Modern Emergency Services Internal Auditor/ Internal Controls Interview Questions, Process, and Tips

There are five golden rules of accounting.

• The first rule is to maintain a record of all financial transactions.

• The second rule is to record transactions in the appropriate account.

• The third rule is to ensure that all transactions are recorded at their actual cost.

• The fourth rule is to record all transactions in the currency of the country where the transaction occurred.

• The fifth rule is to prepare a balance sheet and i...read more

Expenses budget is a financial plan that outlines the expected costs of a business or individual over a specific period.

• It is a projection of expected expenses for a specific period

• It helps in managing cash flow and avoiding overspending

• It can be used to identify areas where expenses can be reduced

• Examples include rent, utilities, salaries, and supplies

Real accounts are accounts that represent assets, liabilities, and equity.

• Real accounts are permanent accounts that are not closed at the end of an accounting period.

• Examples of real accounts include cash, accounts receivable, accounts payable, inventory, and property, plant, and equipment.

• Real accounts are also known as balance sheet accounts.

• They are called real accounts because they represent real things that exist

There are 4 types of GSTR in India.

• GSTR-1: Outward supplies made by the taxpayer

• GSTR-2: Inward supplies received by the taxpayer

• GSTR-3: Monthly return based on GSTR-1 and GSTR-2

• GSTR-9: Annual return

The due date of TDS Challan payments varies depending on the type of payment and the month of payment.

• The due date for TDS payments made in April is May 7th.

• The due date for TDS payments made in May is June 7th.

• The due date for TDS payments made in June is July 7th.

• The due date for TDS payments made in March is April 30th.

• The due date for TDS payments made in September is October 7th.

• The due date for TDS payments made ...read more

Capital in business refers to the financial resources used to start and operate a business.

• Capital can come from various sources such as investors, loans, or personal savings.

• It is used to purchase assets, pay for expenses, and invest in growth opportunities.

• Capital is essential for businesses to operate and expand.

• Examples of capital include cash, equipment, buildings, and inventory.

• Effective management of capital is

Separate Entity system is a concept in accounting where a business is treated as a distinct entity from its owners.

• Separate Entity system is also known as Entity Theory.

• It means that the business is considered a separate legal entity from its owners.

• The business has its own assets, liabilities, and equity, which are separate from those of the owners.

• This concept is important in accounting as it helps to ensure that the...read more

Direct expenses are directly related to production while indirect expenses are not. They impact P&L account differently.

• Direct expenses are costs that are directly related to the production of goods or services, such as raw materials, labor, and manufacturing overhead.

• Indirect expenses are costs that are not directly related to production, such as rent, utilities, and office supplies.

• Direct expenses are included in the...read more

The shortcut key to repeat an accounting entry in Tally ERP software is Ctrl+R.

• The shortcut key Ctrl+R allows users to quickly repeat the last accounting entry made in Tally ERP software.

• This feature is useful when multiple entries need to be made with similar details, saving time and effort.

• For example, if a user has entered a sales transaction and wants to repeat the same entry for another customer, they can simply p...read more

Book-keeping is the process of recording financial transactions and maintaining financial records.

• It involves recording all financial transactions of a business.

• It includes maintaining records of purchases, sales, receipts, and payments.

• Book-keeping helps in preparing financial statements and tax returns.

• It is important for businesses to maintain accurate and up-to-date book-keeping records.

• Examples of book-keeping sof

The shortcut key to copy and paste narration in Tally ERP is Ctrl+Alt+C and Ctrl+Alt+V respectively.

• The shortcut key for copying narration in Tally ERP is Ctrl+Alt+C.

• The shortcut key for pasting narration in Tally ERP is Ctrl+Alt+V.

• These shortcuts can be used to quickly copy and paste narration while working in Tally ERP.

• For example, if you want to copy a narration from one entry and paste it into another, you can use

There is no shortcut key to shut any company in Tally ERP.

• There is no specific shortcut key to shut any company in Tally ERP.

• To shut down a company in Tally ERP, you need to follow a series of steps.

• You can use the 'Close Company' option in the Gateway of Tally to shut down a company.

• Alternatively, you can use the shortcut key 'Alt+F1' to access the 'Close Company' option.

• After selecting the 'Close Company' option, you...read more