Senior Accounts Executive Interview Questions and Answers for Freshers

GST due date is 20th of the following month, TDS experience is required, GSTR9 & GSTR9C are annual returns.

• GST due date is 20th of the following month for filing returns and payment.

• Experience in TDS (Tax Deducted at Source) is necessary for the role.

• GSTR9 is the annual return to be filed by regular taxpayers, while GSTR9C is the reconciliation statement to be filed by taxpayers with turnover above a certain limit.

• Knowledge of GST compliance and deadlines is crucial for the S...read more

Timely payment to suppliers is crucial for maintaining good relationships and ensuring smooth operations.

• Verify the payment terms agreed upon with the supplier to ensure compliance.

• Check the availability of funds in the account to confirm that payment can be made.

• Communicate with the supplier to acknowledge their request and provide a timeline for payment.

• If there are any discrepancies or issues, address them promptly to avoid delays.

• Example: If a supplier requests payment fo...read more

Understanding the reasons behind claim denial is crucial for effective resolution and future prevention.

• What specific reason was provided for the denial?

• Was the claim submitted with all required documentation?

• Is there a possibility of an error in the coding or billing?

• Have similar claims been approved in the past?

• What steps can be taken to appeal the denial?

A Profit and Loss Statement is a financial report that summarizes a company's revenues, expenses, and profits over a specific period of time.

• It shows the company's total revenue, total expenses, and net income or loss for a specific period, typically a month, quarter, or year.

• Revenue includes sales, interest income, and other sources of income, while expenses include costs of goods sold, operating expenses, and taxes.

• The net income is calculated by subtracting total expenses ...read more

Financial ratios are used to analyze a company's financial performance. SAP is an enterprise resource planning software. IND AS 115 is a new revenue recognition standard.

• Financial ratios help assess a company's profitability, liquidity, efficiency, and solvency.

• SAP is a widely used ERP software that integrates various business functions.

• IND AS 115 is a new accounting standard that changes how revenue is recognized.

• Understanding financial ratios can help in making informed bus...read more

Journal entries are accounting records that show the financial transactions of a business.

• Journal entries are used to record the financial effects of business transactions.

• They consist of debits and credits to different accounts in the general ledger.

• Each journal entry must have an equal debit and credit amount to maintain the accounting equation (Assets = Liabilities + Equity).

• For example, a journal entry to record a sale would include a debit to accounts receivable and a cr...read more

Proficient in Excel with advanced knowledge of formulas, functions, and data analysis.

• Advanced knowledge of Excel formulas and functions

• Experience with data analysis and reporting

• Ability to create complex spreadsheets and financial models

• Familiarity with pivot tables and VLOOKUP

• Proficient in using Excel for budgeting and forecasting