Tistabene Retails Llp Executive Accountant Interview Questions and Answers

Q1. Self introduction & privious experience
Add your answer

Q1. Briefly explain concepts of inventory valuation
Ans. 
Inventory valuation is the process of assigning a monetary value to the items held in stock by a business.
• Inventory valuation methods include FIFO (First In, First Out), LIFO (Last In, First Out), and weighted average cost.

• The chosen method can impact the reported profit and taxes of a business.

• Inventory valuation helps in determining the cost of goods sold and the value of ending inventory on the balance sheet.
Answered by AI
Add your answer
Q2. How much tax is charged for transit of gold etc..
Ans. 
The tax charged for transit of gold etc. varies depending on the country and specific regulations.
• Tax rates for transit of gold can range from 0% to 10% or more

• Some countries may have specific regulations or exemptions for gold transit

• Tax rates may also depend on the quantity and value of the gold being transported
Answered by AI
Add your answer
Q3. What does net worth of a company mean ?
Ans. 
Net worth of a company is the total assets minus total liabilities, representing the value of the company's equity.
• Net worth = Total assets - Total liabilities

• It represents the value of the company's equity

• It is an important indicator of a company's financial health and stability

• Investors and stakeholders often use net worth to assess the company's value and performance
Answered by AI
Add your answer
Q4. Final accounts, Trading & P&L, Balance sheet
Add your answer
Q5. Bank Reconciliation Statement
Add your answer

Q1. One On one interview with M.D of accounts
Add your answer
Q2. Can expect questions from various fields of accounting
Add your answer

Q1. Interview with one of directors of the company
Add your answer
Q2. Keep a good smile, all the best !
Add your answer

Case study was asked related ti income tax effect on sale of fixed assets

Q1. Accounting entries
Add your answer

Q1. What is golden rules
Ans. 
Golden rules are basic principles of accounting that guide the recording of financial transactions.
• Golden rules are also known as fundamental accounting principles.

• There are three golden rules: the personal account rule, the real account rule, and the nominal account rule.

• The personal account rule states that debit the receiver and credit the giver.

• For example, when cash is received from a customer, we debit the cash a...read more
Answered by AI
Add your answer

Q1. Explain Accounts
Ans. 
Accounts refer to financial records that track the financial activities of a business or individual.
• Accounts are used to record transactions such as income, expenses, assets, and liabilities.

• They help in monitoring the financial health of an entity and making informed decisions.

• Examples of accounts include cash account, accounts receivable, accounts payable, and equity accounts.
Answered by AI
Add your answer
Q2. Explain accounting standards
Ans. 
Accounting standards are guidelines and rules set by regulatory bodies to ensure consistency and transparency in financial reporting.
• Accounting standards provide a framework for companies to follow when preparing their financial statements

• They help ensure that financial information is reliable, comparable, and relevant

• Examples of accounting standards include GAAP (Generally Accepted Accounting Principles) and IFRS (Int
Answered by AI
Add your answer

Q1. About my work and privious company details
Add your answer
Q2. About my family
Add your answer
Q3. About my hobbies
Add your answer
Q4. About my education
Add your answer

Knowledge test and work experience

Salary discussion and timings