M Kama Raju and Associates Senior Accountant Interview Questions and Answers

Yes, Tally is a popular accounting software used for financial management.

• Tally is a software used for accounting and financial management.

• It is widely used by businesses for maintaining their financial records.

• Tally helps in generating reports, managing inventory, and tracking expenses.

• It is known for its user-friendly interface and ease of use.

• Having experience with Tally would be beneficial for a Senior Accountant r...read more

Yes, I am familiar with TDS, TCS, and the process of filing returns for these taxes.

• I have experience in calculating and deducting TDS from various payments such as salaries, rent, and professional fees.

• I am knowledgeable about the rates of TDS applicable for different types of payments and the deadlines for depositing the deducted amount with the government.

• I understand the concept of TCS and how it is collected by se...read more

I have 8 years of experience in accounting, including 4 years in a senior accountant role.

• 8 years of overall accounting experience

• 4 years specifically in a senior accountant role

• Proficient in financial reporting, budgeting, and analysis

• Experience with auditing and compliance

• Strong knowledge of GAAP and financial regulations

To make an entry in Tally Prime, you need to navigate to the appropriate voucher type and fill in the required details.

• Open Tally Prime software on your computer.

• Select the company for which you want to make the entry.

• Navigate to the appropriate voucher type (e.g. Sales Voucher, Purchase Voucher, Payment Voucher).

• Fill in the necessary details such as account names, amounts, and dates.

• Save the entry once all details are...read more

GST is a value-added tax levied on most goods and services sold for domestic consumption.

• GST is a consumption tax imposed on the supply of goods and services.

• It is a multi-stage tax where tax is collected at every stage of the supply chain.

• GST is designed to be a comprehensive tax on the supply of goods and services.

• It aims to eliminate the cascading effect of taxes and create a common national market.

• Examples of goods...read more

An income tax return is a form used to report income, expenses, and other financial information to the government for tax purposes.

• An income tax return is a document filed with the tax authorities that details an individual's or organization's income, expenses, and other financial information.

• It is used to calculate the amount of tax owed to the government or the refund owed to the taxpayer.

• Income tax returns are typic...read more

Various income heads outlined by income tax rules include salary, house property, business or profession, capital gains, and other sources.

• Salary income includes wages, bonuses, commissions, and allowances.

• House property income includes rental income from properties owned by the taxpayer.

• Business or profession income includes profits from business activities or professional services rendered.

• Capital gains income includ...read more