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

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

Internal control refers to the processes, policies, and procedures implemented by an organization to safeguard its assets, ensure accuracy of financial records, and promote operational efficiency.

• Internal control is a system of checks and balances designed to prevent errors, fraud, and misuse of resources.

• It includes activities such as segregation of duties, authorization and approval processes, physical safeguards, and regular monitoring and review.

• Examples of internal contr...read more