Junior Accountant and Assistant Interview Questions and Answers

Yes, I am familiar with GST filing and TDS return.

• GST filing is the process of submitting tax returns under the Goods and Services Tax (GST) regime.

• TDS return is the statement that summarizes the details of tax deducted at source by an individual or entity.

• I have experience in preparing and filing GST returns and TDS returns for clients.

• I am aware of the different forms and due dates for GST and TDS returns.

• I keep myself updated with the latest changes and amendments in GST a...read more

Cash book records all cash transactions, while BRS reconciles bank statement with cash book.

• Cash book records all cash receipts and payments made by the company.

• BRS (Bank Reconciliation Statement) is prepared to reconcile the bank statement with the cash book.

• Discrepancies between the cash book and bank statement are identified and resolved through BRS.

• Cash book is maintained by the company, while BRS is prepared by the accountant to ensure accuracy.

• Example: If a check issued...read more

Tally software allows users to record bank statement entries for accurate financial tracking and reconciliation.

• Bank Reconciliation: Use Tally to match your bank statement entries with your accounting records to ensure accuracy.

• Recording Transactions: Enter bank transactions such as deposits and withdrawals in Tally to keep your accounts updated.

• Importing Bank Statements: Tally allows importing bank statements in various formats (like CSV) for easier entry.

• Creating Bank Ledge...read more

Rules of accounting are principles and guidelines that companies must follow when preparing financial statements.

• Accounting equation must always be in balance: Assets = Liabilities + Equity

• Revenue recognition principle: Revenue should be recorded when it is earned, not when cash is received

• Matching principle: Expenses should be recorded in the same period as the revenue they helped generate

• Conservatism principle: When in doubt, choose the option that will result in lower prof...read more