Articleship
Articleship Interview Questions and Answers
Q1. What is the content of an Audit Report
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
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
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
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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