London Stock Exchange Group Interview Questions and Answers

Challenges in finalizing the balance sheet include reconciling accounts, identifying errors, and ensuring accuracy.

• Reconciling accounts to ensure all transactions are accurately recorded

• Identifying and correcting errors in the financial statements

• Ensuring accuracy in the balance sheet by verifying all figures and calculations

• Dealing with complex transactions or unusual accounting entries

• Coordinating with different departments to gather necessary information

Advance tax working involves estimating and paying taxes in advance to avoid penalties.

• Advance tax is paid in installments throughout the year based on estimated income.

• It helps taxpayers avoid penalties for underpayment at the end of the year.

• To ensure correctness, accurate income projections and tax calculations are essential.

• Regular monitoring of income and tax liabilities is necessary to make adjustments if needed.

There are three types of GST in India - CGST, SGST, and IGST. There are multiple types of GST returns depending on the nature of the taxpayer.

• Types of GST in India: CGST (Central Goods and Services Tax), SGST (State Goods and Services Tax), IGST (Integrated Goods and Services Tax)

• Types of GST returns: GSTR-1 (Outward supplies), GSTR-3B (Summary return), GSTR-9 (Annual return)

• Different types of GST returns for different categories of taxpayers like regular taxpayers, compositi...read more

The current accounting policy in my company is the FIFO (First In, First Out) method.

• FIFO method is used to value inventory by assuming that the first items purchased are the first items sold.

• This method is commonly used in industries where products have a limited shelf life, such as food and beverage.

• FIFO helps in ensuring that older inventory is sold first, reducing the risk of obsolescence.

• It also provides a more accurate representation of the cost of goods sold and ending...read more

26 AS is a consolidated tax statement that provides details of tax deducted at source, advance tax paid, and self-assessment tax paid.

• 26 AS is issued by the Income Tax Department to taxpayers.

• It helps in verifying if the taxes deducted by the deductor have been deposited with the government.

• Reconciliation of 26 AS is important to ensure accurate filing of income tax returns.

• It also helps in identifying any discrepancies or errors in tax payments.

• For example, if an employer ha...read more