Fair Exports Accountant Interview Questions and Answers

ITC stands for Input Tax Credit, which is the credit that a business can claim for the tax it pays on inputs used in the production of goods or services.

• ITC helps businesses reduce their tax liability by allowing them to offset taxes paid on inputs against taxes collected on outputs.

• ITC is available under the GST (Goods and Services Tax) regime in India.

• Examples of inputs eligible for ITC include raw materials, service...read more

I have 5 years of experience working as an accountant in a medium-sized company.

• Managed financial records and prepared financial statements

• Performed budget analysis and forecasting

• Handled accounts payable and accounts receivable

• Assisted with audits and tax preparation

• Utilized accounting software such as QuickBooks

My expected salary is in line with industry standards and commensurate with my experience and qualifications.

• I have researched the average salary range for this position in this location

• I am open to negotiation based on the specific responsibilities and benefits offered

• I am looking for a fair and competitive salary package

• Based on my experience and qualifications, I am expecting a salary in the range of $X to $Y

What is the context of the question? Please provide more information.

• Can you please clarify what the question is asking for?

• Is this related to a salary range or a specific expense?

• Without more information, it is difficult to provide a meaningful answer.

Financial accounting is the process of recording, summarizing, and reporting the financial transactions of a business.

• Involves recording financial transactions

• Summarizing financial data in financial statements like balance sheet and income statement

• Reporting financial information to stakeholders like investors and regulators

• Follows generally accepted accounting principles (GAAP)

• Examples include preparing financial stat...read more

In Tally ERP 9, the short key for purchases is F9.

• Press F9 to directly access the purchase voucher entry screen.

• Use F9 key to quickly create and record purchase transactions.

• F9 key helps in streamlining the process of entering purchase details in Tally ERP 9.

Credit memo is a document issued by a seller to a buyer reducing the amount owed, while debit memo is a document issued by a buyer to a seller increasing the amount owed.

• Credit memo reduces the amount owed by the buyer to the seller.

• Debit memo increases the amount owed by the buyer to the seller.

• Credit memo is issued by the seller, while debit memo is issued by the buyer.

• Credit memo is used for returns, discounts, or e...read more

Sales goods for cash are recorded as a debit to cash and a credit to sales revenue.

• Sales goods for cash result in an increase in cash and sales revenue on the income statement.

• The journal entry would be: Debit Cash, Credit Sales Revenue.

• This transaction does not involve accounts receivable since it is a cash sale.

Purchase return in accounting refers to the process of returning purchased goods to the supplier due to various reasons.

• Purchase return is recorded as a credit note in the books of accounts.

• It reduces the amount payable to the supplier and decreases inventory.

• Reasons for purchase return include damaged goods, wrong quantity, or quality issues.

• Example: A company returns a batch of defective products to the supplier and

The 3 golden rules of accounting are the rules that govern how financial transactions are recorded and reported.

• 1. Debit what comes in, credit what goes out

• 2. Debit the receiver, credit the giver

• 3. Debit all expenses and losses, credit all incomes and gains

Depreciation is not charged on land because land does not have a finite useful life and its value typically appreciates over time.

• Land is considered to have an indefinite useful life, unlike buildings or machinery which have a limited lifespan.

• Land does not wear out, become obsolete, or require regular maintenance like other assets.

• The value of land generally appreciates over time, making it unnecessary to depreciate.

• D...read more

The 3 financial statements are the income statement, balance sheet, and cash flow statement.

• Income statement: Shows a company's revenues and expenses over a specific period of time.

• Balance sheet: Provides a snapshot of a company's financial position at a specific point in time, including assets, liabilities, and equity.

• Cash flow statement: Details the cash inflows and outflows of a company over a specific period of tim