Crowe Horwath Training Consultant Interview Questions and Answers

Ind AS 109 prescribes the principles for recognition, measurement, presentation and disclosure of financial assets, financial liabilities and equity instruments.

• Ind AS 109 applies to all financial instruments except for those specifically excluded.

• Financial assets and liabilities are recognized when the entity becomes a party to the contractual provisions of the instrument.

• Equity instruments are recognized when the ent...read more

Financial statements are reports that show the financial performance and position of a company.

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

• They provide information on a company's revenue, expenses, assets, liabilities, and equity.

• Investors and creditors use financial statements to evaluate a company's financial health and make decisions.

• Examples of financial statements incl...read more

Schedule 3 of Companies Act is a list of disclosures that companies must make in their financial statements.

• Schedule 3 outlines the minimum disclosures required for companies to comply with the Companies Act.

• It includes information on fixed assets, investments, inventory, debtors, creditors, and more.

• Companies must ensure that their financial statements include all the necessary disclosures as per Schedule 3.

• Failure to...read more

The golden rule of accounting is to maintain a balance between assets, liabilities, and equity.

• Assets = Liabilities + Equity

• This equation must always be balanced in order to ensure accurate financial statements

• Any changes to one side of the equation must be reflected on the other side

• For example, if a company takes out a loan (liability), their assets will increase by the amount of the loan, but their equity will decre

GST journal entry for credit purchase

• Debit the purchase account

• Credit the GST input account

• Credit the supplier account

Internal audit is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations.

• Internal audit evaluates the effectiveness of an organization's risk management, control, and governance processes

• It provides recommendations for improvement and helps the organization achieve its objectives

• Examples of internal audit activities include financial audits, operationa

Internal audit can be done by individuals who possess relevant skills and knowledge.

• Individuals with accounting or finance background

• Certified Internal Auditors (CIAs)

• Individuals with experience in risk management and compliance

• Professionals with knowledge of industry-specific regulations and standards

• Individuals with strong analytical and communication skills

• Examples: Accountants, Auditors, Risk Managers, Compliance O