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Anil Kumar & Co. Audit Assistant Interview Questions, Process, and Tips
Top Anil Kumar & Co. Audit Assistant Interview Questions and Answers
- Q1. What is GST, Explain it completely?
- Q2. What is GST? What is accounting
- Q3. What is Accounting What is Auditing
Anil Kumar & Co. Audit Assistant Interview Experiences
4 interviews found
Anonymous
(2 Questions)
- Q1. What is Accounting What is Auditing
- Ans.
Accounting is the process of recording, summarizing, and analyzing financial transactions. Auditing is the examination and verification of financial records.
Accounting involves recording financial transactions, preparing financial statements, and analyzing financial data.
Auditing involves examining financial records to ensure accuracy and compliance with laws and regulations.
Accounting helps in decision-making, budgeti...
- Q2. What is GST, Explain it completely?
- Ans.
GST stands for Goods and Services Tax, a consumption tax levied on the supply of goods and services.
GST is a value-added tax levied on most goods and services sold for domestic consumption.
It is a single tax that replaces multiple indirect taxes like VAT, service tax, etc.
GST is divided into Central GST (CGST), State GST (SGST), and Integrated GST (IGST) depending on the type of transaction.
It aims to simplify the tax ...
(1 Question)
- Q1. What is accounting What is GST
- Ans.
Accounting is the process of recording, summarizing, analyzing, and reporting financial transactions. GST is a value-added tax levied on most goods and services sold for domestic consumption.
Accounting involves recording financial transactions, preparing financial statements, and analyzing financial information.
GST stands for Goods and Services Tax, which is a value-added tax levied on the supply of goods and services.
...
(1 Question)
- Q1. What is GST? What is accounting
- Ans.
GST stands for Goods and Services Tax, a value-added tax levied on most goods and services sold for domestic consumption.
GST is a consumption tax that is collected on the value added to goods and services at each stage of the supply chain.
It replaced multiple indirect taxes in India and aims to simplify the tax structure and reduce tax evasion.
GST has different rates for different goods and services, such as 5%, 12%, 1...
(1 Question)
- Q1. Journal entries
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Interview questions from similar companies
I applied via LinkedIn and was interviewed in May 2022. There was 1 interview round.
(6 Questions)
- Q1. Journal entry for provision for doubtful debt
- Ans.
A provision for doubtful debt is a journal entry made to account for potential losses from customers who may not pay their debts.
Provision for doubtful debt is recorded as an expense in the income statement.
It is created by debiting the provision for doubtful debt account and crediting the bad debt expense account.
The provision is based on an estimate of the amount of debt that is likely to become uncollectible.
The pro...
- Q2. What are subsequent events
- Ans.
Subsequent events are events that occur after the balance sheet date but before the financial statements are issued.
Subsequent events can be classified as either adjusting or non-adjusting events.
Adjusting events provide evidence of conditions that existed at the balance sheet date and require adjustment to the financial statements.
Non-adjusting events do not require adjustment to the financial statements but may requi...
- Q3. Audit of bank balance
- Q4. Assertions and procedure for audit of debtors
- Ans.
Assertions and procedures for auditing debtors
The existence assertion: ensuring that the debtors actually exist and are valid
The completeness assertion: ensuring that all debtors are included in the financial statements
The valuation assertion: ensuring that the debtors are valued correctly
The rights and obligations assertion: ensuring that the company has the right to collect the debt and that the debtors have an oblig...
- Q5. 3 golden principles of accounting
- Ans.
The 3 golden principles of accounting are: 1) Debit the receiver, credit the giver 2) Debit what comes in, credit what goes out 3) Debit expenses and losses, credit income and gains.
Debit the receiver, credit the giver: when an asset is received, it is debited and when a liability is given, it is credited
Debit what comes in, credit what goes out: when cash is received, it is debited and when cash is paid, it is credite...
- Q6. Basic audit questions and resume walkthrough
Interview Preparation Tips
I applied via Company Website and was interviewed before Aug 2021. There were 2 interview rounds.
(1 Question)
- Q1. General info about articleship experience
(1 Question)
- Q1. How will you determine materiality levels while performing audit of mutual fund company?
- Ans.
Materiality levels for mutual fund audit
Consider the size and nature of the mutual fund company
Assess the impact of misstatements on financial statements
Refer to industry standards and regulatory requirements
Consult with senior auditors and management
Use professional judgement to determine materiality levels
Interview Preparation Tips
akshita pal
I applied via Campus Placement and was interviewed in Apr 2021. There were 4 interview rounds.
Interview Questionnaire
2 Questions
- Q1. Basic accounting questions like accounting principles
- Q2. What are your 5-year plans
Interview Preparation Tips
I was interviewed in May 2021.
Interview Questionnaire
1 Question
- Q1. Articleship experience
Interview Preparation Tips
Interview Questionnaire
1 Question
- Q1. About accounting entries
I applied via Referral and was interviewed in Nov 2019. There were 5 interview rounds.
Interview Questionnaire
4 Questions
- Q1. Tell me the five criterias to recognise revenue as per Ind As 115
- Ans.
The five criteria to recognize revenue as per Ind AS 115 are identification of contract, identification of performance obligations, determination of transaction price, allocation of transaction price, and recognition of revenue when performance obligations are satisfied.
Identification of contract
Identification of performance obligations
Determination of transaction price
Allocation of transaction price
Recognition of reve
- Q2. How will you Audit the revenue expense of rent?
- Ans.
Audit revenue expense of rent by verifying lease agreements, rent invoices, and bank statements.
Verify lease agreements to ensure rent amount and terms are accurate
Check rent invoices for proper recording and classification
Reconcile rent payments with bank statements
Ensure rent expense is recognized in the correct period
Consider any related party transactions or potential conflicts of interest
- Q3. What do you know about Deloitte
- Q4. How will you Audit the bank balance appearing in financial statements?
- Ans.
Bank balance in financial statements can be audited by verifying bank statements, reconciling balances, and testing internal controls.
Verify bank statements to ensure accuracy of reported balance
Reconcile bank balance with general ledger balance
Test internal controls related to bank transactions
Confirm balances with the bank directly
Review any unusual transactions or discrepancies
Consider the risk of fraud or error in
Interview Preparation Tips
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Anil Kumar & Co. Audit Assistant Interview Process
based on 4 interviews in last 1 year
1 Interview rounds
- One-on-one Round
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