Isc Projects Site Accountant Interview Questions and Answers

Amazing aptitute test with knowledge of all aspects of the industry

Great assessment of all the interview natures of the assignment for risk, protocol, and valuation.

Q1. Achievements, Experience, Projects Handled
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Q2. Project work executed in last few years
Ans. 
I have executed multiple projects in the last few years.
• Developed a new website for a client using HTML, CSS, and JavaScript.

• Created a mobile application for a startup using React Native.

• Managed a team of developers to build a custom CRM system for a large corporation.

• Implemented a data analytics solution for a healthcare organization using Python and SQL.

• Designed and executed a social media marketing campaign for a no
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Q1. What are the due dates and forms required for GST returns?
Ans. 
GST returns are filed monthly, quarterly, or annually depending on turnover. Forms like GSTR-1, GSTR-3B, GSTR-4, etc. are required.
• GST returns are filed monthly, quarterly, or annually based on turnover

• Due date for GSTR-1 is 10th of the following month, GSTR-3B is 20th of the following month, GSTR-4 is 18th of the month following the quarter

• Forms required include GSTR-1 for outward supplies, GSTR-3B for summary return,
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Q2. What are the various types of GST returns, and can you explain them in detail?
Ans. 
Various types of GST returns include GSTR-1, GSTR-3B, GSTR-4, GSTR-9, etc.
• GSTR-1: Monthly return for outward supplies

• GSTR-3B: Monthly summary return for taxable supplies

• GSTR-4: Quarterly return for composition dealers

• GSTR-9: Annual return for regular taxpayers
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Q3. What services are included under Reverse Charge Mechanism (RCM) in the Goods and Services Tax (GST)?
Ans. 
Services included under Reverse Charge Mechanism (RCM) in GST are those where the recipient of the goods/services is liable to pay the tax instead of the supplier.
• Legal services provided by an advocate or a firm of advocates

• Services provided by an arbitral tribunal

• Services provided by an insurance agent

• Services provided by a recovery agent

• Services provided by a director to a company

• Transportation of goods by road servi...read more
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Q4. What are the different sections of TDS and can you provide a brief explanation of each?
Ans. 
The different sections of TDS include salary, interest on securities, dividends, interest other than interest on securities, winnings from lotteries, etc., and income from house property.
• Salary: TDS is deducted from the salary paid to employees.

• Interest on securities: TDS is deducted on interest earned from securities like bonds, debentures, etc.

• Dividends: TDS is deducted on dividends paid by companies to shareholders.

• ...read more
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Q5. Could you provide a brief explanation of your previous work experience and describe the responsibilities you had at your last company?
Ans. 
I have 5 years of experience as an accountant at a medium-sized company, where I managed financial records and prepared reports.
• Managed financial records and transactions

• Prepared financial reports and statements

• Assisted with budgeting and forecasting

• Performed audits and reconciliations

• Collaborated with other departments on financial matters
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Q6. What is the impact of Input Tax Credit (ITC) in the Goods and Services Tax (GST) system?
Ans. 
Input Tax Credit (ITC) in GST allows businesses to reduce their tax liability by claiming credit for taxes paid on inputs.
• ITC helps in preventing cascading effect of taxes, where taxes are levied on taxes already paid.

• It encourages compliance as businesses need to ensure proper documentation and reporting to claim ITC.

• ITC reduces the overall cost of goods and services, making them more competitive in the market.

• Example...read more
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Q7. How did you come to know about the company?
Ans. 
I came to know about the company through a job posting on a popular job search website.
• I found the job posting on Indeed.com

• I also saw the company's profile on LinkedIn

• A friend recommended the company to me
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Q8. What are the steps to create journal entries in Tally?
Ans. 
Steps to create journal entries in Tally
• Open Tally and select the company for which you want to create journal entries

• Go to 'Accounting Vouchers' section

• Select 'F7: Journal' to create a new journal entry

• Enter the date, ledger accounts, and amounts for debit and credit sides

• Save the journal entry by pressing 'Ctrl+A'
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Q9. Where do you see yourself in the near future?
Ans. 
In the near future, I see myself advancing in my career as an Accountant, taking on more responsibilities and potentially moving into a managerial role.
• Continuing to enhance my skills and knowledge in accounting practices

• Seeking opportunities for professional development and growth within the company

• Working towards obtaining additional certifications or qualifications in accounting

• Building strong relationships with cli...read more
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Q10. Could you explain a specific GST notice you have dealt with and describe in detail how you managed to resolve it?
Ans. 
Resolved a GST notice by identifying errors in input tax credit calculation and providing supporting documentation.
• Identified errors in input tax credit calculation

• Reviewed purchase invoices and reconciled with GST returns

• Provided supporting documentation to prove correct input tax credit claims
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Q1. Tell me something about yourself.
Ans. How many years of relevant experience you have?
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Q2. Will you be able to work in hectic schedule?
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Q1. What is Accounts Payable?
Ans. 
Accounts Payable is the amount of money a company owes to its vendors or suppliers for goods or services received.
• It is a liability account in the company's balance sheet.

• It includes invoices that have been received but not yet paid.

• It is important to manage accounts payable to maintain good relationships with vendors and avoid late fees or penalties.

• Examples of accounts payable include rent, utilities, and inventory p
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Q2. What is Accounts Payable Cycle?
Ans. 
Accounts Payable Cycle is the process of managing and paying a company's bills and invoices.
• It involves receiving invoices from vendors

• Verifying the accuracy of the invoices

• Recording the invoices in the accounting system

• Approving the invoices for payment

• Issuing payment to the vendors

• Reconciling vendor statements

• The cycle starts with the purchase order and ends with the payment to the vendor

• The goal is to ensure timely ...read more
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Q3. Where do we mention Accounts Payable in Balance Sheet?
Ans. 
Accounts Payable is mentioned under Current Liabilities in the Balance Sheet.
• Accounts Payable represents the amount owed by a company to its suppliers or vendors for goods or services received but not yet paid for.

• It is listed under Current Liabilities as it is expected to be paid within a year.

• Accounts Payable is an important metric for analyzing a company's liquidity and cash flow.

• Example: If a company has a high acc...read more
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Q4. What do you mean by accrued income?
Ans. 
Accrued income refers to the income that has been earned but not yet received.
• It is recorded as a current asset in the balance sheet

• It is recognized as revenue in the income statement

• Examples include interest income, rent income, and dividend income

• It is usually recorded using the accrual accounting method
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Q1. Regarding Invoice Related to Taxation
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Q2. Regarding Provision and Branch Entries
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