Find Interview Questions for Finicity

Right Answer:
A contra entry is a transaction that involves both a debit and a credit in the same account, typically used to record transactions that offset each other, such as transferring money between bank accounts.

Right Answer:
TDS (Tax Deducted at Source) deductions in India are categorized based on the nature of payments. Here are the main categories:

1. **Salary**: TDS is deducted based on the applicable income tax slab rates.
2. **Interest on Securities**: TDS at 10% on interest earned.
3. **Interest on Bank Deposits**: TDS at 10% if interest exceeds ₹40,000 (₹50,000 for senior citizens).
4. **Rent**: TDS at 10% if rent exceeds ₹2,40,000 per annum.
5. **Professional Fees**: TDS at 10% on payments to professionals.
6. **Commission**: TDS at 5% on commission payments.
7. **Contractor Payments**: TDS at 1% for individual/HUF and 2% for others.
8. **Dividends**: TDS at 10% on dividends exceeding ₹5,

Right Answer:
The exact number of street lights in Pune is not publicly available, but estimates suggest there are around 100,000 street lights in the city.

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A successful manager should have strong communication skills, the ability to motivate and inspire their team, good decision-making abilities, adaptability to change, and effective problem-solving skills. They should also demonstrate integrity, empathy, and a focus on achieving results.

Right Answer:
The acceptable Total Dissolved Solids (TDS) level for drinking water is generally below 500 mg/L (milligrams per liter).

Right Answer:
To ensure that the Materiality Principle is applied in financial statements, I assess the significance of financial information by considering its impact on decision-making for users. I focus on disclosing information that could influence the economic decisions of stakeholders, ensuring that all relevant data is included while omitting trivial details.

Right Answer:
Generally Accepted Accounting Principles (GAAP) are the accounting standards used in the United States, while International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) are used in many other countries. The relationship between them is that both aim to provide a framework for financial reporting, but they differ in specific rules and guidelines. Efforts are ongoing to converge GAAP and IFRS to create a more unified global accounting standard.

Right Answer:
The Monetary Unit Assumption states that financial transactions should be recorded in a stable currency, allowing for consistent measurement and comparison of financial data over time. This impacts financial record-keeping by ensuring that all financial statements are presented in a uniform currency, simplifying analysis and reporting.

Right Answer:
The Accrual Principle states that revenue and expenses should be recorded when they are earned or incurred, regardless of when cash is actually received or paid. This differs from cash accounting, where transactions are recorded only when cash changes hands.

Right Answer:
The Time Period Principle states that a company's financial activities should be recorded and reported in specific time periods, such as months, quarters, or years. This principle ensures that financial statements reflect the company's performance and position over these defined intervals, allowing for consistent comparison and analysis of financial results over time.

Right Answer:
Web services in banking applications can be called using APIs (Application Programming Interfaces) that allow different systems to communicate over the internet. They are used for various functions such as processing transactions, retrieving account information, integrating with third-party services, and enabling mobile banking features.

Right Answer:
Income refers to the money received by an individual or organization, typically from various sources such as sales, services, or investments. Expenditure refers to the money spent or costs incurred by an individual or organization in order to operate or achieve certain objectives.

Right Answer:
There are three main types of accounting software:

1. **Desktop Accounting Software**
2. **Cloud-based Accounting Software**
3. **Hybrid Accounting Software**

Right Answer:
Tally is an accounting software used for financial management, including bookkeeping, inventory management, and payroll processing. It helps businesses maintain their accounts, generate financial reports, and comply with tax regulations efficiently.

Right Answer:
Accounting software is used to manage financial transactions, track income and expenses, generate financial reports, automate bookkeeping tasks, and ensure compliance with accounting standards.

Right Answer:
A perpetual inventory system is a method of tracking inventory levels in real-time, updating records continuously as sales and purchases occur. Its aims are to provide accurate inventory data, improve stock management, reduce discrepancies, and enhance decision-making regarding inventory control.

Right Answer:
The bells will toll together again after 120 seconds.

Right Answer:
The average price Rahim paid per book is Rs. 25.

Right Answer:
T sits to the right of U.

Right Answer:
The person is 5 km away from the initial position.