TII India Accountant Interview Questions and Answers

Q1. About yourself and previous work experience
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Q1. About Tally and it's features
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Q2. About studies and past job experience how we deal with it
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Q1. What is itc meaning
Ans. 
ITC stands for Input Tax Credit, which is the credit that a business can claim for the tax it pays on inputs used in the production of goods or services.
• ITC helps businesses reduce their tax liability by allowing them to offset taxes paid on inputs against taxes collected on outputs.

• ITC is available under the GST (Goods and Services Tax) regime in India.

• Examples of inputs eligible for ITC include raw materials, service...read more
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Q1. Your working background experience
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I have 5 years of experience working as an accountant in a medium-sized company.
• Managed financial records and prepared financial statements

• Performed budget analysis and forecasting

• Handled accounts payable and accounts receivable

• Assisted with audits and tax preparation

• Utilized accounting software such as QuickBooks
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Q2. Than salary discussion
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Q1. Why you leave your last Job?
Ans. To find new job by new salery (higher Salery).
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Q2. What your expected salery
Ans. 
My expected salary is in line with industry standards and commensurate with my experience and qualifications.
• I have researched the average salary range for this position in this location

• I am open to negotiation based on the specific responsibilities and benefits offered

• I am looking for a fair and competitive salary package

• Based on my experience and qualifications, I am expecting a salary in the range of $X to $Y
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Q3. Between 4000 and 5000 L.E
Ans. 
What is the context of the question? Please provide more information.
• Can you please clarify what the question is asking for?

• Is this related to a salary range or a specific expense?

• Without more information, it is difficult to provide a meaningful answer.
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Q1. What is financial accounting?
Ans. 
Financial accounting is the process of recording, summarizing, and reporting the financial transactions of a business.
• Involves recording financial transactions

• Summarizing financial data in financial statements like balance sheet and income statement

• Reporting financial information to stakeholders like investors and regulators

• Follows generally accepted accounting principles (GAAP)

• Examples include preparing financial stat...read more
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Q2. Short key of purchases Tally ERP 9 ?
Ans. 
In Tally ERP 9, the short key for purchases is F9.
• Press F9 to directly access the purchase voucher entry screen.

• Use F9 key to quickly create and record purchase transactions.

• F9 key helps in streamlining the process of entering purchase details in Tally ERP 9.
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Q3. What is credit memo and debit memo?
Ans. 
Credit memo is a document issued by a seller to a buyer reducing the amount owed, while debit memo is a document issued by a buyer to a seller increasing the amount owed.
• Credit memo reduces the amount owed by the buyer to the seller.

• Debit memo increases the amount owed by the buyer to the seller.

• Credit memo is issued by the seller, while debit memo is issued by the buyer.

• Credit memo is used for returns, discounts, or e...read more
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Q4. Entry of sales goods for cash?
Ans. 
Sales goods for cash are recorded as a debit to cash and a credit to sales revenue.
• Sales goods for cash result in an increase in cash and sales revenue on the income statement.

• The journal entry would be: Debit Cash, Credit Sales Revenue.

• This transaction does not involve accounts receivable since it is a cash sale.
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Q5. What do you mean by purchase return in accounting?
Ans. 
Purchase return in accounting refers to the process of returning purchased goods to the supplier due to various reasons.
• Purchase return is recorded as a credit note in the books of accounts.

• It reduces the amount payable to the supplier and decreases inventory.

• Reasons for purchase return include damaged goods, wrong quantity, or quality issues.

• Example: A company returns a batch of defective products to the supplier and
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Q6. What are the 3 golden rules of accounting?
Ans. 
The 3 golden rules of accounting are the rules that govern how financial transactions are recorded and reported.
• 1. Debit what comes in, credit what goes out

• 2. Debit the receiver, credit the giver

• 3. Debit all expenses and losses, credit all incomes and gains
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Q7. Why is depreciation not charged on land?
Ans. 
Depreciation is not charged on land because land does not have a finite useful life and its value typically appreciates over time.
• Land is considered to have an indefinite useful life, unlike buildings or machinery which have a limited lifespan.

• Land does not wear out, become obsolete, or require regular maintenance like other assets.

• The value of land generally appreciates over time, making it unnecessary to depreciate.

• D...read more
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Q8. What are the 3 financial statements?
Ans. 
The 3 financial statements are the income statement, balance sheet, and cash flow statement.
• Income statement: Shows a company's revenues and expenses over a specific period of time.

• Balance sheet: Provides a snapshot of a company's financial position at a specific point in time, including assets, liabilities, and equity.

• Cash flow statement: Details the cash inflows and outflows of a company over a specific period of tim
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Q1. Self introduction
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Q2. Why can we hire you?
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Q3. Salary expectation?
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Q1. Taxation Knowledge like TDS & GST
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Q2. Tally & SAP Knowledge
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Back Ground of my past Company

Q1. Final Discussion of my Joining
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Q2. Which date you joining of our company
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