Interview Questions and Answers

Training for job description includes on-the-job training, workshops, seminars, and online courses.

• On-the-job training to learn specific tasks and responsibilities

• Workshops and seminars to enhance skills and knowledge

• Online courses for continuous learning and development

• Training on company policies and procedures

Filling in GSTR 1 involves reporting outward supplies of goods and services made by a taxpayer.

• GSTR 1 is a monthly or quarterly return that needs to be filed by registered taxpayers.

• It includes details of sales, invoices issued, and tax collected on sales.

• Taxpayers need to report B2B and B2C supplies separately in GSTR 1.

• Errors in GSTR 1 can lead to penalties and compliance issues.

• Example: A company selling goods worth Rs. 1,00,000 in a month needs to report these sales in GS...read more

Reconciliation is the process of comparing two sets of records to ensure they are in agreement and accurate.

• Reconciliation involves verifying and adjusting differences between two sets of financial records, such as bank statements and accounting records.

• It helps to identify errors, discrepancies, or fraudulent activities.

• Examples include reconciling bank statements with cash book records, credit card statements with expense reports, and inventory records with physical counts.

TDS is Tax Deducted at Source and GST billing is the process of invoicing for goods and services with the inclusion of GST.

• TDS is a tax collected by the government at the source of income.

• It is deducted from the payment made to the recipient.

• TDS is applicable to various types of income such as salary, interest, rent, etc.

• GST billing is the process of invoicing for goods and services with the inclusion of GST.

• GST is a value-added tax levied on the supply of goods and services....read more

Bad debt refers to money owed by a debtor that is unlikely to be paid back, resulting in a loss for the creditor.

• Bad debt is typically the result of a debtor's inability to pay due to financial hardship or bankruptcy.

• It is recorded as an expense on the creditor's financial statements.

• Examples include unpaid invoices, defaulted loans, and unrecoverable advances.

• Bad debt can negatively impact a company's cash flow and profitability.