Accountant & Audit Interview Questions and Answers

Routine sections of TDS include salary, interest on securities, interest other than interest on securities, winnings from lotteries, crossword puzzles, card games, and other games of any sort, and winnings from horse races.

• Salary

• Interest on securities

• Interest other than interest on securities

• Winnings from lotteries

• Winnings from crossword puzzles, card games, and other games of any sort

• Winnings from horse races

Private limited companies need to comply with ROC regulations annually.

• Private limited companies need to file their annual returns with the Registrar of Companies (ROC) within 60 days of their AGM.

• They also need to file their financial statements with ROC within 30 days of their AGM.

• Private limited companies need to maintain various registers and records as per the Companies Act, 2013.

• They need to hold at least one board meeting every quarter and file the minutes with ROC.

• Pri...read more

Yes, LTS stands for Less Than Truckload and FTL stands for Full Truckload.

• LTS refers to shipping smaller loads that do not require a full truck, while FTL refers to shipping a full truckload of goods.

• LTS is often used for smaller businesses or individuals who need to ship smaller quantities of goods.

• FTL is more commonly used by larger businesses that need to transport large quantities of goods.

• Both LTS and FTL are important transportation options for businesses and individual...read more

Year end adjustments are necessary for accurate financial reporting.

• Year end adjustments are made to ensure that financial statements accurately reflect the financial position of the company at the end of the fiscal year.

• These adjustments may include accruals, deferrals, and estimates.

• Examples of year end adjustments include adjusting entries for depreciation, bad debt expense, and prepaid expenses.

• Year end adjustments are typically made by the company's accounting department...read more

Understanding basic accounting principles, TDS, and deductions in income tax is essential for accountants and auditors.

• Basic accounting principles include concepts like double-entry accounting, accruals, and matching principle.

• TDS (Tax Deducted at Source) is a system where tax is deducted at the time of payment.

• Deductions in income tax can include expenses like home loan interest, medical insurance premiums, and donations to charitable organizations.

• Understanding tax slabs an...read more

Three way accounting process involves matching three documents to ensure accuracy of financial transactions.

• Three documents involved are purchase order, receiving report and invoice

• Purchase order is created by buyer, receiving report by receiver and invoice by seller

• Matching ensures that goods or services received match the invoice and purchase order

• Helps prevent fraud and errors in financial statements

Debtors are individuals or entities who owe money to a company for goods or services provided on credit.

• Debtors are recorded as accounts receivable on a company's balance sheet.

• They represent the amount of money owed to the company by customers or clients.

• Debtors are an important part of a company's working capital and cash flow management.

• Examples of debtors include customers who have purchased goods on credit, clients who have received services but not yet paid, and individ...read more