Manappuram Comptech and Consultants Tax Assistant Interview Questions and Answers

Q1. Tell me something that is not in your resume
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Q2. A lot of taxation questions
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Q1. Revenue recognition -How would you recognise revenue and walk through
Ans. 
Revenue recognition involves identifying when and how revenue should be recorded in financial statements.
• Revenue should be recognized when it is earned and realized or realizable

• The amount of revenue recognized should be the amount that is expected to be received

• Revenue recognition should follow the matching principle

• Examples of revenue recognition methods include percentage of completion, completed contract, and insta...read more
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Q2. Tell me about your self
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Q3. Why do you want to work in Reporting
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Q4. What are the components of FSt
Ans. 
FSt stands for Financial Statements. The components of FSt are the Income Statement, Balance Sheet, and Cash Flow Statement.
• Income Statement shows the company's revenues and expenses over a period of time.

• Balance Sheet shows the company's assets, liabilities, and equity at a specific point in time.

• Cash Flow Statement shows the company's inflows and outflows of cash over a period of time.

• Financial Statements are used to...read more
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Q1. What is tax audit? What is the limit?
Ans. 
Tax audit is a process conducted by tax authorities to verify the accuracy of a taxpayer's financial records and compliance with tax laws.
• Tax audit is conducted by tax authorities to ensure taxpayers are accurately reporting their income and paying the correct amount of taxes.

• It involves a thorough examination of a taxpayer's financial records, including income, expenses, deductions, and credits.

• The purpose of a tax au...read more
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