Konnect Consultancy Services Senior Tax Associate Interview Questions and Answers

Basics of accounting, journal entries, bad debts...

Q1. Calculate the tax liability if the income is 1400000
Ans. 
Tax liability for income of 1400000 needs to be calculated.
• Determine the tax bracket based on the income level

• Calculate the tax amount based on the tax rates for each bracket

• Consider any deductions or credits that may apply
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Q1. Basic accounting terms
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Q1. How do you done 3 way match
Ans. 
3 way match is a process used in accounts payable to ensure that the purchase order, invoice, and receiving report all match.
• Verify that the purchase order, invoice, and receiving report all have the same details such as quantity, price, and description.

• Resolve any discrepancies between the three documents before processing payment.

• Document any discrepancies and communicate with the appropriate parties to rectify the i...read more
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Q2. What is provision expense general entry
Ans. 
Provision expense general entry is the accounting entry made to recognize an estimated expense that has not yet been realized.
• Provision expense general entry is made to account for expenses that are likely to occur in the future but have not yet been incurred.

• It involves debiting the provision expense account and crediting the corresponding liability account.

• For example, a company may make a provision for bad debts by ...read more
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Accounting , verbal , critical , apit

Q1. Accountancy , tax
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Q2. Income heads in Indian taxation
Ans. 
Income heads in Indian taxation refer to different sources of income that are taxed separately.
• Income from salary

• Income from house property

• Income from business or profession

• Income from capital gains

• Income from other sources
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Q1. Accounting related
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Q1. Accounting and previous work
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Q1. Senior manager round
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It is included accounting base apptitude test

Q1. Tell me about yourself
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Q1. Accounting golden rules
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Q2. What is account payable
Ans. 
Accounts payable is the amount of money a company owes to its suppliers or vendors for goods or services purchased on credit.
• Accounts payable is a liability on the company's balance sheet.

• It represents the amount of money owed to suppliers for goods or services received but not yet paid for.

• Accounts payable is typically recorded as a current liability on the balance sheet.

• Examples of accounts payable include invoices f...read more
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Q3. What is depericiation
Ans. 
Depreciation is the allocation of the cost of a tangible asset over its useful life.
• Depreciation is a non-cash expense that reflects the decrease in value of an asset over time.

• It is used to spread out the cost of an asset over its useful life instead of expensing it all at once.

• Common methods of depreciation include straight-line, double-declining balance, and units of production.

• Example: A company purchases a deliver...read more
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Q4. Why you want to join wns
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Q1. Accounting basics
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Q1. Journal entries
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Q1. Accounting knowledge and salary expectation question
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