10+ Convivial Software Interview Questions and Answers

Ind AS 109 prescribes the principles for recognition, measurement, presentation and disclosure of financial assets, financial liabilities and equity instruments.

• Ind AS 109 applies to all financial instruments except for those specifically excluded.

• Financial assets and liabilities are recognized when the entity becomes a party to the contractual provisions of the instrument.

• Equity instruments are recognized when the entity becomes a party to the contractual provisions of the i...read more

Internal audit can be done by individuals who possess relevant skills and knowledge.

• Individuals with accounting or finance background

• Certified Internal Auditors (CIAs)

• Individuals with experience in risk management and compliance

• Professionals with knowledge of industry-specific regulations and standards

• Individuals with strong analytical and communication skills

• Examples: Accountants, Auditors, Risk Managers, Compliance Officers

OOPs stands for Object-Oriented Programming. It is a programming paradigm based on the concept of objects.

• OOPs focuses on creating objects that contain data and methods to manipulate that data.

• It emphasizes concepts like encapsulation, inheritance, and polymorphism.

• Encapsulation refers to bundling data and methods that operate on the data within a single unit.

• Inheritance allows a class to inherit properties and behavior from another class.

• Polymorphism allows objects of differ...read more

Carve outs in IND AS and IFRS refer to exceptions or exclusions from the standard accounting treatment.

• IND AS 101 allows first-time adopters to use previous GAAP for certain items

• IFRS 1 allows exemptions for certain disclosures and retrospective application

• IND AS 109 has carve outs for hedge accounting and impairment

• IFRS 9 has carve outs for financial liabilities and macro hedging

• IND AS 115 has carve outs for certain contracts with customers

• IFRS 16 has carve outs for leases o...read more

Stretched payables should be included in net debt analysis as they represent a liability that impacts the company's financial health.

• Stretched payables are essentially trade payables that have been extended beyond the usual payment terms agreed upon with suppliers.

• Including stretched payables in net debt analysis provides a more accurate picture of the company's financial obligations.

• Failure to account for stretched payables can result in an understatement of the company's de...read more

GST journal entry for credit purchase

• Debit the purchase account

• Credit the GST input account

• Credit the supplier account

Financial statements are reports that show the financial performance and position of a company.

• Financial statements include the balance sheet, income statement, and cash flow statement.

• They provide information on a company's revenue, expenses, assets, liabilities, and equity.

• Investors and creditors use financial statements to evaluate a company's financial health and make decisions.

• Examples of financial statements include annual reports, quarterly reports, and 10-K filings.

• Fi...read more

Ind AS 115, 116, 41 are accounting standards for revenue recognition, leases, and agriculture respectively.

• Ind AS 115 deals with revenue recognition and replaces the previous standard Ind AS 18

• Ind AS 116 deals with leases and replaces the previous standard Ind AS 17

• Ind AS 41 deals with agriculture and covers accounting for biological assets and agricultural produce

• These standards are applicable to companies in India following Indian Accounting Standards (Ind AS)

• The implementa...read more

Yes, I have worked on creating interactive dashboards for tracking key performance indicators.

• Designed and developed interactive dashboards using tools like Tableau, Power BI, or Google Data Studio

• Integrated data from multiple sources to create a comprehensive view of KPIs

• Implemented filters, drill-downs, and visualizations to make the dashboard user-friendly

• Worked closely with stakeholders to understand their requirements and customize the dashboard accordingly

Internal audit is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations.

• Internal audit evaluates the effectiveness of an organization's risk management, control, and governance processes

• It provides recommendations for improvement and helps the organization achieve its objectives

• Examples of internal audit activities include financial audits, operational audits, and compliance audits

Schedule 3 of Companies Act is a list of disclosures that companies must make in their financial statements.

• Schedule 3 outlines the minimum disclosures required for companies to comply with the Companies Act.

• It includes information on fixed assets, investments, inventory, debtors, creditors, and more.

• Companies must ensure that their financial statements include all the necessary disclosures as per Schedule 3.

• Failure to comply with Schedule 3 can result in penalties and legal ...read more

The golden rule of accounting is to maintain a balance between assets, liabilities, and equity.

• Assets = Liabilities + Equity

• This equation must always be balanced in order to ensure accurate financial statements

• Any changes to one side of the equation must be reflected on the other side

• For example, if a company takes out a loan (liability), their assets will increase by the amount of the loan, but their equity will decrease by the same amount