Namshi Accounts & Finance Manager Interview Questions and Answers

Q1. Regarding job profile
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Q1. GST input and output working
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GST input and output working involves calculating the tax paid on purchases (input) and tax collected on sales (output).
• Calculate GST input by adding up the tax paid on purchases.

• Calculate GST output by adding up the tax collected on sales.

• The net GST payable is the difference between output and input GST.

• Example: Input GST = $500, Output GST = $800, Net GST payable = $300.
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Q1. What are common control transactions
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Common control transactions are transactions between entities under common control, where one entity has control over the other.
• Common control transactions typically involve the transfer of assets, liabilities, or equity between entities under the same parent company.

• These transactions are not considered arm's length transactions as the entities involved are related.

• Examples of common control transactions include the t...read more
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Q2. What is risk assessment
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Risk assessment is the process of identifying, analyzing, and evaluating potential risks in order to make informed decisions.
• Identifying potential risks that could impact an organization's objectives

• Analyzing the likelihood and impact of each risk

• Evaluating the overall risk exposure and determining appropriate risk mitigation strategies

• Risk assessment helps in making informed decisions and prioritizing resources

• Example...read more
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Q1. About your self
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Q1. About experience
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Q1. What is GRIR and how does it get generated..
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GRIR stands for Goods Receipt Invoice Receipt. It is generated when there is a discrepancy between goods received and invoice received.
• GRIR is a sub-ledger account that tracks the difference between goods received and invoice received.

• It is generated when there is a discrepancy between the quantity or price of goods received and the invoice received.

• GRIR helps in identifying and resolving discrepancies in a timely mann...read more
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Q2. What is provision entry
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Provision entry is an accounting entry made to account for an anticipated expense or liability.
• Provision entry is made to account for expenses or liabilities that are anticipated but not yet incurred.

• It is a way to estimate and record future expenses in the current accounting period.

• Provision entry is usually made at the end of the accounting period.

• Examples of provision entry include provision for bad debts, provision...read more
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Basic Accounting Questions

Q1. General Questions about CV
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Q1. Managerial Round - Accounting related Questions
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