Mustang Enterprises Senior Accounts Executive Interview Questions and Answers

Q1. Do you know which latest notification is issued by the GST department
Ans. 
The latest notification issued by the GST department is related to the extension of the due date for filing GSTR-3B for the month of May 2021.
• The notification extends the due date for filing GSTR-3B for the month of May 2021 to June 20, 2021.

• Taxpayers with turnover of over Rs. 5 crore in the previous financial year are required to file GSTR-3B by the 20th of the following month.

• The notification also mentions that inter...read more
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Q2. What is the payment criteria for MSME payments.
Ans. 
MSME payments are typically made within 45 days from the date of acceptance or the date of deemed acceptance of goods or services.
• MSME payments are required to be made within 45 days from the date of acceptance or the date of deemed acceptance of goods or services.

• In case of delay in payment, interest is payable to the MSME supplier as per the provisions of the MSME Act, 2006.

• The payment criteria for MSME payments is g...read more
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Q3. What is the methodology to sale Assets purchased two year back
Ans. 
The methodology to sell assets purchased two years back involves evaluating current market value, identifying potential buyers, marketing the assets effectively, negotiating prices, and completing the sale transaction.
• Evaluate the current market value of the assets to determine a competitive selling price.

• Identify potential buyers through networking, advertising, or utilizing a broker.

• Market the assets effectively thro...read more
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They just asked me general details of mine. And previous experiences.

I just need to fill my personal details on the terms and condition of job letter

Q1. What is Balance sheet?
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Q2. Difference between the Debit and Credit ?
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Q3. Tell me about yourself?
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Q4. Tell me about your internship experience?
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Q5. Tell me about MS Excel, vlookup, how to use?
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Industry discussion & current trends

Q1. Past experience
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Q2. How will i contrbute in Nokia s success
Ans. 
I will contribute to Nokia's success by leveraging my strong communication skills, strategic thinking, and ability to build and maintain relationships with clients.
• Developing and implementing strategic account plans to drive revenue growth

• Building and maintaining strong relationships with key clients to ensure customer satisfaction and retention

• Identifying new business opportunities and upsell/cross-sell potential prod...read more
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Q1. Tell about Account payables
Ans. 
Accounts payable is the amount of money a company owes to its suppliers or vendors for goods or services purchased on credit.
• Accounts payable is a liability on the balance sheet.

• It represents the amount of money a company owes for goods or services received but not yet paid for.

• Accounts payable is typically recorded when an invoice is received from a supplier.

• It is an important aspect of managing a company's cash flow ...read more
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Q2. What is fixed Assets
Ans. 
Fixed assets are long-term tangible assets that are used in the production of goods or services and are not intended for sale.
• Fixed assets are physical assets like buildings, machinery, vehicles, and equipment.

• They are used by a company for more than one accounting period.

• Fixed assets are not intended for sale in the normal course of business.

• They are recorded on the balance sheet at their original cost minus accumulat...read more
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Q3. How to capitalise you plant
Ans. 
To capitalise a plant, you can allocate costs associated with acquiring, constructing, or improving the plant as assets on the balance sheet.
• Determine the cost of the plant, including purchase price, installation costs, and any other costs directly related to getting the plant ready for use.

• Record the plant as a fixed asset on the balance sheet, categorising it appropriately based on its useful life and depreciation me...read more
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Q1. Journal entries
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Q1. Salary discussion
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Q1. Tell me about yourself
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