Ved Jain & Associates Article Assistant Interview Questions and Answers

Yes, I am comfortable with travelling for work purposes.

• I am willing to travel for client meetings, audits, and other work-related tasks

• I understand that travelling may be required occasionally and I am prepared for it

• I have previous experience travelling for work during internships or previous jobs

Yes, I have a vehicle for daily commute to the office and back home.

• Yes, I have a car that I use for daily transportation.

• I ensure regular maintenance of my vehicle to avoid any breakdowns.

• Having a vehicle allows me to be punctual and reliable for work.

• In case of emergencies or late hours at work, having a vehicle is convenient for safe travel.

CARO clauses are important for auditing purposes

• Clause 1: Reporting on internal financial controls

• Clause 2: Reporting on statutory dues

• Clause 3: Reporting on default in repayment of loans

• Clause 4: Reporting on fraud by the company or its employees

• Clause 5: Reporting on managerial remuneration

Accounting standards are guidelines for financial reporting that ensure consistency and transparency in financial statements.

• Accounting Standard 1 (AS 1) - Disclosure of Accounting Policies: Requires companies to disclose their accounting policies in financial statements.

• Accounting Standard 2 (AS 2) - Valuation of Inventories: Provides guidelines for the valuation of inventories, such as cost formulas and net realizabl...read more

Balance sheet assertions are representations made by management regarding the accuracy and completeness of items on the balance sheet.

• Existence - Assets and liabilities actually exist at a given date.

• Rights and obligations - Assets are owned by the entity and liabilities are obligations of the entity.

• Completeness - All assets, liabilities, and equity interests that should be recorded are included.

• Valuation and allocati...read more

INDAS 115 and cutoff assertion are considered together by ensuring revenue recognition is in compliance with INDAS 115 and cutoffs are accurately recorded.

• Ensure revenue recognition is in compliance with INDAS 115 guidelines

• Verify that cutoffs for revenue and expenses are accurately recorded

• Review any potential impact of INDAS 115 on cutoff assertion

• Consider the timing of revenue recognition and cutoffs in financial st

IND AS is applicable to all companies in India, aligning their financial reporting with international standards.

• IND AS is applicable to all companies in India, including listed and unlisted companies.

• It aims to align the financial reporting of Indian companies with international accounting standards.

• Companies need to comply with the specific requirements and disclosures outlined in the applicable IND AS.

• Examples of IND...read more

Audit is a systematic examination of financial records, statements, and transactions of an organization.

• Audit is conducted to ensure accuracy, reliability, and compliance with laws and regulations.

• It involves examining financial records, statements, and transactions of an organization.

• Auditors provide an opinion on the fairness and accuracy of the financial statements.

• Types of audits include internal audit, external au...read more

Statutory audit is mandatory and conducted by external auditors while internal audit is voluntary and conducted by internal auditors.

• Statutory audit is conducted to ensure compliance with legal and regulatory requirements while internal audit is conducted to evaluate and improve the effectiveness of internal controls.

• Statutory audit is mandatory for all companies while internal audit is voluntary and can be conducted b...read more

Yes, I am willing to relocate for the right opportunity.

• I am open to relocating to a new city or country for career growth.

• I understand that relocation may be necessary for certain job opportunities.

• I am flexible and adaptable to new environments.

• I am excited about the prospect of experiencing a new location and culture.

Industrial training provides practical exposure and hands-on experience in a real-world work environment.

• Industrial training helps in gaining practical knowledge and skills that are essential for a successful career.

• It allows students to apply theoretical knowledge in real-life situations.

• Industrial training enhances problem-solving abilities and decision-making skills.

• It provides an opportunity to network with profess...read more

I am a dedicated and hardworking individual with a strong interest in the field of accounting and finance.

• I have completed my Bachelor's degree in Accounting and Finance from XYZ University.

• During my studies, I gained practical experience through internships at ABC Accounting Firm and XYZ Bank.

• I have a good understanding of financial statements, taxation, and auditing principles.

• I am proficient in using accounting soft...read more

I can join you in two weeks from now.

• I have a notice period of two weeks at my current job.

• I need to wrap up my current projects before joining a new organization.

• I can start on [specific date].

CARO clauses are important for auditing purposes

• Clause 1: Reporting on internal financial controls

• Clause 2: Reporting on statutory dues

• Clause 3: Reporting on default in repayment of loans

• Clause 4: Reporting on fraud by the company or its employees

• Clause 5: Reporting on managerial remuneration

Accounting standards are guidelines for financial reporting that ensure consistency and transparency in financial statements.

• Accounting Standard 1 (AS 1) - Disclosure of Accounting Policies: Requires companies to disclose their accounting policies in financial statements.

• Accounting Standard 2 (AS 2) - Valuation of Inventories: Provides guidelines for the valuation of inventories, such as cost formulas and net realizabl...read more

Balance sheet assertions are representations made by management regarding the accuracy and completeness of items on the balance sheet.

• Existence - Assets and liabilities actually exist at a given date.

• Rights and obligations - Assets are owned by the entity and liabilities are obligations of the entity.

• Completeness - All assets, liabilities, and equity interests that should be recorded are included.

• Valuation and allocati...read more

INDAS 115 and cutoff assertion are considered together by ensuring revenue recognition is in compliance with INDAS 115 and cutoffs are accurately recorded.

• Ensure revenue recognition is in compliance with INDAS 115 guidelines

• Verify that cutoffs for revenue and expenses are accurately recorded

• Review any potential impact of INDAS 115 on cutoff assertion

• Consider the timing of revenue recognition and cutoffs in financial st

IND AS is applicable to all companies in India, aligning their financial reporting with international standards.

• IND AS is applicable to all companies in India, including listed and unlisted companies.

• It aims to align the financial reporting of Indian companies with international accounting standards.

• Companies need to comply with the specific requirements and disclosures outlined in the applicable IND AS.

• Examples of IND...read more

Internal audit provides a more comprehensive view of the organization's operations and helps identify areas for improvement.

• Internal audit focuses on evaluating and improving the effectiveness of an organization's risk management, control, and governance processes.

• Statutory audit is a legal requirement and focuses on ensuring compliance with applicable laws and regulations.

• Internal audit provides valuable insights into...read more