Shridhar And Associates Audit Assistant Interview Questions, Process, and Tips

The 3 Golden rules of accounting are principles that guide the preparation of financial statements.

• 1. Revenue Recognition: Recognize revenue when it is earned, not when cash is received. Example: A company sells goods on credit, revenue is recognized at the time of sale.

• 2. Matching Principle: Match expenses with revenues in the period they are incurred. Example: If a company incurs expenses to produce goods, those expe...read more

Types of GST include CGST, SGST, IGST, and UTGST.

• Central Goods and Services Tax (CGST) - levied by the central government on intra-state supplies

• State Goods and Services Tax (SGST) - levied by the state government on intra-state supplies

• Integrated Goods and Services Tax (IGST) - levied by the central government on inter-state supplies

• Union Territory Goods and Services Tax (UTGST) - levied by the union territories on in

The rate of income tax varies depending on the individual's income level and tax laws of the country.

• Income tax rates are typically progressive, meaning higher income levels are taxed at higher rates.

• Tax rates can also vary based on filing status (single, married, etc.) and deductions/credits claimed.

• For example, in the United States, income tax rates range from 10% to 37% for individuals in 2021.

The rate of GST varies depending on the type of goods or services being taxed.

• GST rates are categorized into different slabs - 5%, 12%, 18%, and 28%.

• Some items are exempt from GST, while others may have a special rate like 0.25% or 3%.

• For example, essential items like food grains are taxed at 0%, while luxury items like cars may be taxed at 28%.