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Varishta Motors Accountant Interview Questions, Process, and Tips
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1 interview found
Anonymous
Selected
I applied via Referral and was interviewed before Oct 2022. There were 2 interview rounds.
(8 Questions)
- 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...
- 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.
- 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...
- 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.
- 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
- 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
- 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...
- 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
(3 Questions)
- Q1. Self introduction
- Q2. Why can we hire you?
- Q3. Salary expectation?
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Selected
I applied via Walk-in and was interviewed in Dec 2024. There were 2 interview rounds.
(2 Questions)
- Q1. What are document of in this job
- Q2. Job location detail
(2 Questions)
- Q1. How much package in this job
- Q2. Timing of the job
shardapandey
(3 Questions)
- Q1. Account related
- Q2. GST
- Q3. TDS
(2 Questions)
- Q1. What is account
- Q2. GSTR-1 AND GSTR 3B
(2 Questions)
- Q1. What is bad bebt
- Ans.
Bad debt refers to money owed to a company that is unlikely to be paid by the debtor.
Bad debt is a financial loss for the company.
It is usually the result of customers who are unable or unwilling to pay their debts.
Companies often have to write off bad debts as uncollectible.
Bad debt can negatively impact a company's financial statements and cash flow.
Examples include unpaid invoices, defaulted loans, and overdue payme
- Q2. What is 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 analyzing the financial health of an entity and making informed decisions.
Examples of accounts include cash account, accounts receivable, accounts payable, and equity accounts.
Position or post calling for specified duties to which an employee is assigned for a definite or indefinite period of time but which has not been designated as a work classification.
(5 Questions)
- Q1. What is tha accounts?
- Ans.
Accounts refer to the records of financial transactions of a business or organization.
Accounts are used to track income, expenses, assets, and liabilities.
They help in analyzing the financial health of a company.
Examples of accounts include cash, accounts receivable, inventory, and accounts payable.
- Q2. What is tha payable and receivable
- Ans.
Payable and receivable refer to amounts owed by a company (payable) and amounts owed to a company (receivable).
Payable refers to money owed by a company to its suppliers or vendors
Receivable refers to money owed to a company by its customers or clients
Payable and receivable are recorded on a company's balance sheet
Examples: Accounts payable, accounts receivable
- Q3. What is TDS ?
- Ans.
TDS stands for Tax Deducted at Source, which is a system where tax is deducted by the payer at the time of making payment.
TDS is a form of advance tax which ensures that the government receives tax revenue in advance.
It is applicable to various payments such as salary, interest, commission, rent, etc.
The deducted TDS amount is then deposited with the government on behalf of the recipient.
TDS rates vary depending on the...
- Q4. What is tally used for ?
- Ans.
Tally is a software used for accounting and financial management.
Tally is used for recording financial transactions.
It helps in managing accounts, generating reports, and analyzing data.
Tally is commonly used by businesses for bookkeeping and tax compliance.
It can also be used for inventory management and payroll processing.
- Q5. What is tally skills?
- Ans.
Tally skills refer to proficiency in using Tally software for accounting purposes.
Tally skills involve knowledge of creating and managing accounts, generating financial reports, and performing audits.
Proficiency in data entry, reconciliation, and inventory management using Tally is essential.
Examples of Tally skills include creating ledgers, recording transactions, and generating balance sheets.
Knowledge of shortcuts a...
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AKASH KUMAR ROUT
I applied via Walk-in and was interviewed in May 2024. There were 3 interview rounds.
(2 Questions)
- Q1. Self introduction
- Q2. Why do you left your previous company
(2 Questions)
- Q1. How many types of financial statements
- Ans.
There are three main types of financial statements: balance sheet, income statement, and cash flow statement.
Balance sheet shows a company's assets, liabilities, and shareholders' equity at a specific point in time.
Income statement shows a company's revenues, expenses, and profits over a period of time.
Cash flow statement shows how changes in balance sheet and income statement affect cash and cash equivalents.
- Q2. Difference between trial balance and balance sheet
- Ans.
Trial balance is a list of all ledger accounts with their closing balances, while balance sheet is a financial statement showing assets, liabilities, and equity at a specific point in time.
Trial balance is an internal document used to ensure the debits and credits are equal before preparing financial statements.
Balance sheet is a financial statement that shows the company's financial position at a specific point in tim...
(2 Questions)
- Q1. Journal entry for prepaid expenses
- Ans.
Journal entry for prepaid expenses involves debiting an asset account and crediting a prepaid expense account.
Prepaid expenses are expenses paid in advance but not yet incurred.
To record prepaid expenses, debit the Prepaid Expense account and credit the Cash/Bank account.
As the prepaid expense is incurred, it is transferred from the Prepaid Expense account to the Expense account.
Example: Payment of insurance premium in...
- Q2. Journal entry for purchase return
- Ans.
Journal entry for purchase return involves debiting accounts payable and crediting inventory account.
Debit accounts payable to reduce liability
Credit inventory account to reduce inventory on hand
Example: Debit Accounts Payable $500, Credit Inventory $500
Interview Preparation Tips
I applied via campus placement at Christ University, Bangalore and was interviewed in Aug 2024. There was 1 interview round.
(2 Questions)
- Q1. Journal entry for prepaid expenses
- Ans.
Journal entry for prepaid expenses involves debiting Prepaid Expense account and crediting Cash or Bank account.
Debit Prepaid Expense account to record the expense paid in advance
Credit Cash or Bank account to show the decrease in cash due to prepayment
Prepaid expenses are considered assets until they are used up or expire
Example: Journal entry for prepaid rent - Debit Prepaid Rent, Credit Cash/Bank
- Q2. What is bank reconciliation
- Ans.
Bank reconciliation is the process of comparing a company's records with those of its bank to ensure they match.
Bank reconciliation involves comparing the company's records of its financial transactions with the bank's records.
It helps identify any discrepancies such as missing transactions, errors, or fraudulent activity.
The process involves adjusting the company's records to match the bank's records by reconciling an...
Shital Sarode
Selected
I applied via Walk-in and was interviewed in Oct 2024. There were 3 interview rounds.
Accounting Questions
(1 Question)
- Q1. Relocate and shift timing
(1 Question)
- Q1. Previous experience
Interview Preparation Tips
- Accounts Payable
Selected
I applied via Walk-in and was interviewed in Oct 2024. There was 1 interview round.
(5 Questions)
- Q1. About your self
- Q2. Your highest study
- Ans.
Bachelor's degree in Accounting from XYZ University
Graduated with honors
Completed coursework in financial accounting, managerial accounting, auditing, and taxation
Participated in internship at a local accounting firm
Completed a senior thesis on the impact of tax reform on small businesses
- Q3. Why you working in tcs company
- Ans.
TCS company in my lively company and this company is top company I work to top company in my life
- Q4. Experience and how many company experience in how year
- Ans.
3 company in 2 year experience in auto mobile company
- Q5. Family back ground asked
- Ans.
Father is farmer and mother house wife
Interview Preparation Tips
JAIDA KOUSAR
Selected
I applied via Campus Placement and was interviewed in Nov 2023. There were 7 interview rounds.
We are about the question
How many companies are you working
Availability of course in company
(7 Questions)
- Q1. Technical features of your company
- Q2. How many more than years in company managing
- Q3. Any technical support Engineer at jobs in the market
- Q4. Technical support billing for your caring
- Q5. How do you have any situation for all members
- Q6. Any idea about the question
- Q7. Description any situation
- Ans.
Describing a situation where you had to resolve a discrepancy in financial records
Identify the source of the discrepancy
Review all relevant financial documents
Communicate with relevant parties to gather information
Reconcile the accounts to find the root cause of the discrepancy
Implement corrective measures to prevent future discrepancies
(7 Questions)
- Q1. Only for now you job application for made
- Q2. Internet connection for your leaving this company
- Q3. Your experience for job application
- Q4. Accountant experience for a job
- Q5. How many years of experiene
- Q6. Any situation for your leaving this job
- Q7. What topic and course in
(7 Questions)
- Q1. Any members of your company managing her
- Q2. How many people are their company
- Q3. Whole members are group discussion of company
- Q4. Add any situation for your leaving
- Q5. All inclusive person are the company
- Q6. Any idea for company managing director
- Q7. Profile and losses are their any situation for all members will give for strength
Allow the group discussion in the market
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Sales Manager
4
salaries
|  ₹2.2 L/yr - ₹4 L/yr |
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