe is a must to prepare for in your repertoire of pre-planned interview spiels. Like most other questions thrown your way while you're in the career hot seat, it's just another springboard from which to harp on about why you should be moving into their offices and onto the payroll in the immediate future.
Use it to show that you have decisive career goals, are keen to jump on opportunities as they arise and are aiming for the top.
If kids were held accountable to their responses to the granddaddy of these speculative peelers -'what do you want to be when you grow up?' -then the world would be an interesting place. We would have no shortage of firemen, Teenage Mutant Ninja Turtles, policemen, Transformers, pilots, supermen, doctors, Babies, actresses, Harry Potters, prime ministers, and pop stars. But there would be a severe shortage of bureaucrats and recruitment managers. Perhaps that's not such a bad idea …
A roadmap and itinerary wasn't handed out as part of a 'welcome to your life' orientation session. In fact, if you could foresee the future you probably wouldn't be sitting opposite an unoriginal interviewer; it's more likely that you would have won the lottery axons ago and retired to a life sipping blueberry caprioskas in the south of Spain.
For now, here are a few simple guidelines to stick to in order to get past the question and on with the next five years of your career.

Why should we hire you?
Set yourself apart from the pack! You may find yourself reiterating some of the things you said in response to 'Tell me about yourself', but this time try to be more specific in linking your talents to the requirements of the position.
Give strong examples of your skills and career achievements and, in doing so, explain how you can be beneficial in the new gig.
Make a big statement to start and then support it with an example. 'I am always willing to go the extra mile' is a good opener.
Find an example of an accomplishment that matches one of the key responsibilities outlined in the job description and use the STAR system of response: situation, task, action, result.
'In my previous position, the data management system was not working well and wasn't being used properly. I approached my manager and suggested a very simple way to fix the problem [shows initiative]. She agreed and I implemented the changes and also explained how it all worked to the rest of the team [team player and ability to communicate]. The result was that everyone started using the system [improved data capture] and the company saved huge amounts of time allowing staff to work on core business [improved productivity and profits].'
This shows that you bring valuable skills to the job. Finally, link what you have done to the new position. 'My focus at work is about productivity and profitability and improving the bottom line for the business.

What is your greatest strength?
This is a classic example of how you should tailor your answer to the job. Make a list of the requirements of the job and demonstrate that you possess these, giving examples of how your strengths have helped produce excellent outcomes in previous positions.
For example, if developing business project plans is a job requirement, show how you have managed this in the past and make sure to mention that the result was that the team working on the project were appreciative that they had such a strong plan to work with, that the job was completed within the projected time frame and that you saved your employer $X.
Some generic skills-based answers include:
• 'My time management skills are excellent. I'm organized and take pride in excelling at my work.'
• 'I'm very good with customers and I am efficient at resolving any problems that they have. My customer service skills also help me to get along with other members of the team.'
Suggestions of other valuable strengths include: your leadership skills, problem-solving skills, ability to priorities and work under pressure. Just make sure it correlates directly to the job you are applying for.

Why do you think you would do well at this job?
Describe you skill set and you d0mine knowledge one more important thing is that your strength and knowledge in particular area in which you are export.
My consistency of good track record Inquisitiveness to learn new and quick adaptability for change and finally the support and cooperation required by my team members. sir i have an technical skills where i can involve for doing a good work’s have patience and i can create better output. During the project class lot of problem we have faced i have tried hard for overcome from this problem.
What is more important to you: the money or the work?
Tell him both because money and works are both important for human being it’s a two head of one coin.
Money will not fallow us if we are doing job money will flow us this is theory behind money and works.

Would you be willing to relocate if required?
Answer this question sincerely if you are flexible to relocate say yes otherwise say no.
Some companies will relocate with high post or though giving hike in salary.

Describe your management style.
The best management style for any company is that...........get the max best work output with... less investment.....
Situation and timeliness for the operation/task is the main decisive factor to adopt management style for a job well done
To be sincere & honest at work. Better not to involve in subordinate's personal matters
To provide a friendly environment (but work is first priority)
To be very clear in terms of each person's role in the project (or organization).

Describe your work ethic.
• My experience with the phrase is that it describes one's level of commitment to a task/employer/course of study. Ability to go the extra mile, stay the course, persistence to achieve quality, finding resources when stuck, own the problems that arise, etc. Punctuality and showing up fall in there, too.
• I try to learn the mission statement and vision of the organization that I am working for before I commit my time, my passion, and my energy to it. If I believe in the mission/vision statements and I am reasonably sure that the supervisors abide by most of it, I will give my time, my extra hours, and my positive attitude to the agency. I need to be able to transmit that mission even on the worst days and to remember that you must balance your love for work with your love for health and take time to reflect, relax, and play.

What is your weakness?
One of the most dreaded of all interview questions is the ‘greatest weakness’ minefield. Many recruiters are, in fact, moving away from using a question that has become over-used and predictable, yet it is still one you have to prepare for. But how do you answer this without casting yourself in a negative light, while still sounding honest and self-aware? Is it possible to provide an answer that doesn’t sound like spiel or cliché?

Real funda behind interview
Be positive.
It’s all about perception.
Use an example from the past.
Use common sense.
Demonstrate that your skills are transferable.
Use this as an opportunity to elicit more information.
Be honest and bold.
Don’t novas, be cool in interview.
Look on to hr, eye to eye contact.
Don’t murmur, speak clearly and loudly.
Keep smile on your face,

sureshmba005@gmail.com
Personal sharing ,
Answering this question successfully is all about presenting yourself – including your weaknesses – in the most positive light, according to Steve Gunther, a consultant with boutique recruitment firm 2discover.
But this is not just an exercise in spin-doctoring and obfuscation. This is your chance to demonstrate your honesty, self-awareness, and willingness to learn and improve.
While identifying a weakness or deficiency, emphasis that you are aware of the problem and actively working to improve. Answer with enthusiasm and positivity, and show your prospective employer what a great attitude you have. For example, if you say that you sometimes have a tendency to procrastinate, be sure to emphasis’ that you are aware of the problem and have become an ardent planner and list-maker to keep yourself on schedule. Stress how much satisfaction you get from crossing things off your to-do list and getting things done on time, and how happy you are about the improvements you’ve made.
Remember, the same ‘negative’ trait can be turned into a positive depending on how you present it. If you have a tendency to be overly meticulous (i.e. anal) and therefore sometimes take too long to complete tasks, you can highlight the fact that you like to see things done to the highest standard – though you are getting better at letting things go and working more quickly now. Or if you tend to be a little quiet and reserved at work, and are sometimes perceived as aloof, you can say that you are a little shy – but once people get to know you, they soon see that you are loyal, discreet and a good listener.
2discover’s Steve Gunther asserts the importance of using concrete examples from your past as illustration. Instead of speaking in loose generalities and hypothetical’s, talk about your experiences and show how you have improved on your weaknesses in previous jobs. The more specific you can be, the better.
For example, you can tell the interviewer that you used to have a tendency to tardiness, but that once you started setting your alarm clock a half hour earlier and using your mobile phone to remind you of appointments, you haven’t been late once in the last six months!
Think about the key qualities required for the job and make sure you demonstrate strength in those areas – and only cite weaknesses which are less crucial to the role. For example, if you are going for an administrative job, you wouldn’t want to say that your attention to detail is a weakness – whereas if you are going for a creative, big-picture type of role, then lacking attention to detail might not be such a big deal.
If you’re obvious deficiency is a lack of experience in a similar role (such as when you are changing career direction), Gunther advises you to find a link between your previous experience and the present role, showing that your skills can easily be transferred to a new context. Let’s say you come from a background in office administration and are pursuing an entry-level job in marketing and communications. If, in your previous job, you wrote and proofread newsletters and reports, and helped to contribute marketing ideas during staff meetings, then you have relevant experience that can be transferred to your new role. Stress that you are adaptable, and eager to learn and apply yourself to a new environment.
You can even use the fact that you come from a different background to your advantage, by emphasizing that you can bring something new and fresh to the position. Your relative inexperience could inject them with some much-needed fresh blood and be exactly what they need.
Gunther also suggests that you use this question to find out more about the company. See if you’re supposed weakness can complement their business or team. For example, if you are someone who needs and likes structure, find out what their present systems are like. Do they operate like a well-oiled machine that you could easily slot into, or are they in dire need of a systems overhaul that you could help to implement? If their structure is not compatible with your working style, this may not be the company for you – and it’s better for everyone if you figure that out now.
In some cases, it might be acceptable to keep your answer to this question fairly light-hearted – for example, ‘I’m a coffee addict’. However, you’ll have to use your judgment here based on the nature of the role and the personality of the interviewer – you don’t want to come across as flippant.
Keep in mind that your prospective employer will call your referees and ask about any weaknesses, so don’t be caught out saying something untrue that will later call your honesty and integrity into question. Outright lies will usually come back to bite you on the proverbial.
When answering the question about why you want the job, the comprehensive pre-interview research you have done will become essential. The interviewer wants to know why you are interested in the position so he/she can gauge what skills you are bringing to the position and how it fits into your short- and long-term career plans.
Use your answer to demonstrate your knowledge of the company and re-emphasis your suitability for the position. Give specific examples of things that attracted you to the company, so the interviewer can see that you match their culture and will thrive in the position.
While this looks like a question about you, the interviewer wants to know what you can do for the company and that you are a good fit for the job.
In your answer, you might want to elaborate on your strengths and achievements and how they match the position description. You could also talk about your career goals and the objectives of the company (information from your research). In both these instances, you are explaining how and why you would be an asset to the company.

OBJECTIVES OF ACCOUNTING

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OBJECTIVES OF ACCOUNTING

1, Maintence of accounting records.

2, Ascertainments of profit or loss.

3, Depication financial position.

4, providing information.

Effect of Errors of Final Accounts

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Effect of Errors of Final Accounts

· 1. Errors effecting profit and loss account

· It is important to note the effect that an en-or shall have on net profit of the firm. One point to remember here is that only those accounts which are transferred to trading and profit and loss account at the time of preparation of final accounts effect the net profit. It means that only mistakes in nominal accounts and goods account will effect the net profit. Error in the these accounts will either increase or decrease the net profit.

· How the errors or their rectification effect the profit-following rules are helpful in understanding it :

· (I) If because of an error a nominal account has been given some debit the profit will decrease or losses will increase, and when it is rectified the profits will increase and the losses will decrease. For example, machinery is overhauled for Rs. 10,000 but the amount debited to machinery repairs account -this error will reduce the profit. In rectifying entry the amount shall be transferred to machinery account from machinery repairs account, and it will increase the profits.

· (il) If because of an error the amount is omitted from recording on the debit side of a nominal account-it results in increase of profits or decrease in losses. The rectification of this error shall have reverse effect, which means the profit will be reduced and losses will be increased. For example, rent paid to landlord but the amount has been debited to personal account of landlord-it will increase the profit as the expense on rent is reduced. When the error is rectified, we will post the necessary amount in rent account which will increase the expenditure on rent and so profits will be reduced.

· (iil) Profit will increase or losses will decrease if a nominal account is wrongly credited. With the rectification of this error, the profits will decrease and losses will increase. For example, investments were sold and the amount was credited to sales account. This error will increase profits (or reduce losses) when the same error is rectified the amount shall be transferred from sales account to investments account due to which sales will be reduced which will result in decrease in profits (or increase in losses).

· (iv) Profit will decrease or losses will increase if an account is omitted from posting in the credit side of a nominal or goods account. When the same will be rectified it will increase the profit or reduce the losses.

· For example, commission received is omitted to be posted to the credit of commission account. This error will decrease profits ( or increase losses) as an income is not credited to profit and loss account. When the error will be rectified, it will have reverse effect on profit and loss as an additional income will be credited to profit and loss account so the profit will increase ( or the losses will decrease).

· If due to any error the profit or losses are effected, it will have its effect on capital account also because profits are credited and losses are debited in the capital account and so the capital shall also increase or decrease. As capital is shown on the liabilities side of balance sheet so any error in nominal account will effect balance sheet as well. So we can say that an error in nominal account or goods account effects profit and loss account as well as balance sheet.

· 2. Errors effecting balance sheet only

· If an error is committed in a real or personal account, it will effect assets, liabilities, debtors or creditors of the firm and as a result it will have its impact on balance sheet alone. because these items are shown in balance sheet only and balance sheet is prepared after the profit and loss account has been prepared. So if there is any error in cash account, bank account, asset or liability account it will effect only balance sheet.

Difference in trial balance

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· Difference in trial balance

· Trial balance is affected by only errors which are rectified with the help of the suspense account. Therefore, in order to calculate the difference in suspense account a table will be prepared. If the suspense account is debited in' the rectification entry the amount will be put on the debit side of the table. On the other hand, if the suspense account is credited, the amount will be put on the credit side of the table. In the end, the balance is calculated and is reversed in the suspense account. If the credit side exceeds, the difference would be put on the debit side of the suspense account.

Rectification Of Accounting Errors

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· Rectification Of Accounting Errors

· Every businessman is interested in finding out the true profit and correct financial position of his business at the close of the trading period. The effort of the accountant is to prepare the final accounts in such a fashion which exhibits true picture of the business. Accounts are considered to be authentic proof of true financial position of a concern. But in spite of best efforts there are certain transactions which are omitted to be recorded or entered wrongly in the books. Such errors affect the final accounts. An accountant should, therefore, try to locate such errors and rectify them before the preparation of final accounts.

· Accountants prepare trial balance to check the correctness of accounts. If total of debit balances does not agree with the total of credit balances, it is a clear-cut indication that certain errors have been committed while recording the transactions in the books of original entry or subsidiary books. It is our utmost duty to locate these errors and rectify them, only then we should proceed for preparing final accounts. We also know that all types of errors are not revealed by trial balance as some of the errors do not effect the total of trial balance. So these cannot be located with the help of trial balance. An accountant should invest his energy to locate both types of errors and rectify them before preparing trading, profit and loss account and balance sheet. Because if these are prepared before rectification these will not give us the correct result and profit and loss disclosed by them, shall not be the actual profit or loss.

· All errors of accounting procedure can be classified as follows:

· 1. Errors of Principle

· When a transaction is recorded against the fundamental principles of accounting, it is an error of principle. For example, if revenue expenditure is treated as capital expenditure or vice versa.

· 2. Clerical Errors

· These errors can again be sub-divided as follows:

· (i) Errors of omission

· When a transaction is either wholly or partially not recorded in the books, it is an error of omission. It may be with regard to omission to enter a transaction in the books of original entry or with regard to omission to post a transaction from the books of original entry to the account concerned in the ledger.

· (ii) Errors of commission

· When an entry is incorrectly recorded either wholly or partially-incorrect posting, calculation, casting or balancing. Some of the errors of commission effect the trial balance whereas others do not. Errors effecting the trial balance can be revealed by preparing a trial balance.

· (iii) Compensating errors

· Sometimes an error is counter-balanced by another error in such a way that it is not disclosed by the trial balance. Such errors are called compensating errors.

· From the point of view of rectification of the errors, these can be divided into two groups :

· (i) Errors affecting one account only, and

· (ii) Errors affecting two or more accounts.

· Errors affecting one account

· Errors which affect can be :

· (a) Casting errors;

· (b) error of posting;

· (c) carry forward;

· (cl) balancing; and

· (e) omission from trial balance.

· Such errors should, first of all, be located and rectified. These are rectified either with the help of journal entry or by giving an explanatory note in the account concerned.

· Rectification

· Stages of correction of accounting errors

· All types of errors in accounts can be rectified at two stages:

· (i) before the preparation of the final accounts; and

· (ii) after the preparation of final accounts.

· Errors rectified within the accounting period

· The proper method of correction of an error is to pass journal entry in such a way that it corrects the mistake that has been committed and also gives effect to the entry that should have been passed. But while errors are being rectified before the preparation of final accounts, in certain cases the correction can't be done with the help of journal entry because the errors have been such. Normally, the procedure of rectification, if being done, before the preparation of final accounts is as follows:

· (a) Correction of errors affecting one side of one account Such errors do not let the trial balance agree as they effect only one side of one account so these can't be corrected with the help of journal entry, if correction is required before the preparation of final accounts. So required amount is put on debit or credit side of the concerned account, as the case maybe. For example:

· (i) Sales book under cast by Rs. 500 in the month of January. The error is only in sales account, in order to correct the sales account, we should record on the credit side of sales account 'By under casting of. sales book for the month of January Rs. 500".I'Explanation:As sales book was under cast by Rs. 500, it means all accounts other than sales account are correct, only credit balance of sales account is less by Rs. 500. So Rs. 500 have been credited in sales account.

· (ii) Discount allowed to Marshall Rs. 50, not posted to discount account. It means that the amount of Rs. 50 which should have been debited in discount account has not been debited, so the debit side of discount account has been reduced by the same amount. We should debit Rs. 50 in discount account now, which was omitted previously and the discount account shall be corrected.

· (iil) Goods sold to X wrongly debited in sales account.

· This error is effecting only sales account as the amount which should have been posted on the credit side has been wrongly placed on debit side of the same account.

· For rectifying it, we should put double the amount of transaction on the credit side of sales account by writing "By sales to X wrongly debited previously."

· (iv) Amount of Rs. 500 paid to Y, not debited to his personal account. This error of effecting the personal account of Y only and its debit side is less by Rs. 500 because of omission to post the amount paid. We shall now write on its debit side. "To cash (omitted to be posted) Rs. 500.

· Correction of errors affecting two sides of two or more accounts

· As these errors affect two or more accounts, rectification of such errors, if being done before the preparation of final accounts can often be done with the help of a journal entry. While correcting these errors the amount is debited in one account/accounts whereas similar amount is credited to some other account/ accounts.

· Correction of errors in next accounting period

· As stated earlier, that it is advisable to locate and rectify the errors before preparing the final accounts for the year. But in certain cases when after considerable search, the accountant fails to locate the errors and he is in a hurry to prepare the final accounts, of the business for filing the return for sales tax or income tax purposes, he transfers the amount of difference of trial balance to a newly opened 'Suspense Account'. In the next accounting period, as and when the errors are located these are corrected with reference to suspense account. When all the errors are discovered and rectified the suspense account shall be closed automatically. We should not forget here that only those errors which effect the totals of trial balance can be corrected with the help of suspense account. Those errors which do not effect the trial balance can't be corrected with the help of suspense account. For example, if it is found that debit total of trial balance was less by Rs. 500 for the reason that Wilson's account was not debited with Rs. 500, the following rectifying entry is required to be passed.

Financial Accounting With Double Entry Bookkeeping - Traditional Methods of Financial Accounting

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Financial Accounting With Double Entry Bookkeeping - Traditional Methods of Financial Accounting
[Business:Accounting] The following information about a business is very vital, namely, the total earnings during the period, the expenditure during the period on salaries, wages, lighting, insurance, rates and taxes etc, the profit or loss, the capital and causes of its increase or decrease, Nature and value of assets possessed by the business, Nature and amount of liabilities, Customers who owe to the business and the amount in each case, Suppliers to whom the business has to make payments and the amount in each case and Other facts for filing sales tax or income tax returns. The above describes in nutshell the purpose of bookkeeping and financial accounting.

Computerized Financial Accounting - Methods and Practices - Use of software in Accounting

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Computerized Financial Accounting - Methods and Practices - Use of software in Accounting
[Business:Accounting] Financial Accounting of bookkeeping is one of very old and basic business method. By way of accounting only a business know whether the activities are profitable or not. With the increasing use of computers in all walks of life accounting system have grown into enterprise resources management systems that not only address to accounting needs of the enterprise but give a complete picture of all other methods and branches of the business. Computers have greatly improved the traditional accounting methods and practices.

Branches of Accounting, Uses of Accounting and Limitations of Financial Accounting

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Branches of Accounting, Uses of Accounting and Limitations of Financial Accounting
[Business:Accounting] Accounting systems have evolved into different branches as per the requirements of use in trade, business, commerce and industry. While accounting systems have countless benefits and advantages to the business the financial accounting system may not truly portray the exact situation of the business due to many shortcomings.

Definition and Objectives of Bookkeeping and Accounting Systems

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Definition and Objectives of Bookkeeping and Accounting Systems
[Business:Accounting] The necessity and importance of accounting can be explained by requirement of knowing that how much we have earned this year, how much was earned during the last year, is our business improving, how much cash do we have, how much money we owe, how much others owe to us?

Explanation Of Important Accounting Terms, Accounting Cycle And Responsibilities Of An Accountant

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Explanation Of Important Accounting Terms, Accounting Cycle And Responsibilities Of An Accountant
[Business:Accounting] The objectives of an accountant are to know the following - What type of expenditure firms should commit? Amount of funds committed by the firm on various projects? What sources should be used to raise the funds for a particular project? Ways and means of getting maximum benefit out of the use of funds? Method and time of repayment of funds borrowed? Of course, the decision on the above-mentioned problems is taken in the light of management policy and objectives of the enterprise.

Importance Of Data In Accounting And Parties Interested In Accounting Information

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Importance Of Data In Accounting And Parties Interested In Accounting Information
[Business:Accounting] One of the main objectives of financial accounting is to ascertain whether the business operations have been profitable or not. Accounting enables us to find out whether a business has earned profits or suffered losses during the accounting period.

Principles of Accounting and Accounting Assumptions

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Principles of Accounting and Accounting Assumptions
[Business:Accounting] Certain fundamental accounting principles and assumptions underlie the preparation and presentation of financial statements. There are namely, (a) Going concern, (b) Consistency and (c) Accrual. They are usually not specifically stated because their acceptance and use are assumed.

Accounting Conventions and Accounting Concepts

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Accounting Conventions and Accounting Concepts
[Business:Accounting] Accounting Conventions - The term convention means 'established usage.' Conventions are based on practicability and usage. For example, the relationship of 12 units forming a dozen is a convention. Accounting Concept - Denotes logical consideration and a notion which is generally and widely accepted. The term is not used in the sense of a set of hard and fast rules but rather of rules of general application which provide guide in selection of accounting methods appropriate in particular circumstances.

Classification of Accounts - Hints for Journalizing - Advantages of Journal

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Classification of Accounts - Hints for Journalizing - Advantages of Journal
[Business:Accounting] There are many classifications of accounts. The accounts are treated as per their class at the time of posting of entries in Ledger. A set of hints may be used to post Journal. Lastly in this articles the advantages of Journal, a basic book of accounting, are discussed.

Accounting Sub Journals and Cash Book

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Accounting Sub Journals and Cash Book
[Business:Accounting] Cash book is most important accounting book of entry as transactions relating to cash are recorded here. The balance of cash needs to ascertained every day to tally it with the available cash in hand. For large enterprises, though, it may not be possible until next day to find out the cash transactions for the previous day as entries can be made at a later stage also until the day is closed.