Sai Estate consultants. Accountant Trainee Interview Questions and Answers

Require tasks and succeed in a particular environment

Q1. TDS, Adjustment Entry
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Q2. GST Output & Input Entry
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Q3. Section of TDS 194C limit rate of dudction
Ans. 
Section 194C of TDS sets the limit for deduction rates.
• Section 194C of TDS pertains to payments to contractors/sub-contractors.

• The current rate of TDS deduction under section 194C is 1% for individual or HUF payers and 2% for others.

• If the payee does not provide PAN, the TDS rate under section 194C is 20%.

• The threshold limit for TDS deduction under section 194C is Rs. 30,000 for a single payment and Rs. 1,00,000 for ag
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Q4. GST Input & GST output of Adjustment Entry
Ans. 
GST Input & Output Adjustment Entry is used to correct errors in reporting GST liabilities and claiming input tax credits.
• GST Input Adjustment Entry is used to correct errors in claiming input tax credits for purchases subject to GST.

• GST Output Adjustment Entry is used to correct errors in reporting GST liabilities for sales subject to GST.

• These adjustments are necessary to ensure accurate reporting and compliance with...read more
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Q5. Gst Input show in which side of balance sheet
Ans. 
GST input is shown on the asset side of the balance sheet.
• GST input is considered as an asset because it represents the amount of GST paid on purchases that can be claimed back.

• It is typically shown under current assets if it is expected to be recovered within one year.

• For example, if a company has paid $1,000 in GST on purchases, it would show as GST input $1,000 under current assets on the balance sheet.
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Q1. Why did you want to leave the current company.
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Q1. TDS sections with limitations
Ans. 
TDS sections with limitations refer to the various sections of the Income Tax Act that specify the maximum amount of tax that can be deducted at source.
• TDS section 192 limits the deduction of tax at source on salary income

• TDS section 194 limits the deduction of tax at source on interest income

• TDS section 194A limits the deduction of tax at source on interest other than interest on securities
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Q2. GST compliances Basic
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Q1. What are your salary expectations?
Ans. 
I am open to discussing salary based on the responsibilities and benefits offered.
• I am flexible and open to negotiation.

• I am looking for a fair and competitive salary.

• I am more interested in the overall compensation package rather than just the salary.

• I would like to know more about the responsibilities and growth opportunities before discussing salary expectations.
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Q2. What is your family background?
Ans. 
My family background is diverse and has shaped my values and work ethic.
• My parents come from different cultural backgrounds, which has exposed me to different perspectives and traditions.

• My father is a successful entrepreneur and my mother is a teacher, both of whom have instilled in me the importance of hard work and dedication.

• I have two siblings, an older brother who is a doctor and a younger sister who is studying ...read more
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Q3. Share details of your previous job.
Ans. 
I worked as an Accounts Executive at XYZ Company.
• Managed accounts payable and receivable processes.

• Prepared financial statements and reports.

• Handled bank reconciliations and cash flow management.

• Assisted in budgeting and forecasting activities.

• Collaborated with cross-functional teams to resolve financial issues.

• Implemented process improvements to enhance efficiency.

• Maintained accurate and up-to-date financial records.

• U...read more
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Q4. Why are you looking for a change?
Ans. 
Looking for new challenges and growth opportunities.
• Seeking a more challenging role to enhance my skills and knowledge.

• Interested in exploring new industries and gaining diverse experience.

• Looking for better career prospects and growth opportunities.

• Want to work in a more dynamic and innovative environment.

• Seeking a change to broaden my professional network and learn from new colleagues.

• Desire to contribute to a compan
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Q5. Tell me about yourself.
Ans. 
I am an experienced Accounts Executive with a strong background in financial management and analysis.
• Over 5 years of experience in managing financial accounts and ensuring compliance with regulations

• Proficient in financial analysis and reporting, identifying cost-saving opportunities

• Skilled in budgeting, forecasting, and cash flow management

• Strong attention to detail and accuracy in financial record-keeping

• Excellent co...read more
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Common question on accounts