Duncans Industries Executive Accountant Interview Questions and Answers

Day today accounting petty cash,Tax invoice local and Import, Debit note, Credit Note,all transport freight invoice booking, GSTR1, GSTR3,ITC 4 Filling,

Q1. Tell me about your self
Ans. 
I am an experienced accountant with a strong attention to detail and a passion for numbers.
• Experienced accountant

• Strong attention to detail

• Passion for numbers
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Q2. How are you and where are you from
Ans. 
I am doing well, thank you. I am originally from [location].
• I am doing well and in good health.

• I am originally from [location].

• I have been living in [current location] for [number of years].
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Q1. Tell me about yourself.
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Computer

Q1. What's your job profile in your previous company?
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Q2. What was your CTC in last company and expection?
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Q1. Do you know GST, GST, Income Tax?
Ans. 
Yes, I am familiar with GST, VAT, and Income Tax.
• I have experience in preparing and filing GST returns.

• I am aware of the different GST rates for various goods and services.

• I have knowledge of the input tax credit system under GST.

• I am familiar with the provisions of the Income Tax Act and can prepare income tax returns.

• I have experience in calculating TDS and advance tax payments.

• I am aware of the tax-saving investment...read more
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Q2. What is TDS rate on GTA?
Ans. 
TDS rate on GTA is 2%.
• TDS stands for Tax Deducted at Source.

• GTA stands for Goods Transport Agency.

• The TDS rate on GTA is 2% of the total amount paid or credited to the GTA.

• This TDS is applicable only if the GTA is not registered under GST.

• If the GTA is registered under GST, then TDS is not applicable.
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Q3. What is RCM and GST return Filling process?
Ans. 
RCM is Reverse Charge Mechanism and GST return filling process is the process of filing tax returns under the GST regime.
• RCM is a mechanism where the recipient of goods or services is liable to pay tax instead of the supplier.

• GST return filling process involves filing of various returns like GSTR-1, GSTR-3B, etc. on a monthly or quarterly basis.

• The process involves uploading invoices and other details on the GST portal...read more
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Q1. Define meaning of finance
Ans. 
Finance refers to the management of money and investments.
• Finance involves the allocation, acquisition, and utilization of funds.

• It includes activities such as budgeting, financial planning, and investment analysis.

• Finance helps individuals and organizations make informed decisions about money.

• Examples of finance include managing personal savings, analyzing company financial statements, and evaluating investment opport
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Q2. What dose working capital means
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Working capital refers to the funds available for a company's day-to-day operations and is calculated by subtracting current liabilities from current assets.
• Working capital is a measure of a company's liquidity and ability to meet short-term obligations.

• It represents the difference between a company's current assets (such as cash, inventory, accounts receivable) and its current liabilities (such as accounts payable, sh...read more
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Q3. Explain a cash flow statement
Ans. 
A cash flow statement is a financial statement that shows the inflows and outflows of cash in a company over a specific period of time.
• It provides information about the cash generated from operating activities, investing activities, and financing activities.

• Operating activities include cash received from sales, payment to suppliers, and payment to employees.

• Investing activities include cash used for purchasing or selli...read more
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Q4. What is an fare value
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Fair value is the estimated price at which an asset or liability would be exchanged between knowledgeable and willing parties in an arm's length transaction.
• Fair value is used in accounting to determine the value of assets and liabilities on a company's balance sheet.

• It is based on market prices or other objective measures of value.

• Fair value is important for financial reporting and decision-making.

• Examples of assets t...read more
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Q5. Fair value refers to the estimate of the potential market price of an asset, goods or services. The fair value of an asset is the amount at which you can buy or sell the asset in a current transaction betw...read more
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Q6. What do you mean by Secondary market
Ans. 
Secondary market refers to the buying and selling of securities that have already been issued.
• It is also known as aftermarket

• Investors buy and sell securities among themselves without the involvement of the issuing company

• Examples include stock exchanges, bond markets, and futures markets
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Q7. Secondary market is were people trade securities that have been offered to the public in the primary market before hand and are listed on the stock exchange. The secondary market is also known as the after...read more
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Q8. Explain about deferred Tax liability
Ans. 
Deferred tax liability is a tax obligation that a company will have to pay in the future due to temporary differences between accounting and tax rules.
• It arises when there is a difference between the tax base of an asset or liability and its carrying amount in the financial statements

• It is calculated by multiplying the temporary difference by the applicable tax rate

• It is a non-current liability that is expected to be s...read more
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Q9. Deferred Tax liability is the amount the company hasn't paid yet to the tax department but is expecting to pay it in future. It happens when company tax expenses are lesser than the amount they reflect in ...read more
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Day today accounting petty cash,Tax invoice local and Import, Debit note, Credit Note,all transport freight invoice booking, GSTR1, GSTR3,ITC 4 Filling,

Q1. Tell me about yourself.
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Ms office