G. M. Kapadia & Co. Associate Interview Questions and Answers

Q1. Tell me about yourself Caro 20 amendment Schedule 3 amendment
Ans. 
I am a dedicated and experienced consultant with a strong background in project management and problem-solving skills.
• Briefly mention your professional background and experience

• Highlight key skills and strengths relevant to consulting

• Mention any specific achievements or projects that showcase your abilities

• Discuss your passion for helping clients achieve their goals
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Q1. Intro Few question
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Q1. General experience questions & basics of the field
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Q2. Question related to field work
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Question solving questions

Q1. How we do audit of revenue
Ans. 
Auditing revenue involves examining financial records, verifying transactions, and ensuring compliance with accounting standards.
• Reviewing sales invoices, receipts, and contracts to ensure accuracy and completeness

• Comparing recorded revenue with supporting documentation to identify discrepancies

• Testing the effectiveness of internal controls and procedures for revenue recognition

• Analyzing revenue trends and patterns to ...read more
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Q2. What do you mean by KAM's
Ans. Give complete details of SA 701
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Q1. Why do you want to join WCC?
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Q1. What do you know about IndAS 116?
Ans. 
IndAS 116 is an accounting standard that governs the treatment of leases in financial statements.
• IndAS 116 replaces the previous standard, IndAS 17, and requires lessees to recognize most leases on their balance sheets.

• It distinguishes between finance leases and operating leases, with different accounting treatments for each.

• Under IndAS 116, lessees must recognize a right-of-use asset and a lease liability for all leas...read more
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Q1. Explain P2P Process in Accounts
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P2P process in accounts refers to the procure-to-pay process, which involves purchasing goods or services and paying for them.
• P2P process starts with the requisition of goods or services needed by a company.

• Once approved, a purchase order is created and sent to the supplier.

• Goods or services are received and an invoice is generated by the supplier.

• The invoice is matched with the purchase order and goods receipt, and th...read more
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Q2. Deferred Revene and Expenditure
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Q3. Entries for Sales and Receivables
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Entries for Sales and Receivables involve recording sales transactions and tracking amounts owed by customers.
• Record sales revenue when goods or services are delivered to customers

• Track accounts receivable to monitor amounts owed by customers

• Reconcile sales and receivables to ensure accuracy of financial records
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Q4. Whats is the Payroll Entries you pass at the endof the month
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Payroll entries include recording salaries, wages, taxes, and benefits for employees.
• Recording gross wages for employees

• Deducting taxes such as income tax and social security

• Adding employer contributions to benefits like healthcare or retirement plans

• Accruing vacation or sick leave balances

• Adjusting for any bonuses or commissions earned
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Q5. What is the entry for purchase from Vendor before receipt of bill from them
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The entry for purchase from Vendor before receipt of bill is a debit to Inventory and a credit to Accounts Payable.
• Debit Inventory account for the cost of the purchase

• Credit Accounts Payable to show the amount owed to the vendor

• Once the bill is received, adjust the entry accordingly
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General job related test and comparably Better

Q1. Technical interview based on the post
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Q1. HR related for salary discussion
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Q1. Hr interview again
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