Principle ACS Engineering India Audit Engineer Interview Questions, Process, and Tips

Q1. What is contra entry
Ans. 
A contra entry is a transaction that involves both a debit and a credit entry which offset each other.
• Contra entries are used to correct errors, transfer funds between accounts, or record non-cash transactions.

• For example, transferring money from a savings account to a checking account would involve a contra entry.

• Contra entries are typically recorded in the general ledger to ensure accurate financial reporting.
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Q2. What is Depreciation
Ans. 
Depreciation is the allocation of the cost of a tangible asset over its useful life.
• Depreciation is a non-cash expense that reflects the decrease in value of an asset over time.

• It is used to spread out the cost of an asset over its useful life rather than expensing it all at once.

• Common methods of calculating depreciation include straight-line, double declining balance, and units of production.

• Examples of depreciable a...read more
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Q3. What is TDS, sections?
Ans. 
TDS stands for Tax Deducted at Source. It is a tax collection method where a certain percentage of tax is deducted by the payer at the time of making payment to the payee.
• TDS is governed by the Income Tax Act of 1961 in India.

• It is applicable to various payments such as salary, interest, commission, rent, etc.

• Different sections of the Income Tax Act specify the rates and rules for TDS deduction, such as Section 192 for...read more
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Q1. About self, machinery purchase entry, gst related questions, tds rates, depression accounting entry
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Q2. Gst accounting entry
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Q1. About your self
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Q1. Technical questions about internal audit
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Q2. Technical capabilities
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General apti test. mcq questions. English questions.

Q1. Basic knowledge of all subjects. be aware about latest ifrs changes and standards
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Logical reasoning
Aptitude
Verbal reasoning

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Q1. General questions.
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