RICE GROUP Accounts Manager Interview Questions and Answers

I reconcile bank statements by comparing the transactions on the statement with my records.

• Obtain the bank statement and compare it with your records

• Check for any discrepancies or errors

• Adjust your records accordingly

• Ensure that the ending balance on the statement matches your records

• Document the reconciliation process for future reference

TDS stands for Tax Deducted at Source, which is a tax collection mechanism in India.

• TDS is a tax collection mechanism in India where the payer deducts a certain percentage of tax from the payment made to the payee.

• The deducted tax is then deposited with the government on behalf of the payee.

• TDS is applicable to various types of payments such as salary, rent, commission, interest, etc.

• The rate of TDS varies depending on...read more

I can handle entire accounts section by ensuring proper documentation, timely payments, and accurate financial reporting.

• Maintain accurate records of all financial transactions

• Ensure timely payment of bills and invoices

• Prepare financial reports and statements

• Monitor cash flow and manage budgets

• Coordinate with other departments to ensure smooth functioning of accounts section

• Implement and maintain accounting policies an...read more

Cash book records all cash transactions while bank book records all bank transactions.

• Cash book is used to record all cash transactions including receipts and payments.

• Bank book is used to record all bank transactions including deposits and withdrawals.

• Cash book is a subsidiary book while bank book is a principal book.

• Cash book is maintained on a daily basis while bank book is maintained on a monthly basis.

• Cash book is...read more

Zero rates and nill rates are different under GST law.

• Zero rated supplies are taxable but the rate of tax is 0%, while nil rated supplies are not taxable at all.

• Zero rated supplies are eligible for input tax credit, while nil rated supplies are not.

• Examples of zero rated supplies include exports and supplies to SEZs, while examples of nil rated supplies include education and healthcare services.

• Zero rated supplies requ...read more

GST return filing is mandatory for businesses registered under GST to report their sales, purchases, and tax liability.

• It helps in maintaining transparency and accountability in the tax system.

• It ensures that the correct amount of tax is paid to the government.

• It helps in availing input tax credit (ITC) for the taxes paid on purchases.

• It helps in avoiding penalties and legal consequences for non-compliance.

• For example,...read more

A taxable person under GST law is any individual or entity that carries out a taxable supply of goods or services.

• A taxable person must have a GST registration number.

• They must charge GST on their taxable supplies.

• They must file GST returns and pay the GST collected to the government.

• Examples of taxable persons include businesses, freelancers, and service providers.

• Certain individuals and entities are exempt from GST r...read more

ITC cannot be claimed if suppliers do not file GST return.

• ITC stands for Input Tax Credit.

• As per GST law, a buyer can claim ITC only if the supplier has filed their GST returns.

• If the supplier has not filed their GST returns, the buyer cannot claim ITC.

• It is important for buyers to ensure that their suppliers are compliant with GST regulations.

• Non-compliance by suppliers can lead to loss of ITC for buyers.

• For example, ...read more

The GST rate on mixed supplies is determined based on the principal supply and the nature of the other supplies.

• Identify the principal supply, which is the main reason for the transaction

• Determine the nature of the other supplies and their proportion in the transaction

• Apply the GST rate applicable to the principal supply to the entire transaction

• For example, if a restaurant serves a meal with both food and beverages, a...read more

The rate of GST on SEZ supply is 0%

• SEZ supplies are considered as zero-rated supplies under GST

• No GST is levied on SEZ supplies

• SEZ units are treated as territories outside India for GST purposes

• SEZ supplies are eligible for input tax credit

GST is not applicable on electricity charges.

• Electricity charges are exempted from GST.

• GST is not levied on transmission or distribution of electricity.

• However, GST is applicable on goods and services used in the production or supply of electricity.

• For example, GST is applicable on coal used in thermal power plants.

Reconciling GST 2A and 2B ensures accuracy of input tax credit claimed and paid to the government.

• To ensure that the input tax credit claimed matches with the tax paid by the supplier

• To identify any discrepancies or errors in the invoices uploaded by the supplier

• To rectify any errors or discrepancies before filing GST returns

• To avoid any penalties or interest charges for incorrect filing

• For example, if a supplier has n...read more

Favourable balance in cash book means excess of credit balance over debit balance.

• Favourable balance is a situation where the credit balance is more than the debit balance in the cash book.

• It indicates that the business has more cash inflows than outflows.

• It is also known as a surplus balance.

• Example: If the credit balance in the cash book is $10,000 and the debit balance is $8,000, then the favourable balance is $2,00

There is no specific formula for calculating employee salary on parents day.

• Employee salary on parents day is usually determined by the company's policy.

• Some companies may offer a bonus or gift to employees on parents day.

• The bonus or gift amount may vary depending on the employee's position or length of service.

• In some cases, employees may be given a day off to spend with their parents.

• It is best to check with the com...read more

Yes, as per Income Tax Act, 1961, cash payment exceeding Rs. 10,000 is not allowed for expenses.

• As per Income Tax Act, 1961, cash payment exceeding Rs. 10,000 is not allowed for expenses

• This limit is applicable for both capital and revenue expenses

• If the payment exceeds the limit, it should be made through banking channels

• This rule is applicable for both individuals and businesses

• Violating this rule can result in penal

Challan no 281 is used for payment of Advance Tax by taxpayers.

• Challan no 281 is used for payment of Advance Tax by individuals, companies, and firms.

• It is a form that needs to be filled with details such as name, address, PAN, assessment year, etc.

• The payment can be made through cheque, cash, or online banking.

• It is important to keep a copy of the challan as proof of payment.

• Challan no 281 is also used for payment of

The general entry for cash withdrawal by owner for personal uses is a debit to drawings account and a credit to cash account.

• The owner's personal withdrawals are not business expenses and should not be recorded as such.

• The drawings account is a contra equity account that reduces the owner's equity in the business.

• The cash account is credited because cash is being taken out of the business.

• The amount of the withdrawal s...read more

Yes, if the car is used for business purposes only.

• ITC can be claimed for a new car bought for office use if it is used solely for business purposes.

• If the car is also used for personal purposes, only a portion of the ITC can be claimed.

• Proper documentation and records of usage must be maintained to claim ITC for a new car.

• ITC can be claimed for expenses such as fuel, maintenance, and insurance for the car used for bus

Yes, you can get a refund if you export goods outside India.

• Export of goods is considered as zero-rated supply under GST

• You can claim a refund of the GST paid on the exported goods

• The refund can be claimed through the GST portal

• The refund process involves submitting relevant documents and forms

Bank guarantee is a commitment made by a bank to pay a specified amount if the beneficiary fails to meet their obligations.

• Used in international trade to ensure payment for goods or services

• Used in construction projects to ensure completion of work

• Can be used as collateral for loans

• Can be used to secure a lease agreement

• Beneficiary can use the guarantee to obtain a loan

• Types of bank guarantees include bid bond, perform

LUT stands for Letter of Undertaking.

• LUT is a document that allows exporters to export goods or services without paying GST.

• It is an alternative to paying IGST on exports and claiming a refund later.

• LUT is valid for a financial year and needs to be renewed annually.

• It is applicable only for exports and not for supplies made within the country.

• LUT is submitted online through the GST portal.

Capital expenses are for long-term assets while revenue expenses are for day-to-day operations.

• Capital expenses are investments in long-term assets like buildings, equipment, and vehicles.

• Revenue expenses are costs incurred in day-to-day operations like salaries, rent, and utilities.

• Capital expenses are usually one-time expenses while revenue expenses are recurring.

• Capital expenses are recorded as assets on the balance...read more

The balance sheet is a financial statement that shows a company's assets, liabilities, and equity at a specific point in time.

• It provides a snapshot of a company's financial position

• Assets are listed first, followed by liabilities and equity

• The equation Assets = Liabilities + Equity must always balance

• It is used by investors, creditors, and management to assess a company's financial health

Bank reconciliation statement is a document that compares the bank statement with the company's records.

• It helps to identify any discrepancies between the two records.

• It includes items such as deposits in transit, outstanding checks, and bank errors.

• The goal is to ensure that the company's records match the bank's records.

• It is an important tool for detecting fraud or errors in accounting.

• Example: If a company records ...read more

GST stands for Goods and Services Tax, a value-added tax levied on the supply of goods and services in India.

• GST is a comprehensive indirect tax that replaced multiple indirect taxes in India.

• It is levied on the value addition at each stage of production or distribution.

• There are four components of GST: CGST, SGST, IGST, and UTGST.

• CGST and SGST are levied by the central and state governments, respectively, on intra-sta...read more

TDS stands for Tax Deducted at Source. It is a tax collection mechanism in India.

• TDS is a system where tax is deducted at the source of income itself.

• It is applicable to various types of income such as salary, interest, commission, rent, etc.

• The person who is making the payment is liable to deduct TDS and deposit it with the government.

• The rate of TDS varies depending on the type of income and the amount being paid.

• The...read more

Accounts receivable is money owed to a company by its customers, while accounts payable is money a company owes to its suppliers.

• Accounts receivable is an asset on a company's balance sheet

• Accounts payable is a liability on a company's balance sheet

• Accounts receivable represents sales that have been made but not yet collected

• Accounts payable represents purchases that have been made but not yet paid for

• Examples of accou...read more

My life goal is to continuously learn, grow, and make a positive impact on the world.

• To continuously learn and grow in my personal and professional life

• To make a positive impact on the world through my work and actions

• To build meaningful relationships with family, friends, and colleagues

• To achieve financial stability and security

• To travel and experience different cultures

• To maintain a healthy and active lifestyle

Depreciation is the decrease in value of an asset over time due to wear and tear, obsolescence or other factors.

• Depreciation is a non-cash expense that reduces the value of an asset on the balance sheet

• It is calculated based on the useful life of the asset and the method of depreciation chosen

• Examples of assets that are subject to depreciation include buildings, vehicles, and machinery

Bookkeeping is the recording of financial transactions, while accountancy involves analyzing and interpreting financial data.

• Bookkeeping involves recording financial transactions such as sales, purchases, and payments.

• Accountancy involves analyzing and interpreting financial data to provide insights and make informed decisions.

• Bookkeeping is the foundation of accountancy, providing the data needed for analysis and inte...read more