Gayatri Vidya Parishad College of Engineering Accountant Interview Questions and Answers

Q1. What is the meaning of finance?
Ans. 
Finance refers to the management of money and other assets, including investing, borrowing, budgeting, and forecasting.
• Finance involves managing money and assets to achieve financial goals.

• It includes activities such as investing, borrowing, budgeting, and forecasting.

• Finance is essential for individuals, businesses, and governments to make informed financial decisions.

• Examples of finance include budgeting for personal...read more
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Q2. What are the different types of taxes in India?
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There are various types of taxes in India including income tax, goods and services tax (GST), corporate tax, customs duty, and excise duty.
• Income Tax: Tax levied on the income of individuals and businesses.

• Goods and Services Tax (GST): Indirect tax levied on the supply of goods and services.

• Corporate Tax: Tax levied on the income of companies.

• Customs Duty: Tax imposed on goods imported into or exported out of the count...read more
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Q3. What is payroll, and what are its key components?
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Payroll is the process of calculating and distributing wages to employees.
• Calculating employee wages based on hours worked or salary

• Deducting taxes and other withholdings

• Issuing paychecks or direct deposits

• Maintaining accurate records of employee compensation

• Key components include gross pay, deductions, net pay, and payroll taxes
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Q4. What is the process of bank reconciliation?
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Bank reconciliation is the process of comparing and matching the balances in a company's accounting records with the balances on its bank statement.
• Gather bank statements and accounting records

• Compare deposits and withdrawals between the two

• Identify and investigate any discrepancies

• Adjust the accounting records to match the bank statement

• Prepare reconciliation report
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Q5. What is a direct tax?
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A direct tax is a tax that is paid directly by an individual or organization to the government.
• Direct taxes are imposed on income, profits, assets, and wealth.

• Examples of direct taxes include income tax, corporate tax, property tax, and inheritance tax.

• Direct taxes are typically progressive, meaning that the tax rate increases as the taxable amount increases.
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Q6. What is an indirect tax?
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An indirect tax is a tax that is imposed on goods and services rather than on income or profits.
• Indirect taxes are usually passed on to the consumer through higher prices.

• Examples of indirect taxes include sales tax, value-added tax (VAT), and excise duty.

• These taxes are collected by an intermediary, such as a retailer, and then passed on to the government.
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Q7. What is the full form of ITC in the context of indirect tax?
Ans. 
Input Tax Credit
• ITC stands for Input Tax Credit in the context of indirect tax

• It allows businesses to reduce the tax they have already paid on inputs from the tax they have to pay on outputs

• Example: If a business pays GST on raw materials, they can claim ITC to reduce the GST they owe on their final product
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Q8. GST, IGST,CGST,SGST,NEFT,RTGS Full Form
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Q9. GST Slab
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Q10. Place of Supply
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Place of Supply refers to the location where a supply of goods or services is deemed to take place for tax purposes.
• Place of Supply is crucial for determining the applicable tax rate and jurisdiction for a transaction.

• It is determined based on various factors such as the nature of supply, location of supplier, and location of recipient.

• For example, if a service is provided in India to a customer in the US, the place of...read more
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Q11. Time of Supply
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Time of Supply refers to the point in time when goods or services are deemed to be supplied for tax purposes.
• Time of Supply is important for determining when to account for GST or VAT.

• For goods, time of supply is usually the date of delivery or payment, whichever is earlier.

• For services, time of supply is typically the date of completion or payment, whichever is earlier.

• In some cases, time of supply may be triggered by...read more
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Q12. Eway Bill
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Q13. How many Returns are required for Goods and Services Tax (GST) and what are the filing dates?
Ans. 
For GST, there are multiple returns required with different filing dates.
• There are different types of GST returns such as GSTR-1, GSTR-3B, GSTR-4, etc.

• The filing dates for these returns vary based on the type of return and the turnover of the taxpayer.

• For example, GSTR-1 for monthly filers is due on the 10th of the following month, while GSTR-3B is due on the 20th of the following month.

• Taxpayers with turnover above a ...read more
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Q1. Share details of your previous job.
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Q2. What are your salary expectations?
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Q3. What is your family background?
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Q4. Why should we hire you?
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Q5. Why are you looking for a change?
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Q6. Where do you see yourself in 5 years?
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Q7. What are your strengths and weaknesses?
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Q8. Tell me about yourself.
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Q1. Accounting taxation, recon, accounts payable
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Q1. All questions related to CV
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Q2. Related to previous experience
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Q1. What are your expectations
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Q2. What is your experience
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Q1. Basic Question about Sales and Marketing
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Q2. Situation based question into problem solving
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Hacker rank questions

As is and to be diagram to be crated form scenario

Q1. About case study on the ups and downs
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Q2. About the points and missed and how to add them
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Q3. Different challenges while implementing this solutions
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Implementing solutions can face various challenges.
• Lack of resources

• Resistance to change

• Integration issues

• Data security concerns

• Training and adoption

• Costs and budget constraints
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Situation bsedd questions and needed to answer very specifically

Q1. Previous experiences
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Q1. Excellency in operating systems
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Excellency in operating systems is crucial for an Assistant Manager role as it involves overseeing system operations and troubleshooting issues.
• Proficiency in various operating systems such as Windows, macOS, and Linux

• Experience in managing system updates, installations, and configurations

• Ability to troubleshoot system issues and provide technical support to users

• Knowledge of security protocols and data protection meas...read more
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Q1. Salary negotiation
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