M.M. Nissim & Co. Article Assistant Interview Questions and Answers

Question relating to Accounting Standards, knowledge of IND AS (If CA finalist), TDS, GST.

Q1. What is difference between accounting and book keeping?
Ans. 
Accounting involves analyzing, interpreting, and summarizing financial data, while bookkeeping focuses on recording financial transactions.
• Accounting involves the process of analyzing, interpreting, and summarizing financial data to provide insights and make informed decisions.

• Bookkeeping, on the other hand, is the process of recording financial transactions in a systematic and organized manner.

• Accounting requires a hi...read more
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Q2. What is difference between accounting and auditing?
Ans. 
Accounting involves recording, classifying, and summarizing financial transactions, while auditing involves examining and verifying financial records.
• Accounting focuses on the preparation and presentation of financial statements.

• Auditing ensures the accuracy and reliability of financial statements.

• Accounting is an ongoing process, while auditing is conducted periodically.

• Accounting is performed by the company's interna...read more
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Q3. What is difference between internal control, internal financial control and internal control for financial statements?
Ans. 
Internal control refers to the overall system of controls implemented by an organization to ensure the achievement of objectives.
• Internal control encompasses all the policies, procedures, and practices implemented by an organization to safeguard assets, ensure accuracy and reliability of financial records, promote operational efficiency, and ensure compliance with laws and regulations.

• Internal financial control specifi...read more
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Q4. Name an organisation with which you want you work in future and why?
Ans. 
I would like to work with Deloitte in the future because of their global presence and reputation for excellence.
• Deloitte is one of the largest professional services firms in the world.

• They have a strong global network and work with prestigious clients.

• Deloitte offers diverse opportunities for professional growth and development.

• Their reputation for excellence and innovation in the industry is highly regarded.

• Working at...read more
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Q5. Whether you like working as a lone wolf or as a team?
Ans. 
I prefer working as a team because it allows for collaboration, diverse perspectives, and shared responsibilities.
• Working in a team promotes collaboration and brainstorming of ideas.

• Teamwork allows for diverse perspectives and different skill sets to be utilized.

• Shared responsibilities in a team help distribute the workload and increase efficiency.

• Teamwork fosters a supportive and motivating work environment.

• Examples: ...read more
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