10+ AnglerFox WebSolutions Interview Questions and Answers

Audit is a systematic examination of financial records, statements, or operations to ensure accuracy and compliance with laws and regulations.

• Audit involves reviewing financial records, statements, or operations of an organization.

• The purpose of an audit is to ensure accuracy, reliability, and compliance with laws and regulations.

• Auditors use various techniques such as sampling, testing, and analysis to gather evidence and draw conclusions.

• There are different types of audits ...read more

The golden rules of accounting are basic principles that guide the process of recording financial transactions.

• Debit what comes in, credit what goes out

• Debit the receiver, credit the giver

• Debit expenses and losses, credit income and gains

Golden rules of accounting are basic principles that guide the process of recording financial transactions.

• The three golden rules of accounting are: Debit what comes in, Credit what goes out; Debit the receiver, Credit the giver; Debit expenses and losses, Credit income and gains.

• These rules help ensure that financial transactions are accurately recorded and classified in the accounting system.

• For example, when a company receives cash from a customer, the transaction would be...read more

Depreciation is the allocation of the cost of a tangible asset over its useful life.

• Depreciation is a non-cash expense that reduces the value of an asset over time.

• It reflects the wear and tear, obsolescence, or decrease in value of the asset.

• Common methods of calculating depreciation include straight-line, double declining balance, and units of production.

• Example: A company purchases a delivery truck for $50,000 with a useful life of 5 years. Using straight-line depreciation...read more

Land does not depreciate in value over time.

• Land is considered to have an indefinite useful life and therefore does not depreciate.

• Unlike buildings or machinery, land does not wear out or become obsolete.

• The value of land can fluctuate based on factors such as location, demand, and zoning regulations.

Financial statements are formal records of the financial activities and position of a business, organization, or individual.

• Financial statements include the balance sheet, income statement, and cash flow statement.

• They provide information on the financial performance, financial position, and cash flows of an entity.

• Balance sheet shows assets, liabilities, and equity at a specific point in time.

• Income statement shows revenues, expenses, and profits over a period of time.

• Cash f...read more

Depreciation refers to the decrease in value of an asset over time due to wear and tear, obsolescence, or other factors.

• Depreciation can be classified into three main types: straight-line depreciation, double declining balance depreciation, and units of production depreciation.

• Straight-line depreciation allocates an equal amount of depreciation expense each year over the useful life of the asset.

• Double declining balance depreciation accelerates depreciation expense in the ear...read more

Equity shares represent ownership in a company with voting rights, while preference shares have fixed dividends but no voting rights.

• Equity shares represent ownership in a company and provide voting rights to shareholders.

• Preference shares have fixed dividends that must be paid before equity shareholders receive any dividends.

• Preference shareholders do not usually have voting rights in the company.

• Equity shareholders have the potential for higher returns but also bear higher ...read more

The golden rule of accounting states that debit what comes in and credit what goes out.

• Debit what comes in and credit what goes out

• Assets = Liabilities + Equity

• Revenue increases equity, expenses decrease equity

Cash flow is the movement of money in and out of a business. It is bifurcated into operating, investing, and financing activities.

• Cash flow is the net amount of cash and cash equivalents that flow in and out of a business.

• Operating activities include cash inflows and outflows related to the day-to-day operations of the business, such as sales and expenses.

• Investing activities include cash inflows and outflows related to the purchase or sale of long-term assets, such as proper...read more

5 shortcuts to MS Excel

• Ctrl + C: Copy selected cells

• Ctrl + V: Paste copied cells

• Ctrl + Z: Undo last action

• Ctrl + S: Save current workbook

• Ctrl + F: Find and replace data

Performing analytics review of a financial statement involves analyzing key financial ratios, trends, and variances to assess the financial health of a company.

• Start by calculating key financial ratios such as liquidity, profitability, and solvency ratios.

• Compare the current financial statement with previous periods to identify trends and changes.

• Analyze variances between actual and budgeted figures to understand the reasons behind any discrepancies.

• Look for any red flags or ...read more

Identifying opportunities for automation in audit engagements involves analyzing repetitive tasks, manual processes, and areas with high risk of errors.

• Analyze the audit process to identify repetitive tasks that can be automated, such as data entry or report generation

• Look for manual processes that are time-consuming and prone to errors, such as reconciliations or data validation

• Identify areas with high risk of errors, such as complex calculations or large volumes of data, th...read more

Depreciation is the decrease in value of tangible assets while amortization is the decrease in value of intangible assets.

• Depreciation is used for tangible assets like buildings, machinery, and equipment.

• Amortization is used for intangible assets like patents, copyrights, and trademarks.

• Depreciation is calculated based on the useful life of the asset.

• Amortization is calculated based on the estimated useful life of the intangible asset.

• Both are used to allocate the cost of an ...read more

Amortization is the gradual reduction of an intangible asset's value, while depreciation is the gradual reduction of a tangible asset's value.

• Amortization applies to intangible assets like patents, copyrights, and trademarks.

• Depreciation applies to tangible assets like buildings, vehicles, and machinery.

• Amortization is typically calculated using the straight-line method.

• Depreciation can be calculated using various methods such as straight-line, declining balance, or units of ...read more

Bank reconciliation is the process of comparing and matching the balances in a company's accounting records with the balances shown on the bank statement.

• Bank reconciliation ensures that the company's records accurately reflect the transactions and balances in its bank accounts.

• It involves comparing the company's cash account balance, including deposits and withdrawals, with the bank statement.

• Any discrepancies between the two balances are identified and resolved, such as out...read more

Recent amendments in income tax act aim to simplify tax filing and increase compliance.

• Introduction of new tax regime with lower tax rates but without exemptions and deductions

• TDS on cash withdrawals above a certain limit

• Increased penalty for not filing income tax returns on time

• Introduction of faceless assessment and appeal process

• Relaxation in tax residency rules for NRIs

• Tax exemption for sovereign wealth funds investing in infrastructure

• Tax exemption for startups for one m...read more

Yes, I am willing to travel for the role of Audit Assistant.

• I am open to traveling to different client locations for audits.

• I understand that travel may be required to perform the job effectively.

• I am flexible and adaptable to different travel schedules and locations.

• I have previous experience traveling for work purposes.

• I am willing to make necessary arrangements and accommodations for travel.