Best tax filer Tax Associate Interview Questions and Answers

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Q1. What is contra entry
Ans. 
A contra entry is a transaction that involves both a debit and a credit entry which offset each other, resulting in a net zero effect on the account balances.
• Contra entries are typically used to correct errors, transfer funds between accounts, or record non-cash transactions.

• For example, if a company transfers funds from its checking account to its savings account, a contra entry would be made to reflect the decrease i...read more
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Q1. Tests managerial skills
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Q1. General Questions
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Basic accounting questions ,some basic excel questions

They gave us a topic and asked to talk a few words about it

Q1. They asked very simple basic accounting and tax related questions
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Q2. What is suspense account
Ans. 
A suspense account is a temporary holding account used to temporarily hold funds or transactions until they can be properly classified or allocated.
• A suspense account is typically used when there is uncertainty or a discrepancy in the classification or allocation of funds or transactions.

• It is a temporary solution to hold funds or transactions until they can be properly resolved.

• Suspense accounts are commonly used in a...read more
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Q1. They thest asked avout the basic resume related questions
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Q2. What id depreciation Amortization Deferred tax
Ans. 
Depreciation is the decrease in value of an asset over time. Amortization is the gradual reduction of an intangible asset's value. Deferred tax is a liability or asset that arises due to temporary differences between accounting and tax rules.
• Depreciation is the allocation of the cost of a tangible asset over its useful life.

• Amortization is the allocation of the cost of an intangible asset over its useful life.

• Deferred ...read more
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Excel test for knowledge of excels

Q1. Where do you see yourself in 5 year
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Moderate test with accounting logical thinking and excel related questions