Big 4 Accounting Firms Executive Interview Questions and Answers

Accounts Payable is the amount of money a company owes to its suppliers or vendors for goods or services purchased on credit.

• Accounts Payable is a liability on the company's balance sheet.

• It represents the short-term debt that a company owes to its creditors.

• Examples of Accounts Payable include invoices from suppliers for inventory purchases or services rendered.

• Accounts Payable is typically paid within a specified per

TDS sec 194j is a section of the Income Tax Act that deals with TDS on fees for professional or technical services.

• TDS sec 194j requires deduction of tax at source at the rate of 10% on fees for professional or technical services.

• The limit for TDS under sec 194j is Rs. 30,000 for a single payment or Rs. 1,00,000 in aggregate during the financial year.

• If the payment is made to an individual or HUF, the TDS rate is 10%. ...read more

GSTR-2A is auto-populated with data from suppliers, while GSTR-2B is a static statement generated by the taxpayer.

• GSTR-2A is generated by the GST system based on the data uploaded by suppliers.

• GSTR-2B is a static statement generated by the taxpayer after considering amendments, credit notes, etc.

• Taxpayers can make changes to GSTR-2B before filing, but not to GSTR-2A.

• GSTR-2A helps in reconciliation of input tax credit, ...read more