Iberia Skin Brands Executive Accountant Interview Questions, Process, and Tips

The Golden Rules of Accounting are basic principles that guide the process of recording financial transactions.

• The Golden Rule of Debit and Credit: For every debit entry, there must be a corresponding credit entry.

• The Golden Rule of Personal Accounts: Debit the receiver, credit the giver.

• The Golden Rule of Real Accounts: Debit what comes in, credit what goes out.

• The Golden Rule of Nominal Accounts: Debit all expenses a

TDS payment due date is 7th of next month, TDS return due date varies based on quarter

• TDS payment due date is 7th of the following month in which TDS is deducted

• TDS return due dates are as follows: Q1 - 31st July, Q2 - 31st October, Q3 - 31st January, Q4 - 31st May

• Late filing of TDS returns can attract penalties

GSTR-1 due date is 10th of the following month, GSTR-3B due date is 20th of the following month, GSTR-9 due date is 31st December of the following financial year, GSTR-9C due date is 31st December of the following financial year

• GSTR-1 due date: 10th of the following month

• GSTR-3B due date: 20th of the following month

• GSTR-9 due date: 31st December of the following financial year

• GSTR-9C due date: 31st December of the foll

RCM is a mechanism where the recipient of goods/services is liable to pay the tax instead of the supplier.

• RCM is applicable in cases where the supplier is not required to be registered under GST.

• It is also applicable for specific goods/services notified by the government.

• Under RCM, the recipient needs to pay the tax directly to the government.

• Input tax credit can be claimed on tax paid under RCM.

• Examples include servic...read more

Current assets are assets that are expected to be converted into cash within a year, provisions are liabilities that are uncertain in timing or amount, and reserves and surplus are funds set aside for specific purposes or as a buffer against future uncertainties.

• Current assets include cash, accounts receivable, inventory, and short-term investments.

• Provisions are set aside for potential future liabilities such as warra...read more

Advance tax is a system of paying taxes in advance based on estimated income for the year.

• Advance tax is paid periodically throughout the year before the end of the financial year.

• It is based on the estimated income of the taxpayer for the year.

• It helps in the smooth collection of taxes and prevents a large tax liability at the end of the year.

• Penalties may apply if advance tax is not paid on time or in the correct amo...read more

Deferred tax is a liability that arises due to temporary differences between accounting and tax rules.

• Deferred tax is the tax effect of timing differences between when income and expenses are recognized for tax purposes versus accounting purposes.

• It can be either deferred tax asset or deferred tax liability depending on whether the tax payable in the future is expected to be higher or lower than the tax payable current...read more