Aakash Educational Services Accounts Officer Interview Questions, Process, and Tips

Q1. How can you handle entire accounts section give me some examples?
Ans. 
I can handle entire accounts section by ensuring proper documentation, timely payments, and accurate financial reporting.
• Maintain accurate records of all financial transactions

• Ensure timely payment of bills and invoices

• Prepare financial reports and statements

• Monitor cash flow and manage budgets

• Coordinate with other departments to ensure smooth functioning of accounts section

• Implement and maintain accounting policies an...read more
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Q1. What is the difference between cash and bank book?
Ans. 
Cash book records all cash transactions while bank book records all bank transactions.
• Cash book is used to record all cash transactions including receipts and payments.

• Bank book is used to record all bank transactions including deposits and withdrawals.

• Cash book is a subsidiary book while bank book is a principal book.

• Cash book is maintained on a daily basis while bank book is maintained on a monthly basis.

• Cash book is...read more
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Q2. What is the difference between zero rates and nill rate under gst law?
Ans. 
Zero rates and nill rates are different under GST law.
• Zero rated supplies are taxable but the rate of tax is 0%, while nil rated supplies are not taxable at all.

• Zero rated supplies are eligible for input tax credit, while nil rated supplies are not.

• Examples of zero rated supplies include exports and supplies to SEZs, while examples of nil rated supplies include education and healthcare services.

• Zero rated supplies requ...read more
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Q3. Why need to file gst return?
Ans. 
GST return filing is mandatory for businesses registered under GST to report their sales, purchases, and tax liability.
• It helps in maintaining transparency and accountability in the tax system.

• It ensures that the correct amount of tax is paid to the government.

• It helps in availing input tax credit (ITC) for the taxes paid on purchases.

• It helps in avoiding penalties and legal consequences for non-compliance.

• For example,...read more
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Q4. Who is a taxable person under gst law?
Ans. 
A taxable person under GST law is any individual or entity that carries out a taxable supply of goods or services.
• A taxable person must have a GST registration number.

• They must charge GST on their taxable supplies.

• They must file GST returns and pay the GST collected to the government.

• Examples of taxable persons include businesses, freelancers, and service providers.

• Certain individuals and entities are exempt from GST r...read more
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Q5. If suppliers is not file gst return can you claim itc ?
Ans. 
ITC cannot be claimed if suppliers do not file GST return.
• ITC stands for Input Tax Credit.

• As per GST law, a buyer can claim ITC only if the supplier has filed their GST returns.

• If the supplier has not filed their GST returns, the buyer cannot claim ITC.

• It is important for buyers to ensure that their suppliers are compliant with GST regulations.

• Non-compliance by suppliers can lead to loss of ITC for buyers.

• For example, ...read more
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Q6. How will you decide the gst rate on mixed supplies?
Ans. 
The GST rate on mixed supplies is determined based on the principal supply and the nature of the other supplies.
• Identify the principal supply, which is the main reason for the transaction

• Determine the nature of the other supplies and their proportion in the transaction

• Apply the GST rate applicable to the principal supply to the entire transaction

• For example, if a restaurant serves a meal with both food and beverages, a...read more
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Q7. What is the rate of gst on sez supply?
Ans. 
The rate of GST on SEZ supply is 0%
• SEZ supplies are considered as zero-rated supplies under GST

• No GST is levied on SEZ supplies

• SEZ units are treated as territories outside India for GST purposes

• SEZ supplies are eligible for input tax credit
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Q8. What is the gst rate on electricity charges?
Ans. 
GST is not applicable on electricity charges.
• Electricity charges are exempted from GST.

• GST is not levied on transmission or distribution of electricity.

• However, GST is applicable on goods and services used in the production or supply of electricity.

• For example, GST is applicable on coal used in thermal power plants.
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Q9. Why you need to reconcile gst 2A and 2 B?
Ans. 
Reconciling GST 2A and 2B ensures accuracy of input tax credit claimed and paid to the government.
• To ensure that the input tax credit claimed matches with the tax paid by the supplier

• To identify any discrepancies or errors in the invoices uploaded by the supplier

• To rectify any errors or discrepancies before filing GST returns

• To avoid any penalties or interest charges for incorrect filing

• For example, if a supplier has n...read more
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Q10. What is the meaning of favourable balance in cash book?
Ans. 
Favourable balance in cash book means excess of credit balance over debit balance.
• Favourable balance is a situation where the credit balance is more than the debit balance in the cash book.

• It indicates that the business has more cash inflows than outflows.

• It is also known as a surplus balance.

• Example: If the credit balance in the cash book is $10,000 and the debit balance is $8,000, then the favourable balance is $2,00
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Q11. What is the formula for calculating employee salary on parents day?
Ans. 
There is no specific formula for calculating employee salary on parents day.
• Employee salary on parents day is usually determined by the company's policy.

• Some companies may offer a bonus or gift to employees on parents day.

• The bonus or gift amount may vary depending on the employee's position or length of service.

• In some cases, employees may be given a day off to spend with their parents.

• It is best to check with the com...read more
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Q12. Is there any limit to cash payment in expenses?
Ans. 
Yes, as per Income Tax Act, 1961, cash payment exceeding Rs. 10,000 is not allowed for expenses.
• As per Income Tax Act, 1961, cash payment exceeding Rs. 10,000 is not allowed for expenses

• This limit is applicable for both capital and revenue expenses

• If the payment exceeds the limit, it should be made through banking channels

• This rule is applicable for both individuals and businesses

• Violating this rule can result in penal
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Q13. What is the uses of challan no 281?
Ans. 
Challan no 281 is used for payment of Advance Tax by taxpayers.
• Challan no 281 is used for payment of Advance Tax by individuals, companies, and firms.

• It is a form that needs to be filled with details such as name, address, PAN, assessment year, etc.

• The payment can be made through cheque, cash, or online banking.

• It is important to keep a copy of the challan as proof of payment.

• Challan no 281 is also used for payment of
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Q14. What is the general entry for cash withdrawal by owener for personal uses?
Ans. 
The general entry for cash withdrawal by owner for personal uses is a debit to drawings account and a credit to cash account.
• The owner's personal withdrawals are not business expenses and should not be recorded as such.

• The drawings account is a contra equity account that reduces the owner's equity in the business.

• The cash account is credited because cash is being taken out of the business.

• The amount of the withdrawal s...read more
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Q15. Can we claim itc for my new car buy for office uses,?
Ans. 
Yes, if the car is used for business purposes only.
• ITC can be claimed for a new car bought for office use if it is used solely for business purposes.

• If the car is also used for personal purposes, only a portion of the ITC can be claimed.

• Proper documentation and records of usage must be maintained to claim ITC for a new car.

• ITC can be claimed for expenses such as fuel, maintenance, and insurance for the car used for bus
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Q16. Can i get refund if i export goods in outside in India?
Ans. 
Yes, you can get a refund if you export goods outside India.
• Export of goods is considered as zero-rated supply under GST

• You can claim a refund of the GST paid on the exported goods

• The refund can be claimed through the GST portal

• The refund process involves submitting relevant documents and forms
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Q17. What is the uses of bank garantee?
Ans. 
Bank guarantee is a commitment made by a bank to pay a specified amount if the beneficiary fails to meet their obligations.
• Used in international trade to ensure payment for goods or services

• Used in construction projects to ensure completion of work

• Can be used as collateral for loans

• Can be used to secure a lease agreement

• Beneficiary can use the guarantee to obtain a loan

• Types of bank guarantees include bid bond, perform
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Q18. What is the meaning of LUT?
Ans. 
LUT stands for Letter of Undertaking.
• LUT is a document that allows exporters to export goods or services without paying GST.

• It is an alternative to paying IGST on exports and claiming a refund later.

• LUT is valid for a financial year and needs to be renewed annually.

• It is applicable only for exports and not for supplies made within the country.

• LUT is submitted online through the GST portal.
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Q19. What is the difference between capital expenses and revenue expenses?
Ans. 
Capital expenses are for long-term assets while revenue expenses are for day-to-day operations.
• Capital expenses are investments in long-term assets like buildings, equipment, and vehicles.

• Revenue expenses are costs incurred in day-to-day operations like salaries, rent, and utilities.

• Capital expenses are usually one-time expenses while revenue expenses are recurring.

• Capital expenses are recorded as assets on the balance...read more
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