20+ TechProjects Interview Questions and Answers

Accounting is the process of recording financial transactions, while audit is the examination of financial statements.

• Accounting involves the recording, classifying, and summarizing of financial transactions.

• Audit involves the examination of financial statements to ensure they are accurate and comply with accounting standards.

• Accounting is done on a regular basis, while audit is done periodically.

• Accounting is done by the company's own accountants, while audit is done by exte...read more

The 5 heads of income are salary, house property, business/profession, capital gains, and other sources.

• Salary income includes income from employment

• House property income includes rental income

• Business/profession income includes income from self-employment

• Capital gains income includes profits from sale of assets

• Other sources income includes income from sources not covered under the other heads

• Depreciation is the decrease in value of an asset over time

• Types of depreciation inc...read more

Tax is a mandatory financial charge imposed by the government on individuals and businesses.

• Tax is used to fund public services and infrastructure

• There are different types of taxes such as income tax, sales tax, property tax, etc.

• Tax laws and regulations vary by country and jurisdiction

• Cost accounting is focused on determining the cost of producing a product or service

• Managerial accounting is focused on providing financial information to help managers make business decisions

• B...read more

Items to add in balancesheet after trial balance

• Accrued expenses

• Prepaid expenses

• Depreciation

• Deferred revenue

• Accrued interest

• Goodwill

• Intangible assets

• Long-term investments

• Long-term debt

• Shareholder's equity

Ratio analysis is a method of analyzing financial statements by comparing different financial ratios.

• Ratio analysis involves calculating and comparing financial ratios such as liquidity ratios, profitability ratios, and solvency ratios.

• It helps in evaluating a company's financial performance and identifying areas of improvement.

• For example, a high debt-to-equity ratio may indicate that a company is relying too much on debt financing.

• Ratio analysis is commonly used by investor...read more

A project requires clear goals, a defined scope, a timeline, a budget, a team, communication, risk management, and monitoring.

• Clear goals: Define the objectives and outcomes of the project.

• Defined scope: Clearly outline what is included and excluded from the project.

• Timeline: Establish a schedule with milestones and deadlines.

• Budget: Determine the financial resources needed for the project.

• Team: Assemble a skilled and diverse team with assigned roles and responsibilities.

• Comm...read more

Leadership is about inspiring and guiding a team towards a common goal, while management is about planning, organizing, and controlling resources to achieve that goal.

• Leadership focuses on people, while management focuses on processes and systems.

• Leadership is about setting a vision and motivating others to work towards it, while management is about ensuring that the necessary resources are in place to achieve that vision.

• Leadership involves taking risks and being innovative,...read more

There are various types of taxes in India including income tax, GST, customs duty, excise duty, and more.

• Income tax is levied on the income earned by individuals and businesses

• GST is a value-added tax on goods and services

• Customs duty is a tax on goods imported into the country

• Excise duty is a tax on goods manufactured within the country

• Other taxes include property tax, entertainment tax, and more

Cost incurred on setting up plant and machinery can have tax implications on depreciation and capitalization.

• Cost incurred on setting up plant and machinery is usually capitalized and depreciated over its useful life.

• The depreciation expense can be deducted from taxable income, reducing the tax liability.

• Certain costs may need to be expensed immediately instead of being capitalized, such as repairs and maintenance.

• Tax laws and regulations may dictate how costs are treated for...read more

Yes, negative values can be reported in ESPL.

• Negative values can be reported in ESPL for expenses, losses, or deductions.

• Make sure to follow the specific guidelines and formatting requirements for reporting negative values in ESPL.

• Examples of negative values that can be reported in ESPL include -1000 for expenses or -500 for losses.

Rate of depreciation on intangible assets varies based on their useful life and method of amortization.

• Depreciation on intangible assets is typically calculated using the straight-line method.

• The rate of depreciation can range from 5% to 100% depending on the useful life of the asset.

• Common intangible assets subject to depreciation include patents, copyrights, and trademarks.

Cash flow statements provide a comprehensive view of a company's cash inflows and outflows, helping in financial analysis and decision-making.

• To assess a company's ability to generate cash and its liquidity position

• To analyze the sources and uses of cash

• To evaluate the operating, investing, and financing activities of a company

• To identify potential cash flow problems or opportunities

• To assist in financial planning and budgeting

• To provide information for investors, creditors, ...read more

The due date for filing a tax return varies by country and can depend on the type of taxpayer and filing method.

• Due date for individual taxpayers in the US is typically April 15th, unless extended.

• Corporate tax returns in the UK are due 12 months after the end of the accounting period.

• Some countries have different due dates for electronic vs. paper filings.

• Late filing may result in penalties or interest charges.

Accrual accounting is a method of accounting where revenues and expenses are recorded when they are earned or incurred, regardless of when cash is exchanged.

• Revenue is recognized when it is earned, not necessarily when cash is received.

• Expenses are recorded when they are incurred, not necessarily when they are paid.

• Accrual accounting provides a more accurate picture of a company's financial position.

• It follows the matching principle, where revenues and expenses are matched in...read more

Shaktikanta Das is the current RBI Governor.

• Shaktikanta Das was appointed as the 25th Governor of the Reserve Bank of India in December 2018.

• He has previously served as the Economic Affairs Secretary and Revenue Secretary of India.

• As RBI Governor, he has focused on maintaining financial stability and supporting economic growth.

No, depreciation is not charged on land as land is considered to have an indefinite useful life.

• Depreciation is only charged on assets with a limited useful life, such as buildings, machinery, vehicles, etc.

• Land is considered to have an indefinite useful life and its value is not expected to decrease over time.

• The cost of land is not depreciated, but any improvements made on the land, such as buildings or landscaping, may be depreciated.

• Depreciation is a method of allocating ...read more

Deferred tax is a liability or asset that arises from the difference between accounting income and taxable income.

• Deferred tax is the tax effect of temporary differences between accounting income and taxable income.

• It can be a liability if taxable income is greater than accounting income, or an asset if the reverse is true.

• Examples include depreciation expenses and revenue recognition timing differences.

• Deferred tax liabilities and assets are reported on the balance sheet.

Prepaid expenses are expenses paid in advance but not yet incurred, requiring a journal entry to recognize them as assets.

• Prepaid expenses are recorded as assets on the balance sheet until they are used up.

• To record a prepaid expense, debit the prepaid expense account and credit the cash or accounts payable account.

• As the prepaid expense is used up, it is recognized as an expense on the income statement.

• Examples of prepaid expenses include insurance premiums, rent, and subscr...read more

Capital expenditure refers to funds used by a company to acquire, upgrade, or maintain physical assets such as property, buildings, or equipment.

• Capital expenditure is a long-term investment in the business.

• It is not deducted as an expense in the year it is incurred, but is instead depreciated over time.

• Examples include purchasing new machinery, buying a company vehicle, or renovating office space.

Intrastat is a system for collecting statistics on the trade of goods between EU member states, while EUSL is a simplified version of Intrastat for small businesses.

• Intrastat is mandatory for businesses that exceed a certain threshold of intra-EU trade, while EUSL is optional for smaller businesses.

• Intrastat requires detailed reporting of goods traded, including value, quantity, and country of origin/destination, while EUSL has simplified reporting requirements.

• Intrastat data...read more

Deferred Tax Liability is a balance sheet item that represents taxes that will be payable in the future due to temporary differences between accounting and tax rules.

• Deferred Tax Liability arises when a company's taxable income is greater than its accounting income, leading to taxes being deferred to a future period.

• It represents the amount of income tax payable in the future based on temporary differences between the carrying amount of assets and liabilities in the financial...read more

Depreciation is the allocation of the cost of a tangible asset over its useful life.

• Depreciation is a non-cash expense that reduces the value of an asset over time.

• It reflects the wear and tear, age, and obsolescence of the asset.

• Common methods of calculating depreciation include straight-line, double-declining balance, and units of production.

• Example: A company buys a delivery truck for $50,000 with a useful life of 5 years. Using straight-line depreciation, the annual depre...read more