Articleship

Articleship Interview Questions and Answers

Updated 5 Mar 2024
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Q1. What is the content of an Audit Report

Ans.

An audit report contains a summary of the audit findings and recommendations.

  • Introduction and scope of the audit

  • Audit objectives and methodology

  • Summary of audit findings

  • Recommendations for improvement

  • Management's response to the recommendations

  • Conclusion and opinion of the auditor

  • Signature and date of the auditor

Q2. Due date of filing Income Tax Return

Ans.

The due date for filing Income Tax Return varies depending on the type of taxpayer and the financial year.

  • For individuals and Hindu Undivided Families (HUFs) who are not required to get their accounts audited, the due date is usually July 31st of the assessment year.

  • For taxpayers who are required to get their accounts audited or those who are in partnership firms, the due date is usually September 30th of the assessment year.

  • For companies, the due date is usually September 30...read more

Q3. Standards on auditing and accounting standards

Ans.

Standards on auditing and accounting standards

  • Standards on auditing are guidelines for auditors to follow while conducting an audit

  • Accounting standards are principles that govern the preparation of financial statements

  • Both are issued by the Institute of Chartered Accountants of India (ICAI)

  • Auditing standards ensure that the audit is conducted in a systematic and efficient manner

  • Accounting standards ensure that financial statements are prepared in a consistent and transparent ...read more

Q4. Journal entry in tally

Ans.

Journal entry in tally is a process of recording financial transactions in the accounting software.

  • Journal entry is made for every financial transaction in Tally

  • Debit the receiver, credit the giver

  • Each entry should have a narration explaining the transaction

  • Example: Salary paid to employees - Debit Salary Expense, Credit Bank Account

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