Midland Microfin Limited Internal Auditor Interview Questions and Answers

There should be an aptitude test which is totally based on commerce, general knowledge and computer

Q1. Tell me something about yourself
Ans. 
I am a dedicated and detail-oriented internal auditor with a strong background in risk assessment and compliance.
• Over 5 years of experience in internal auditing

• Skilled in risk assessment and compliance

• Detail-oriented and analytical mindset

• Strong communication and problem-solving skills
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Q2. What is balance sheet
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Balance sheet is a financial statement that shows a company's assets, liabilities, and shareholders' equity at a specific point in time.
• Balance sheet provides a snapshot of a company's financial position

• It includes assets (what the company owns), liabilities (what the company owes), and shareholders' equity (the difference between assets and liabilities)

• The balance sheet equation is Assets = Liabilities + Shareholders'...read more
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Q1. About the commerce golden rule
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Q2. What is profit and loss account
Ans. 
A profit and loss account is a financial statement that summarizes the revenues, costs, and expenses incurred during a specific period.
• It shows the company's financial performance by detailing the total revenue generated and the expenses incurred to generate that revenue.

• The difference between the total revenue and total expenses is the net profit or loss for the period.

• It helps stakeholders assess the profitability an...read more
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Q3. What is debtors and creditors
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Debtors are individuals or entities who owe money to a company, while creditors are individuals or entities to whom a company owes money.
• Debtors are customers who have purchased goods or services on credit and have not yet paid for them.

• Creditors are suppliers or vendors from whom a company has purchased goods or services on credit and has not yet paid for them.

• Debtors are listed as assets on a company's balance sheet,...read more
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