Kumar Dhirendra & Co Interview Questions and Answers

Audit & Account are two separate fields. Audit involves examining financial records while accounting involves recording financial transactions.

• Audit involves examining financial records to ensure accuracy and compliance with laws and regulations

• Accounting involves recording financial transactions and preparing financial statements

• Auditors are responsible for identifying and mitigating financial risks

• Accountants are res...read more

V-lookup is a function in Excel that searches for a specific value in a table and returns a corresponding value from another column.

• V-lookup is used to find and retrieve data from a table in Excel

• It requires a lookup value, a table array, a column index number, and an optional range lookup value

• It is commonly used in financial analysis and data management

• Excel sheet is a software program used for organizing, analyzing,...read more

Excel is a spreadsheet software used for data analysis and management. Word is a word processing software used for creating and editing documents.

• Excel is used for organizing and analyzing data, creating charts and graphs, and performing calculations.

• Word is used for creating and editing documents, such as letters, reports, and resumes.

• Both programs are part of the Microsoft Office suite and are widely used in business...read more

Balance sheet is a financial statement that shows a company's assets, liabilities, and equity at a specific point in time.

• It is a snapshot of a company's financial position

• Assets are listed on the left side and liabilities and equity on the right side

• The equation Assets = Liabilities + Equity must always balance

• It helps investors and creditors evaluate a company's financial health

• Examples of assets include cash, invent...read more

Profit & Loss is a financial statement that shows a company's revenues, expenses, and net income or loss over a specific period.

• Profit & Loss statement is also known as Income Statement.

• It shows the company's revenue, cost of goods sold, gross profit, operating expenses, and net income or loss.

• It helps in analyzing the company's financial performance and making informed business decisions.

• Example: If a company's revenu...read more

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

• Internal audit evaluates and improves the effectiveness of risk management, control, and governance processes

• It provides assurance to the organization's stakeholders that risks are being managed effectively

• Internal audit also provides consulting services to help the organization a...read more

Stock audit is the physical verification of inventory while risk audit is the assessment of potential risks to the organization.

• Stock audit involves counting and verifying the physical existence of inventory items.

• Risk audit involves identifying and assessing potential risks to the organization, such as financial, operational, or reputational risks.

• Stock audit helps ensure accurate inventory records and prevent theft o...read more