The Institute Of Chartered Accountants Interview Questions and Answers

Assignment Details are as Follows

-Sales Audit Tally with Documents Automation (Dropbox Official) & On-site by CA Suyash Sir for Past Credit Note Balancing on Investments

Q1. Tell me about yourself
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Q2. What is Concurrent Sales Audit?
Ans. 
Concurrent Sales Audit is a process of auditing sales transactions in real-time to ensure accuracy and prevent fraud.
• Concurrent Sales Audit involves monitoring sales transactions as they occur to detect any discrepancies or irregularities.

• It helps in identifying potential errors, fraud, or theft in sales transactions before they escalate.

• This process can involve using software systems to track sales data in real-time a...read more
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Q3. What is a Cost Sheet?
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A cost sheet is a document that shows the detailed breakdown of all costs incurred in the production of a product or service.
• Includes direct costs (e.g. raw materials, labor) and indirect costs (e.g. overhead)

• Helps in determining the total cost per unit of production

• Used for cost control and decision-making

• Example: A manufacturing company preparing a cost sheet to analyze the cost of producing a new product
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Q4. Three Golden Rules of Accounting?
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The three golden rules of accounting are: Debit the receiver, Credit the giver; Debit what comes in, Credit what goes out; Debit expenses and losses, Credit income and gains.
• Debit the receiver, Credit the giver: When an asset or expense increases, it is debited. When a liability, equity, or revenue increases, it is credited.

• Debit what comes in, Credit what goes out: Debit the account that receives something and credit ...read more
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Q5. What do you Know about GST, Tally & Levy Accounting Standards?
Ans. 
GST is Goods and Services Tax, Tally is an accounting software, and Levy Accounting Standards refer to specific regulations for accounting practices.
• GST is a value-added tax levied on most goods and services sold for domestic consumption.

• Tally is a popular accounting software used for recording financial transactions and generating reports.

• Levy Accounting Standards are specific guidelines and regulations that companies...read more
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Q6. What would you like to ask about your further hiring process in the Concurrent Sales Audit Experience?
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The case was related to insolvency process of a company.

Q1. What are your qualifications and experience
Ans. 
I have a Bachelor's degree in Law and 5 years of experience working as a Legal Executive in a reputable law firm.
• Bachelor's degree in Law

• 5 years of experience as a Legal Executive

• Experience working in a reputable law firm
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Q2. Have you practices in IBC
Ans. 
Yes, I have practiced in IBC (Insolvency and Bankruptcy Code)
• I have experience handling insolvency cases under the Insolvency and Bankruptcy Code

• I have represented clients in insolvency proceedings before the National Company Law Tribunal (NCLT)

• I am familiar with the legal framework and procedures of IBC
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Q1. Tell us About yourself
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Q2. Where have you worked before?
Ans. 
I have worked in various administrative roles, focusing on data entry and management in different sectors, including retail and education.
• Worked as a data entry clerk at XYZ Retail, where I managed inventory records and processed customer orders.

• Assisted in data management at ABC Education, entering student information and maintaining academic records.

• Gained experience in using software like Microsoft Excel and Access ...read more
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Q1. Telk me about indas 115
Ans. 
Ind AS 115 is a revenue recognition standard that establishes principles for recognizing revenue from contracts with customers.
• Ind AS 115 replaces the existing revenue recognition guidance in Ind AS 18 and Ind AS 11.

• It introduces a five-step model for revenue recognition: identify the contract, identify the performance obligations, determine the transaction price, allocate the transaction price to the performance oblig...read more
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Q1. What is net suit
Ans. 
NetSuite is a cloud-based business management software suite that includes accounting, enterprise resource planning (ERP), and customer relationship management (CRM) functionalities.
• NetSuite is a cloud-based software suite used for business management.

• It includes accounting, ERP, and CRM functionalities.

• NetSuite helps businesses streamline their operations and improve efficiency.

• It offers real-time visibility into key ...read more
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