TII India Accountant Interview Questions and Answers

TDS, GST, bank reco, and ledger reco are all important accounting terms.

• TDS stands for Tax Deducted at Source and is a tax collected by the government on certain types of payments.

• GST stands for Goods and Services Tax and is a tax on the supply of goods and services.

• Bank reco is short for bank reconciliation and is the process of matching the balances in an organization's accounting records to the corresponding informa...read more

Customization in software allows for simultaneous TDS deduction of different types.

• Customization in software enables the user to select multiple TDS deduction types to be deducted simultaneously.

• This feature saves time and effort by eliminating the need to manually calculate and deduct each type of TDS separately.

• For example, a software can be customized to deduct TDS on salary, rent, and commission at the same time.

• Th...read more

Credit procedure involves the process of assessing and granting credit to customers based on their creditworthiness.

• Credit procedure involves evaluating the creditworthiness of customers.

• It includes assessing factors such as credit history, financial stability, and payment behavior.

• The procedure may involve obtaining credit reports, analyzing financial statements, and conducting credit checks.

• Based on the evaluation, c...read more

The documents required to audit food or tariff bills include invoices, receipts, purchase orders, bank statements, inventory records, and tax returns.

• Invoices and receipts provide evidence of the transactions and payments made.

• Purchase orders help verify the items purchased and their prices.

• Bank statements show the financial transactions related to the bills.

• Inventory records assist in reconciling the stock and ensurin...read more