T R Chadha & Co Llp Manager Indirect Taxation Interview Questions and Answers

Q1. What is Materiality?
Ans. 
Materiality refers to the significance of an item or event in relation to financial statements.
• Materiality is a concept used in auditing to determine the importance of an item or event in relation to financial statements.

• It is used to determine whether an item or event is significant enough to affect the decision-making of users of financial statements.

• Materiality is subjective and depends on the context of the financi...read more
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Q2. What is Audit Risk? Audit Procedure for an Account Balance Audit Procedure for Cash & Bank Balance
Ans. 
Audit risk is the risk that an auditor expresses an inappropriate opinion on financial statements.
• Audit risk is the risk that the auditor may issue an incorrect opinion on the financial statements.

• It is the risk that the auditor may fail to detect material misstatements in the financial statements.

• Audit risk is composed of inherent risk, control risk, and detection risk.

• Inherent risk is the risk of material misstatemen...read more
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Q1. Same as 1 round with almost similar basic question based on Auditing
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Q1. What are your strengths and weaknesses?
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Q2. What are your salary expectations?
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Q3. Share details of your previous job.
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Q4. Why should we hire you?
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Q5. Tell me about yourself.
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Q1. Details about the department you want to join.
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Easy 4 sections general questions easily cleared

My topic was ev cars vs petrol cars. All were shortlisted.

Q1. Why you want to join rsm
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Q2. What is suspense account
Ans. 
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
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Test of 30 minutes of the field you choice proper paper no mcq

Q1. Basics of tax explain from basic
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Q1. Every tds sextion and rate you know
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Q1. Case study on Ind as 115. Timing of recognition as revenue of Amount provided for training employees for a specific assignment
Ans. 
Under Ind AS 115, revenue for training employees for a specific assignment should be recognized when the training services are provided.
• Revenue should be recognized over time as the training services are provided.

• The amount provided for training employees should be allocated to each period based on the progress of the training.

• The timing of revenue recognition should align with the timing of when the training services ...read more
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Q2. Ind as 116 case study
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Q3. Ind as 2 calculation of inventory cost as per fifo
Ans. 
Ind AS 2 requires inventory cost to be calculated using the FIFO method.
• Under FIFO method, the oldest costs are assigned to inventory first.

• Cost of goods sold is calculated using the oldest costs first.

• Ending inventory is valued at the most recent costs.

• Example: If a company purchases inventory at $10, $12, and $15, under FIFO method, the inventory sold will be valued at $10 first.

• Example: If the company sells 100 unit...read more
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Q4. Ind as 102 journal entries
Ans. 
Ind AS 102 journal entries are used to record share-based payments in financial statements.
• Ind AS 102 requires companies to recognize share-based payments as an expense in their financial statements.

• Journal entries for share-based payments typically involve debiting an expense account and crediting either equity or liability accounts.

• For example, if a company grants stock options to employees, the journal entry would i...read more
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Q1. Questions based off resume
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Q1. 1. Latest Amendment- Budget related amendment for FY. 2. AS, IND AS applicability , IFC applicability. 3. CARO Related 4. TDS related
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Q1. Clauses of Caro 2020
Ans. 
The Clauses of Caro 2020 are legal provisions related to auditing and accounting standards in India.
• The Clauses of Caro 2020 are mandatory for companies falling under specified criteria.

• They cover aspects such as maintenance of books of accounts, internal control systems, and compliance with laws.

• Examples of clauses include reporting on fixed assets, loans and advances, and related party transactions.
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Q2. Ind AS 2 inventory valuation process
Ans. 
Ind AS 2 outlines the principles for the valuation and measurement of inventory.
• Ind AS 2 requires inventory to be measured at the lower of cost and net realizable value.

• Cost includes all costs incurred to bring the inventory to its present location and condition.

• Net realizable value is the estimated selling price less estimated costs to complete and sell.

• Ind AS 2 provides guidance on the cost formulas that can be used ...read more
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Q1. Why did you choose statutory Audit
Ans. 
I chose statutory audit because of its importance in ensuring financial transparency and compliance with regulations.
• Statutory audit helps in verifying the accuracy of financial statements and ensuring compliance with laws and regulations.

• It provides assurance to stakeholders and investors about the financial health and integrity of the organization.

• Statutory audit also helps in detecting and preventing fraud and error...read more
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Q1. SA knowledge with case study questions
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Q2. Current affairs and sports questions
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