SBS-Global Interview Questions and Answers

Five common financial ratios are: current ratio, quick ratio, debt-to-equity ratio, return on equity, and gross profit margin.

• Current ratio: Current assets divided by current liabilities. Example: Current assets of $100,000 and current liabilities of $50,000 would result in a current ratio of 2:1.

• Quick ratio: (Current assets - inventory) divided by current liabilities. Example: If current assets are $100,000, inventory...read more

GSTR2B is a draft statement generated for recipients based on GSTR1 filed by suppliers, while GSTR2A is an auto-populated statement reflecting inward supplies.

• GSTR2B is a draft statement for recipients based on GSTR1 filed by suppliers

• GSTR2A is an auto-populated statement reflecting inward supplies

• GST return due dates vary based on the type of taxpayer and the turnover

• GSTR9 is an annual return to be filed by regular ta...read more

Internal Audit is a process where an organization's financial and operational processes are reviewed by an independent party.

• Internal Audit helps ensure compliance with regulations and identifies areas for improvement.

• It provides assurance to stakeholders that the organization's operations are being conducted effectively and efficiently.

• Examples of internal audit activities include reviewing financial statements, asses...read more

Schedule III of the Companies Act, 2013 has been recently amended to include new disclosure requirements for financial statements.

• Recent changes in Schedule III include additional disclosures related to lease accounting under Ind AS 116.

• There are new requirements for reporting related party transactions in financial statements.

• Changes have been made to the format and presentation of financial statements to align with t...read more