Assistant Accounts Manager

80+ Assistant Accounts Manager Interview Questions and Answers

Updated 12 Aug 2025
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6d ago

Q. What kind of tasks in accounting do you prefer not to do?

Ans.

I don't enjoy tasks that involve extensive data entry or repetitive calculations.

  • Data entry tasks can be time-consuming and monotonous.

  • Repetitive calculations can be mentally draining and prone to errors.

  • I prefer tasks that involve analysis, problem-solving, and decision-making.

  • For example, I enjoy preparing financial reports, analyzing budgets, and providing recommendations for cost-saving measures.

Asked in ITC Hotels

4d ago

Q. How would you approach third parties to obtain information?

Ans.

I will approach third parties for information by establishing clear communication channels and building strong relationships.

  • Initiate contact through email or phone to request information

  • Clearly explain the purpose of the request and provide necessary details

  • Follow up politely and promptly if there is no response

  • Maintain professionalism and confidentiality in all communications

  • Build rapport with third parties to facilitate future information sharing

2d ago

Q. What is the minimum period for making vendor GST payments according to the MSME Act?

Ans.

The minimum period for making vendor GST payments according to the MSME Act is 45 days.

  • Minimum period for making vendor GST payments as per MSME Act is 45 days

  • Failure to make payments within 45 days can result in penalties under the MSME Act

  • Timely payments to vendors are crucial for maintaining good relationships and ensuring smooth business operations

Q. How can you contribute to the company's growth through your daily tasks?

Ans.

By consistently delivering quality work, building strong relationships with clients, and identifying opportunities for growth.

  • Focus on providing excellent customer service to retain clients and attract new ones

  • Identify areas where the company can expand its services or products

  • Stay up-to-date with industry trends and incorporate them into the company's strategy

  • Collaborate with colleagues to brainstorm new ideas and solutions

  • Continuously improve skills and knowledge to bring m...read more

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6d ago

Q. What are the minimum and maximum amounts required for share capital?

Ans.

The minimum and maximum amounts required for share capital vary depending on the country and type of company.

  • Minimum share capital requirements are set by the government or regulatory bodies to ensure financial stability and credibility of the company.

  • Maximum share capital is often not explicitly defined, but companies can issue shares up to a certain limit based on their authorized capital.

  • For example, in the UK, private limited companies must have a minimum share capital of...read more

1d ago

Q. What is the accounting process for manpower services and wage compliance?

Ans.

The accounting process for manpower services and wages compliance involves tracking employee hours, calculating wages, and ensuring compliance with labor laws.

  • Track employee hours worked

  • Calculate wages based on hourly rate or salary

  • Ensure compliance with labor laws and regulations

  • Maintain accurate records of employee wages and hours worked

  • Prepare payroll reports and tax filings

  • Handle employee benefits and deductions

  • Monitor and manage employee leave and vacation time

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2d ago

Q. How can one effectively manage plant accounting and head office operations?

Ans.

Effective management of plant accounting and head office operations requires clear communication, robust systems, and strategic oversight.

  • Establish clear communication channels between plant and head office to ensure alignment on financial goals.

  • Implement integrated accounting software that allows real-time data sharing between plant and head office.

  • Regularly review financial reports from both plant and head office to identify discrepancies and areas for improvement.

  • Conduct p...read more

Asked in SWAMI FEEDS

5d ago

Q. Am explain Chilled meat not applicable for GST and Frozen 5% applicable . after that NPUC not applicable

Ans.

Chilled meat not applicable for GST, Frozen meat applicable at 5% and NPUC not applicable.

  • Chilled meat is exempted from GST as it is considered a primary product.

  • Frozen meat is taxable at 5% as it is considered a processed product.

  • NPUC stands for 'Nil Rated, Exempted, Non-GST and Unregistered Composition' and does not apply to either chilled or frozen meat.

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4d ago

Q. What are the current TDS, GST, and income tax slab rates?

Ans.

The present TDS, GST and income tax slab rates vary based on income and type of entity.

  • TDS rates range from 1% to 30% depending on the type of payment and recipient

  • GST rates vary from 0% to 28% depending on the type of goods or services

  • Income tax slab rates for individuals range from 0% to 30% depending on income level

  • Corporate tax rates vary based on turnover and type of entity

5d ago

Q. What is a balance sheet and what are its key components?

Ans.

A balance sheet is a financial statement showing a company's assets, liabilities, and equity at a specific point in time.

  • Assets: Resources owned by the company, e.g., cash, inventory, property.

  • Liabilities: Obligations owed to outsiders, e.g., loans, accounts payable.

  • Equity: Owner's claim after liabilities are deducted from assets, e.g., common stock, retained earnings.

  • The equation: Assets = Liabilities + Equity, ensuring the balance sheet is balanced.

Q. What is a cost sheet, and what is the process for preparing one?

Ans.

A cost sheet is a detailed statement of costs incurred in production, aiding in budgeting and pricing decisions.

  • Definition: A cost sheet summarizes all costs associated with a product or service.

  • Components: Includes direct materials, direct labor, and overhead costs.

  • Preparation Steps: Identify costs, categorize them, and compile data into a structured format.

  • Example: A manufacturing company may list raw materials, labor hours, and factory overhead in its cost sheet.

  • Purpose: H...read more

Asked in ITC Hotels

4d ago

Q. What is your understanding of the CAPM model?

Ans.

CAPM model stands for Capital Asset Pricing Model, used to determine the expected return on an investment based on risk and cost of capital.

  • CAPM model calculates the expected return on an investment by considering the risk-free rate, beta of the investment, and market risk premium.

  • It helps in determining if an investment is worth the risk by comparing the expected return with the required return.

  • The formula for CAPM is: Expected Return = Risk-Free Rate + Beta * (Market Return...read more

Asked in ACSEN HyVeg

2d ago

Q. Can I talk to your reporting manager before issuing a letter?

4d ago

Q. What are the minimum wage rates set by the central and state governments?

Ans.

Minimum wages vary by state and industry, with the central government setting a national floor wage.

  • The central government sets a national floor wage of Rs. 176 per day

  • State governments set their own minimum wages, which vary by industry and skill level

  • For example, in Delhi the minimum wage for unskilled workers is Rs. 14,842 per month

  • In Maharashtra, the minimum wage for skilled workers in the engineering industry is Rs. 10,600 per month

Q. Tell me about the balance sheet and how to finalize it.

Ans.

The balance sheet is a financial statement that provides a snapshot of a company's financial position at a specific point in time.

  • The balance sheet consists of three main sections: assets, liabilities, and equity.

  • Assets include items such as cash, accounts receivable, inventory, and property.

  • Liabilities include items such as accounts payable, loans, and accrued expenses.

  • Equity represents the owner's or shareholders' stake in the company.

  • To finalize the balance sheet, all acco...read more

Asked in Virohan

5d ago

Q. If you made a wrong payment, what would be your next step?

Ans.

Addressing a wrong payment involves immediate identification, communication, and corrective actions to resolve the issue efficiently.

  • Identify the error: Review payment details to confirm the mistake, such as incorrect amounts or wrong payee.

  • Notify relevant parties: Inform your supervisor and the finance team about the error to ensure transparency.

  • Document the issue: Keep a record of the error, including dates, amounts, and involved parties for future reference.

  • Initiate correc...read more

Asked in Axis Bank

5d ago

Q. What specific knowledge do you possess regarding accounting?

Ans.

I possess a solid foundation in accounting principles, financial reporting, and compliance regulations.

  • Knowledge of Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS).

  • Experience with financial statement preparation, including balance sheets, income statements, and cash flow statements.

  • Proficient in using accounting software such as QuickBooks and SAP for managing financial data.

  • Understanding of budgeting and forecasting proc...read more

Q. What is the TDS rate for professional fees and technical services?

Ans.

TDS rate for professional fees and technical services varies from 2% to 10% depending on the nature of the payment.

  • TDS rate for professional fees is usually 10%

  • TDS rate for technical services can range from 2% to 10%

  • The exact TDS rate depends on the nature of the payment and the provisions of the Income Tax Act

  • TDS rates are subject to change as per government regulations

Asked in SWAMI FEEDS

2d ago

Q. Explain your career path from beginning to end, highlighting your achievements.

Ans.

I began my career in accounting, progressing through various roles, achieving significant milestones in financial management and team leadership.

  • Started as a junior accountant at XYZ Corp, where I managed accounts payable and receivable.

  • Promoted to senior accountant after 2 years, leading a team of 3 and improving reporting accuracy by 20%.

  • Achieved CPA certification, enhancing my expertise in tax regulations and compliance.

  • Transitioned to Assistant Manager Accounts, overseein...read more

Q. What is the difference between GSTR-1 and GSTR-3B?

Ans.

GSTR-1 is a monthly or quarterly return that contains details of outward supplies, while GSTR-3B is a monthly summary return.

  • GSTR-1 is used to report details of all outward supplies made during a specific period.

  • GSTR-3B is a summary return that provides a consolidated view of all inward and outward supplies along with the tax liability.

  • GSTR-1 needs to be filed by all registered taxpayers, while GSTR-3B is applicable to regular taxpayers.

  • GSTR-1 is filed monthly or quarterly, d...read more

Asked in ITC Hotels

3d ago

Q. What is the reverse charge mechanism?

Ans.

Reverse charge mechanism is a concept in taxation where the recipient of the goods or services is liable to pay the tax instead of the supplier.

  • Under reverse charge mechanism, the recipient of the goods or services is responsible for paying the tax directly to the government.

  • This mechanism is commonly used in B2B transactions where the supplier is not required to collect tax from the recipient.

  • It is often implemented to prevent tax evasion and improve tax compliance.

  • Example: ...read more

1d ago

Q. What are the details regarding pre-operative expenses?

Ans.

Pre-operative expenses are costs incurred before a surgical procedure, essential for patient preparation and care.

  • Includes costs for diagnostic tests (e.g., blood tests, imaging).

  • Covers consultations with specialists (e.g., anesthesiologist).

  • May involve pre-surgery medications (e.g., antibiotics).

  • Encompasses facility fees for pre-operative assessments.

  • Can include travel expenses for patients visiting specialized centers.

Q. What is EBITDA, cash flow, cash conversion rate, PE ratio

Ans.

EBITDA is a measure of a company's operating performance, cash flow is the amount of cash generated or consumed by a business, cash conversion rate is the ratio of operating cash flow to net income, and PE ratio is the price-to-earnings ratio.

  • EBITDA stands for Earnings Before Interest, Taxes, Depreciation, and Amortization

  • Cash flow is the net amount of cash and cash-equivalents being transferred into and out of a business

  • Cash conversion rate measures how efficiently a company...read more

Asked in ACSEN HyVeg

2d ago

Q. What is the difference between good and great work?

Ans.

Great work is characterized by excellence, innovation, and impact.

  • Good work meets expectations, while great work exceeds them.

  • Great work is innovative and creative, while good work is routine and predictable.

  • Great work has a significant impact, while good work has a moderate impact.

  • Great work requires passion and dedication, while good work requires competence and diligence.

  • Examples of great work include groundbreaking research, revolutionary products, and inspiring leadershi...read more

5d ago

Q. What are the details regarding TDS slabs?

Ans.

TDS slabs determine the tax deducted at source rates based on income levels in India.

  • TDS (Tax Deducted at Source) is applicable on various incomes like salaries, interest, and rent.

  • For individuals below the taxable limit, no TDS is deducted.

  • For income up to ₹2.5 lakh, the TDS rate is 0%.

  • For income between ₹2.5 lakh and ₹5 lakh, TDS is deducted at 5%.

  • For income between ₹5 lakh and ₹10 lakh, TDS is deducted at 20%.

  • For income above ₹10 lakh, TDS is deducted at 30%.

  • Example: If an...read more

Q. How can a TDS challan be modified in the Traces portal?

Ans.

To modify TDS challan in Traces portal, login to Traces portal, go to 'Statement/Payments' tab, select 'Challan Correction' and make necessary modifications.

  • Login to Traces portal

  • Go to 'Statement/Payments' tab

  • Select 'Challan Correction'

  • Make necessary modifications

  • Submit the corrected challan

Asked in SWAMI FEEDS

3d ago

Q. What is the applicable GST percentage for frozen versus chilled meat?

Ans.

GST rate for frozen and chilled meat

  • GST rate for frozen meat is 5%

  • GST rate for chilled meat is 12%

  • Frozen meat is meat that has been frozen and stored at a temperature below -18°C

  • Chilled meat is meat that has been stored at a temperature between 0°C and 5°C

Asked in ITC Hotels

5d ago

Q. What is blocked credit?

Ans.

Blocked credit refers to the amount of credit that is temporarily unavailable for use due to certain restrictions or issues.

  • Blocked credit can occur when a customer exceeds their credit limit.

  • It can also happen when there are pending transactions that have not been processed yet.

  • Blocked credit may be due to suspected fraudulent activity on the account.

  • In some cases, blocked credit can be resolved by contacting the credit card issuer or financial institution.

  • Examples: A custom...read more

Q. What are the latest updates on the Service Tax reverse charge mechanism?

Ans.

The latest update on the Service tax reverse charges mechanism is the introduction of Goods and Services Tax (GST) in India.

  • The Service tax reverse charges mechanism has been replaced by the GST regime.

  • Under GST, the concept of reverse charge mechanism still exists, but it has been expanded to include more services.

  • Under reverse charge mechanism, the liability to pay tax is shifted from the service provider to the recipient of services.

  • The recipient of services is required to...read more

Asked in Usha Breco

6d ago

Q. What supporting documents do you have from your last employer?

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