Lokmanya Multipurpose Co-op Society Interview Questions and Answers

Q1. Difference between 2A & 2B
Ans. 
2A refers to a type of account in accounting, while 2B refers to a different type of account.
• 2A is typically used for assets, such as cash, inventory, and equipment.

• 2B is usually used for liabilities, such as loans, accounts payable, and accrued expenses.

• Understanding the difference between 2A and 2B is important for accurate financial reporting.
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Q2. What do you know about 194Q
Ans. 
194Q is a section of the Income Tax Act that requires deduction of tax at source on payments made to residents for goods and services.
• Section 194Q was introduced in the Finance Act, 2021.

• It applies to buyers making payments exceeding Rs. 50 lakhs in a financial year to residents for purchase of goods or services.

• The buyer is required to deduct tax at source at the rate of 0.1% on the amount exceeding Rs. 50 lakhs.

• The t...read more
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A task that someone in authority has asked you to do

As in depth detailed examination of a particular case or case within a real word context

Q1. Face to face conversation with a single participant or interviews
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Accounting,computer knwlodge

Q1. Subject matter questions
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Q2. Computer related questions
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Q3. Amul related questions
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Q4. Written communication related questions
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Q1. Negotiation on salary
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Q2. Current job responsibilities
Ans. 
Handling accounts payable and receivable, preparing financial statements, reconciling bank statements
• Processing invoices and payments

• Monitoring accounts to ensure timely payments

• Preparing financial reports and statements

• Reconciling bank statements with company records
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