Ambience Group Financial Accountant Interview Questions and Answers

Q1. TDS, Adjustment Entry
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Q2. GST Output & Input Entry
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Q3. Section of TDS 194C limit rate of dudction
Ans. 
Section 194C of TDS sets the limit for deduction rates.
• Section 194C of TDS pertains to payments to contractors/sub-contractors.

• The current rate of TDS deduction under section 194C is 1% for individual or HUF payers and 2% for others.

• If the payee does not provide PAN, the TDS rate under section 194C is 20%.

• The threshold limit for TDS deduction under section 194C is Rs. 30,000 for a single payment and Rs. 1,00,000 for ag
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Q4. GST Input & GST output of Adjustment Entry
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GST Input & Output Adjustment Entry is used to correct errors in reporting GST liabilities and claiming input tax credits.
• GST Input Adjustment Entry is used to correct errors in claiming input tax credits for purchases subject to GST.

• GST Output Adjustment Entry is used to correct errors in reporting GST liabilities for sales subject to GST.

• These adjustments are necessary to ensure accurate reporting and compliance with...read more
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Q5. Gst Input show in which side of balance sheet
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GST input is shown on the asset side of the balance sheet.
• GST input is considered as an asset because it represents the amount of GST paid on purchases that can be claimed back.

• It is typically shown under current assets if it is expected to be recovered within one year.

• For example, if a company has paid $1,000 in GST on purchases, it would show as GST input $1,000 under current assets on the balance sheet.
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Basic accounting knowledge and analytical skills

Q1. Tell me about yourself
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Q2. Why do you want to join Lulu
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Q1. More about personal stuffs. And also test the knowledge about basic accounting
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Q1. Just only discuss about job offer details and other benefits
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