Numbertree LLP Interview Questions and Answers for Experienced

P2P process in accounts refers to the procure-to-pay process, which involves purchasing goods or services and paying for them.

• P2P process starts with the requisition of goods or services needed by a company.

• Once approved, a purchase order is created and sent to the supplier.

• Goods or services are received and an invoice is generated by the supplier.

• The invoice is matched with the purchase order and goods receipt, and th...read more

Entries for Sales and Receivables involve recording sales transactions and tracking amounts owed by customers.

• Record sales revenue when goods or services are delivered to customers

• Track accounts receivable to monitor amounts owed by customers

• Reconcile sales and receivables to ensure accuracy of financial records

Payroll entries include recording salaries, wages, taxes, and benefits for employees.

• Recording gross wages for employees

• Deducting taxes such as income tax and social security

• Adding employer contributions to benefits like healthcare or retirement plans

• Accruing vacation or sick leave balances

• Adjusting for any bonuses or commissions earned

The entry for purchase from Vendor before receipt of bill is a debit to Inventory and a credit to Accounts Payable.

• Debit Inventory account for the cost of the purchase

• Credit Accounts Payable to show the amount owed to the vendor

• Once the bill is received, adjust the entry accordingly

Accounting is the process of recording, summarizing, analyzing, and reporting financial transactions of a business.

• Involves recording financial transactions

• Summarizing financial data in financial statements

• Analyzing financial information to make business decisions

• Reporting financial results to stakeholders

• Examples include balance sheets, income statements, and cash flow statements

Indirect tax is a tax collected by an intermediary (such as a retailer) from the person who ultimately bears the economic burden of the tax.

• Indirect taxes are not directly paid by the consumer to the government.

• They are imposed on goods and services, and the burden is passed on to the final consumer.

• Examples include sales tax, value-added tax (VAT), excise duty, and customs duty.

Capital gain is the profit that results from a sale of a capital asset, such as stocks, bonds, or real estate.

• Capital gain is the difference between the purchase price and the selling price of an asset.

• It is considered a taxable event by the IRS.

• Long-term capital gains are taxed at a lower rate than short-term capital gains.

• Examples of capital assets include stocks, bonds, real estate, and precious metals.

Income tax slab rates are the different levels of income at which different tax rates apply.

• Income up to Rs. 2.5 lakh is exempt from tax

• Income between Rs. 2.5 lakh to Rs. 5 lakh is taxed at 5%

• Income between Rs. 5 lakh to Rs. 10 lakh is taxed at 20%

• Income above Rs. 10 lakh is taxed at 30%

I am a detail-oriented and organized individual with a strong background in accounting and finance.

• Bachelor's degree in Accounting

• 2+ years of experience in accounts payable and receivable

• Proficient in using accounting software such as QuickBooks

• Strong analytical and problem-solving skills

• Excellent communication and interpersonal skills

Experienced Account Executive with a proven track record of exceeding sales targets and building strong client relationships.

• Over 5 years of experience in sales and account management

• Consistently met or exceeded sales targets by 20% each quarter

• Built and maintained strong relationships with key clients such as XYZ Company

• Proficient in CRM software and data analysis tools

Yes, TDS stands for Total Dissolved Solids and refers to the combined content of all inorganic and organic substances contained in a liquid.

• TDS is commonly measured in water quality testing to determine the purity of the water.

• High TDS levels can indicate contamination or the presence of harmful substances.

• TDS can be measured using a TDS meter or through laboratory analysis.

GST stands for Goods and Services Tax, a value-added tax levied on most goods and services sold for domestic consumption.

• GST is a consumption tax that is imposed on the supply of goods and services in India.

• It is a comprehensive tax levied on the supply of goods and services across the country.

• GST has replaced multiple indirect taxes like VAT, service tax, excise duty, etc.

• It is divided into Central GST (CGST), State G...read more

Vlookup is a function in Excel used to search for a value in a table and return a corresponding value from another column.

• Vlookup stands for 'vertical lookup'

• It is used to search for a value in the first column of a table and return a value in the same row from a specified column

• Syntax: =VLOOKUP(lookup_value, table_array, col_index_num, [range_lookup])

• Example: =VLOOKUP(A2, B2:D10, 3, FALSE) - searches for the value in ...read more

A pivot table in Excel is a powerful tool that allows you to summarize and analyze large amounts of data in a structured format.

• Pivot tables are used to reorganize and summarize selected columns and rows of data in a spreadsheet or database table.

• They allow you to quickly create reports and analyze trends, patterns, and relationships within your data.

• You can easily group, sort, filter, and calculate data in a pivot tab...read more

My current CTC is $80,000 per year.

• My current CTC is $80,000 per year

• I am currently earning $80,000 annually

• My current salary package is $80,000 per annum

PF & ESI - ECR filing last date is typically the 15th of every month.

• PF & ESI - ECR filing is usually done by the 15th of each month

• Employers need to ensure timely submission to avoid penalties

• Late filing can lead to fines and legal consequences

Develop a comprehensive training plan covering all aspects of ISO audit requirements.

• Identify specific ISO standards relevant to the organization

• Assess current knowledge and skills of employees

• Design training modules to address gaps in understanding

• Include practical exercises and case studies for hands-on learning

• Schedule regular training sessions to ensure continuous improvement

• Evaluate training effectiveness through