10+ Accountant & Audit Interview Questions and Answers

To boost daily or monthly sales, focus on strategic marketing, customer engagement, and optimizing sales processes.

• Implement targeted marketing campaigns to reach specific customer segments, such as social media ads or email newsletters.

• Enhance customer engagement through loyalty programs or personalized offers to encourage repeat purchases.

• Analyze sales data to identify trends and adjust inventory or promotions accordingly, ensuring popular items are always available.

• Train t...read more

Routine sections of TDS include salary, interest on securities, interest other than interest on securities, winnings from lotteries, crossword puzzles, card games, and other games of any sort, and winnings from horse races.

• Salary

• Interest on securities

• Interest other than interest on securities

• Winnings from lotteries

• Winnings from crossword puzzles, card games, and other games of any sort

• Winnings from horse races

Private limited companies need to comply with ROC regulations annually.

• Private limited companies need to file their annual returns with the Registrar of Companies (ROC) within 60 days of their AGM.

• They also need to file their financial statements with ROC within 30 days of their AGM.

• Private limited companies need to maintain various registers and records as per the Companies Act, 2013.

• They need to hold at least one board meeting every quarter and file the minutes with ROC.

• Pri...read more

I frequently use DAX functions like CALCULATE, SUMX, and FILTER for data analysis and reporting in accounting and auditing.

• CALCULATE: Modifies the filter context to perform calculations. Example: CALCULATE(SUM(Sales[Amount]), Sales[Region] = 'North')

• SUMX: Iterates over a table and sums the results of an expression. Example: SUMX(Sales, Sales[Quantity] * Sales[Price])

• FILTER: Returns a table that represents a subset of another table. Example: FILTER(Employees, Employees[Salary]...read more

Heads of Income as per Income tax are categories under which income is classified for taxation purposes.

• There are five heads of income: Salary, House Property, Business or Profession, Capital Gains, and Other Sources.

• Salary includes income from employment.

• House Property includes income from rental properties.

• Business or Profession includes income from business activities.

• Capital Gains includes income from the sale of capital assets.

• Other Sources includes income from sources n...read more

Year end adjustments are necessary for accurate financial reporting.

• Year end adjustments are made to ensure that financial statements accurately reflect the financial position of the company at the end of the fiscal year.

• These adjustments may include accruals, deferrals, and estimates.

• Examples of year end adjustments include adjusting entries for depreciation, bad debt expense, and prepaid expenses.

• Year end adjustments are typically made by the company's accounting department...read more

Understanding basic accounting principles, TDS, and deductions in income tax is essential for accountants and auditors.

• Basic accounting principles include concepts like double-entry accounting, accruals, and matching principle.

• TDS (Tax Deducted at Source) is a system where tax is deducted at the time of payment.

• Deductions in income tax can include expenses like home loan interest, medical insurance premiums, and donations to charitable organizations.

• Understanding tax slabs an...read more

Three way accounting process involves matching three documents to ensure accuracy of financial transactions.

• Three documents involved are purchase order, receiving report and invoice

• Purchase order is created by buyer, receiving report by receiver and invoice by seller

• Matching ensures that goods or services received match the invoice and purchase order

• Helps prevent fraud and errors in financial statements

Accrued rent is recorded as a liability in the books of accounts.

• Accrued rent is an expense that has been incurred but not yet paid.

• It is recorded as a liability in the books of accounts.

• The journal entry for accrued rent involves debiting the rent expense account and crediting the accrued rent liability account.

• Example: Debit Rent Expense account and credit Accrued Rent Liability account for the amount of accrued rent.

• Accrued rent is usually recorded at the end of an account...read more

GST and Income Tax are two distinct taxation systems in India, each with unique implications for businesses and individuals.

• GST (Goods and Services Tax) is a consumption tax levied on the supply of goods and services.

• Income Tax is a direct tax imposed on the income earned by individuals and entities.

• GST is collected at each stage of the supply chain, while Income Tax is based on annual income.

• Example: A business pays GST on sales and can claim input tax credit for GST paid on...read more