Accountant Intern Interview Questions and Answers

Schedule III of the Companies Act, 2013 prescribes the format for preparation of balance sheet.

• Schedule III provides a standard format for presenting financial statements of companies.

• It specifies the minimum requirements for disclosure of information in the balance sheet.

• The balance sheet should be prepared in the prescribed format and should include all the required information.

• The format includes classification of assets and liabilities into current and non-current categor...read more

Goods and Services Tax (GST) is a comprehensive indirect tax levied on the supply of goods and services.

• GST is a destination-based tax system

• It has replaced multiple indirect taxes like VAT, excise duty, service tax, etc.

• It has four tax slabs - 5%, 12%, 18%, and 28%

• GST is applicable on all goods and services except for a few exempted items like alcohol and petroleum products

• It has simplified the tax structure and reduced the tax burden on consumers

Tax calculation for the assessment year

• Determine taxable income by subtracting deductions and exemptions from gross income

• Apply the appropriate tax rate to the taxable income

• Calculate any tax credits that may apply

• Add any additional taxes or penalties

• File the tax return by the deadline

Key words of financial accounting include assets, liabilities, equity, revenue, expenses, and cash flow.

• Assets: resources owned by a company such as cash, inventory, and property

• Liabilities: debts owed by a company such as loans and accounts payable

• Equity: the residual interest in the assets of a company after liabilities are deducted

• Revenue: income earned by a company from its operations

• Expenses: costs incurred by a company in order to generate revenue

• Cash flow: the movement...read more