Mukund M Chitale & Co Interview Questions, Process, and Tips

General MCQ test based on ca inter syllabus

Q1. What is ind as 115
Ans. 
Ind AS 115 is a revenue recognition standard that outlines the principles for recognizing revenue from contracts with customers.
• Ind AS 115 is based on the core principle that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled.

• It replaces the existing revenue recognition guidance in Ind AS ...read more
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Q2. What is material misstatement
Ans. 
Material misstatement refers to errors or omissions in financial statements that could potentially impact decision-making by users of the statements.
• Material misstatement can include errors in recording transactions, misapplication of accounting principles, or intentional fraud.

• These misstatements can have a significant impact on the financial health of a company and may lead to legal consequences.

• Auditors are responsi...read more
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Q1. AS application in company audits
Ans. 
AS application is used in company audits to ensure compliance with accounting standards.
• AS application is a tool used to check compliance with accounting standards during audits.

• It helps in identifying any discrepancies or non-compliance with accounting standards.

• AS application can be used to generate reports and recommendations for corrective actions.

• Examples of accounting standards include GAAP, IFRS, and SOX.

• AS appl...read more
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Q2. Tax rules for taxation dept
Ans. 
Tax rules for taxation department
• Taxation department is responsible for enforcing tax laws and collecting taxes

• Tax rules vary depending on the type of tax being collected (income tax, sales tax, property tax, etc.)

• Tax rules also vary by jurisdiction (federal, state, local)

• Taxation department must stay up-to-date on changes to tax laws and regulations

• Penalties may be imposed for non-compliance with tax rules
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Q1. Family Background
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Q2. Work Preferences
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Q1. Recent Company Audit ammendments
Ans. 
Recent Company Audit amendments include changes in financial reporting standards and regulations.
• Changes in accounting standards such as ASC 606 for revenue recognition

• Updates in auditing regulations like PCAOB inspection reports

• Revisions in internal control requirements under SOX compliance

• Impact of COVID-19 on audit procedures and reporting
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Q2. Personal experience in Balance Sheet Analysis
Ans. 
I have extensive experience in analyzing balance sheets to assess financial health and make strategic decisions.
• Utilized financial ratios like current ratio and debt-to-equity ratio to evaluate liquidity and leverage

• Identified trends in assets, liabilities, and equity to understand financial performance over time

• Performed variance analysis to compare actual results with budgeted or forecasted figures

• Used balance sheet ...read more
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Q1. Had received called from them. Had Asked basic HR Questions- Tell me about yourself? Why are you interested to work here? and then had arrange the further interview process.
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Aptitude test was regarding the Taxation and Basic General Knowledge Questions

Q1. 1. What documents would you check to verify the doctor's returns? 2. What do you do in your free times? 3. What are your strength and Weakness? 4. What is your long term goals? 5. Do you have questions to ...read more
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GK and technical questions

Q1. AS, Audit and Tax provisions
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