ACTE Process Associate Interview Questions and Answers

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

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

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

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

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

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

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

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

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.

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

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

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

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

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

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

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

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

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

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.

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

By highlighting the benefits and addressing their concerns, parents can be convinced to listen about the product.

• Highlight the key benefits of the product that would appeal to parents, such as safety, educational value, or convenience.

• Address any concerns or objections they may have by providing relevant information or testimonials.

• Offer a trial or demonstration of the product to show its value in action.

• Emphasize how ...read more

Parents agree to send their child to Aakash for studies due to reputation, results, experienced faculty, personalized attention, and comprehensive study material.

• Reputation of Aakash as a leading coaching institute

• Consistent track record of producing successful results

• Experienced and knowledgeable faculty members

• Personalized attention given to each student

• Comprehensive study material provided for thorough preparation

Handle with empathy, active listening, and problem-solving skills.

• Remain calm and composed

• Listen actively to understand their concerns

• Empathize with their emotions

• Apologize for any inconvenience caused

• Offer solutions or alternatives to address their issues

• Follow up to ensure their satisfaction

Yes, I believe in following formal work ethics as they are essential for maintaining professionalism and integrity in the workplace.

• I believe in adhering to company policies and procedures

• I value punctuality and meeting deadlines

• I prioritize honesty and transparency in all my work

• I respect confidentiality and handle sensitive information with care