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Interview for Accounts profile

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(Querist)
03 October 2008 Dear Sir,

I have interview tommorow & for that i require following answers

1.what is inter company accouting & what are its contains
2. what are major or basic fixed Asset items & rate of depreciation on it
3.how to run or calcuate depreciations
4. what is the full forms of GL

Please help immediately.
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Taxguy

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Taxguy (Expert)
03 October 2008 Intercompany accounting is accounting between sister companies and usually it will be by passing entries.

Buildings, plant, machinery, computers, etc. are major fixed assets.

Depreciation under companies act is different and under Income tax different.

Simple : WDV + Additions X rate of Depreciation = depreciation for the year.(180 days formula will also be there)

GL means General Ledger.
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