Mukund M Chitale & Co Article Assistant Interview Questions and Answers

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. 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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Q1. What is the difference between continuity and going concern
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Q2. Condition for tax audit
Ans. 
Tax audit is required if turnover exceeds specified limit or income is below prescribed percentage of turnover.
• Tax audit is required if the turnover of a business exceeds Rs. 1 crore in case of a business and Rs. 50 lakhs in case of a profession.

• Tax audit is also required if the income of a business is less than 8% of the turnover and in case of a profession, if the income is less than 50% of the gross receipts.

• Tax aud...read more
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