Basiz Fund Service Financial Associate Interview Questions and Answers

Q1. What is accounting
Ans. 
Accounting is the process of recording, summarizing, analyzing, and reporting financial transactions of a business.
• Involves recording financial transactions

• Summarizing financial data in financial statements

• Analyzing financial information to make business decisions

• Reporting financial results to stakeholders

• Examples include balance sheets, income statements, and cash flow statements
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Q2. What is indirect tax
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Indirect tax is a tax collected by an intermediary (such as a retailer) from the person who ultimately bears the economic burden of the tax.
• Indirect taxes are not directly paid by the consumer to the government.

• They are imposed on goods and services, and the burden is passed on to the final consumer.

• Examples include sales tax, value-added tax (VAT), excise duty, and customs duty.
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Q3. What is capital gain
Ans. 
Capital gain is the profit that results from a sale of a capital asset, such as stocks, bonds, or real estate.
• Capital gain is the difference between the purchase price and the selling price of an asset.

• It is considered a taxable event by the IRS.

• Long-term capital gains are taxed at a lower rate than short-term capital gains.

• Examples of capital assets include stocks, bonds, real estate, and precious metals.
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Q4. Slab reates of income tax
Ans. 
Income tax slab rates are the different levels of income at which different tax rates apply.
• Income up to Rs. 2.5 lakh is exempt from tax

• Income between Rs. 2.5 lakh to Rs. 5 lakh is taxed at 5%

• Income between Rs. 5 lakh to Rs. 10 lakh is taxed at 20%

• Income above Rs. 10 lakh is taxed at 30%
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Q5. Induction to ur self
Ans. 
I am a detail-oriented and organized individual with a strong background in accounting and finance.
• Bachelor's degree in Accounting

• 2+ years of experience in accounts payable and receivable

• Proficient in using accounting software such as QuickBooks

• Strong analytical and problem-solving skills

• Excellent communication and interpersonal skills
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General questions related to the role and some logical reasoning questions

Q1. Questions related to the role
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Q1. Gst,tds releted question
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Q2. Face to face interview
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Don't remember. general simple aptitude.

Q1. Questions from your resume.
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Q2. Projects mentioned in resume.
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Q3. Other than Technical there HR questions as well like what are your hobbies. Sing a song.
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Aptitude test has been conducted

Q1. Technical questions was asked
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Q1. Taxation direct and indirect, accounts
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Based on practicle case scenario

It was based on taxation accounts and real life experience.