20+ Elliott Davis Interview Questions and Answers

Trade discount is given by the seller to the buyer at the time of purchase, while cash discount is given for prompt payment.

• Trade discount is a reduction in the list price of the goods offered by the seller to the buyer.

• Cash discount is a discount offered by the seller to the buyer for making prompt payment.

• Trade discount is given at the time of purchase, while cash discount is given after the purchase is made.

• Trade discount is used to attract customers and increase sales vol...read more

GST rates on luxury goods and food items vary depending on the category they fall under.

• GST on luxury goods ranges from 18% to 28% depending on the item.

• GST on food items varies depending on whether they are packaged or not, and whether they fall under the exempted or non-exempted category.

• Processed foods generally attract a higher GST rate compared to unprocessed foods.

• Some food items like milk, fruits, and vegetables are exempted from GST.

• GST rates on alcoholic beverages ar...read more

LD stands for Learning Disability.

• LD refers to a neurological disorder that affects a person's ability to learn and process information.

• It is not related to intelligence or lack of effort, but rather a difference in how the brain processes information.

• Common types of LD include dyslexia, dyscalculia, and ADHD.

• Individuals with LD may struggle with reading, writing, math, organization, and attention.

• Accommodations and support can help individuals with LD succeed in academic and...read more

Primary key uniquely identifies each record in a database table, while unique key ensures each value in a column is unique.

• Primary key is a column or a set of columns that uniquely identifies each record in a table

• Primary key does not allow NULL values and must be unique for each record

• Unique key ensures that each value in a column or a set of columns is unique

• Unique key can allow NULL values, but each non-NULL value must be unique

Inheritance is a mechanism in OOP where a new class inherits properties and behaviors from an existing class. Polymorphism allows objects of different classes to be treated as objects of a common superclass.

• Inheritance allows for code reusability and promotes the concept of 'is-a' relationship.

• Polymorphism allows for flexibility in code design and enables dynamic method binding.

• Example of inheritance: class Dog extends Animal, inheriting properties and behaviors of Animal cla...read more

I have 5 years of experience in the audit field, conducting financial audits for various clients.

• Performed financial audits for clients in different industries

• Analyzed financial statements and identified discrepancies

• Prepared audit reports and communicated findings to clients

• Collaborated with team members to ensure audit deadlines were met

Handling inventory material involves proper organization, tracking, and efficient utilization of resources.

• Implement a robust inventory management system to track material quantities, locations, and usage.

• Categorize and label inventory items for easy identification and retrieval.

• Regularly conduct physical inventory counts to ensure accuracy and identify any discrepancies.

• Establish reorder points and maintain optimal stock levels to prevent shortages or excess inventory.

• Implem...read more

Yes, I am a basic laptop user with proficiency in common applications and tasks.

• Proficient in using Microsoft Office suite (Word, Excel, PowerPoint)

• Able to browse the internet and use email

• Comfortable with basic troubleshooting and settings adjustments

• Familiar with file management and organization

• May have limited knowledge of more advanced software or technical tasks

Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations.

• Internal auditing evaluates the effectiveness of an organization's risk management, control, and governance processes.

• It helps organizations accomplish their objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.

• Internal auditors provid...read more

Bank reconciliation is the process of comparing a company's bank statement with its own financial records to ensure accuracy.

• It involves identifying and resolving any discrepancies between the two records

• It helps to ensure that all transactions have been recorded accurately

• Examples of items that may cause discrepancies include outstanding checks, deposits in transit, and bank fees

• Bank reconciliation is typically performed on a monthly basis

Rate analysis involves determining the cost of different items based on various factors.

• Rate analysis involves calculating the cost of materials, labor, equipment, and overhead for different items.

• It helps in determining the most cost-effective way to complete a project.

• Examples of rate analysis include determining the cost of construction materials for a building project or calculating the hourly rate for a service.

• Factors such as market prices, labor rates, and equipment co...read more

Section 194J of the Income Tax Act deals with fees for professional or technical services.

• Section 194J requires the deduction of TDS (Tax Deducted at Source) at the rate of 10% on payments made for professional or technical services.

• It applies to payments made to a resident individual or a resident entity.

• Examples of professional or technical services include legal services, accounting services, technical consultancy, etc.

SQL is a language used for managing and querying databases. Joins are used to combine data from multiple tables. Python is a versatile programming language.

• SQL is a language for managing databases, used to retrieve and manipulate data.

• Joins are used in SQL to combine data from multiple tables based on a related column.

• Python is a high-level programming language known for its simplicity and readability.

I am currently working remotely from home.

• Due to the COVID-19 pandemic, our company has implemented a work-from-home policy.

• I have a dedicated home office setup with all necessary equipment and tools.

• Regular virtual meetings and communication with team members and supervisors.

• Utilizing online collaboration tools like Slack, Zoom, and Microsoft Teams for work.

• Maintaining a structured work schedule to ensure productivity and work-life balance.

Section 194J of the Income Tax Act deals with TDS on professional or technical services.

• Section 194J requires deduction of TDS at the rate of 10% on payments made for professional or technical services.

• It applies to payments made to a resident individual, a Hindu Undivided Family (HUF), a partnership firm, or a company.

• The threshold limit for applicability of TDS under section 194J is Rs. 30,000 in a financial year.

• Examples of professional or technical services include fees f...read more

A suspense account is a temporary account used to record transactions for which there is uncertainty about the appropriate account to use.

• Used when there is uncertainty about the correct account to use

• Temporary holding place for transactions

• Helps prevent errors in financial statements

• Commonly used in accounting to temporarily hold transactions until they can be properly classified

P2P (Procure to Pay) and O2C (Order to Cash) are two important processes in business operations.

• P2P involves the procurement of goods or services, from requisition to payment.

• O2C involves the entire process from receiving a customer order to receiving payment.

• P2P includes steps like requisition, purchase order creation, goods receipt, invoice verification, and payment.

• O2C includes steps like order entry, order fulfillment, shipping, invoicing, and payment collection.

Develop a strategy to increase sales for a declining product

• Conduct market research to identify target audience and their needs

• Create a marketing campaign highlighting unique selling points of the product

• Offer promotions or discounts to incentivize purchases

• Collaborate with sales team to improve customer engagement and retention

• Explore new distribution channels or partnerships to reach a wider audience

I am a dedicated and experienced professional with a strong work ethic and a passion for achieving results.

• Experienced in leading teams and managing projects

• Strong communication and interpersonal skills

• Proven track record of meeting deadlines and exceeding goals

IFRS 15 is a revenue recognition standard that outlines principles for recognizing revenue from contracts with customers.

• IFRS 15 provides a single, comprehensive framework for revenue recognition

• It requires entities to identify performance obligations in a contract and allocate the transaction price to each obligation

• The standard also includes guidance on when to recognize revenue over time or at a point in time

• IFRS 15 impacts various industries, such as software, constructio...read more

IFRS 16 is a new accounting standard for leases that requires lessees to recognize assets and liabilities for all leases.

• IFRS 16 replaces the previous standard IAS 17 for lease accounting

• Under IFRS 16, lessees must recognize a right-of-use asset and a lease liability on their balance sheet for all leases, except for short-term leases and low-value assets

• The standard aims to provide more transparency and comparability in financial reporting for leases

• IFRS 16 also introduces ne...read more

GST stands for Goods and Services Tax.

• GST is a comprehensive indirect tax on the manufacture, sale, and consumption of goods and services throughout India.

• It was implemented on 1st July 2017 to replace multiple indirect taxes levied by the central and state governments.

• GST has three components - CGST, SGST, and IGST - which are levied at different rates depending on the type of goods or services.

• GST has simplified the tax structure and made it easier for businesses to comply ...read more