Article and Audit Assistant Interview Questions and Answers

Yes, I am familiar with Tally ERP.

• I have used Tally ERP extensively during my previous job as an Audit Assistant.

• I am proficient in using Tally ERP for various accounting tasks such as recording transactions, generating financial reports, and managing inventory.

• I have experience in setting up company profiles, creating ledgers, and performing bank reconciliations using Tally ERP.

• I am also familiar with Tally ERP's taxation features, including GST compliance.

• I can efficiently ...read more

Journal entries record financial transactions in accounting, reflecting debits and credits.

• Every transaction has at least two entries: a debit and a credit.

• Example: Purchasing office supplies for $200 would be recorded as: Debit Office Supplies $200, Credit Cash $200.

• Revenue earned from services is recorded as: Debit Cash/Accounts Receivable, Credit Service Revenue.

• Adjusting entries at the end of the period ensure accurate financial statements.

Legal requirements for establishing a company

• Choose a unique name and register it with the appropriate government agency

• Determine the type of business entity (e.g. LLC, corporation) and file the necessary paperwork

• Obtain any necessary licenses and permits

• Comply with tax and employment laws

• Create bylaws or operating agreements

• Issue stock or ownership shares if applicable

AS 10, AS 15, AS 6 are Accounting Standards issued by the Institute of Chartered Accountants of India (ICAI).

• AS 10: Accounting for Fixed Assets - provides guidelines for recognition, measurement, and disclosure of fixed assets.

• AS 15: Employee Benefits - deals with accounting and disclosure of employee benefits such as gratuity, leave encashment, etc.

• AS 6: Depreciation Accounting - provides guidance on accounting for depreciation, including methods, rates, and disclosure requi...read more

SUM function adds up values in a range while VLOOKUP function searches for a specific value in a table and returns a corresponding value.

• SUM function is used to add up values in a range of cells.

• VLOOKUP function is used to search for a specific value in the first column of a table and return a corresponding value from a specified column.

• SUM function is a mathematical function while VLOOKUP is a lookup function.

• SUM function is used for numerical data while VLOOKUP is used for ...read more