20+ Assistant Manager Finance & Accounts Interview Questions and Answers

To maintain accurate books without an invoice, I will verify services with operations and accrue the expense accordingly.

• Communicate with the operations team to confirm that the service was rendered.

• Review any service agreements or contracts to understand the expected expenses.

• Document the conversation and any confirmations received from operations.

• Accrue the expense based on the estimated amount if the invoice is not available.

• Ensure to follow up on the invoice for future re...read more

Yes, I can wait for 5 days to get my Relieving letter.

• I understand the importance of a Relieving letter and its impact on future job prospects.

• Waiting for 5 days is a reasonable timeframe to receive the letter.

• I am willing to be patient and cooperate with the process.

• I can utilize this time to complete any pending tasks or handover responsibilities smoothly.

• I believe in maintaining a positive and professional attitude throughout the waiting period.

Yes, I have implemented a process improvement by automating the invoice approval process.

• Implemented an automated invoice approval process using software

• Reduced the time taken for invoice approval from 2 days to 1 day

• Eliminated errors caused by manual data entry

• Improved communication between departments

• Increased efficiency and productivity

IT/Telecom will revolutionize the environment in the next 5 years.

• Increased use of automation and artificial intelligence in various industries

• More efficient and faster communication through advanced telecommunication technologies

• Greater emphasis on data privacy and security

• Increased demand for skilled IT professionals

• Greater reliance on renewable energy sources to power IT infrastructure

• Emergence of new technologies such as blockchain and quantum computing

The due date for GSTR 1, GSTR 3B, TDS returns and TDS payment varies based on the type of taxpayer and their turnover.

• For GSTR 1, the due date is the 11th of the following month for taxpayers with a turnover of up to 1.5 crore and the 10th of the following month for taxpayers with a turnover of more than 1.5 crore.

• For GSTR 3B, the due date is the 20th of the following month for all taxpayers.

• For TDS returns, the due date is the 31st of July for the first quarter, 31st of Octo...read more

Differentiating multiple vendors with same name and address

• Check for unique identification numbers like tax ID or vendor ID

• Look for differences in contact information like phone numbers or email addresses

• Compare transaction history and payment terms

• Use software tools to flag potential duplicates and investigate further

Implemented automation of financial reporting and streamlined processes resulting in increased efficiency and cost savings.

• Implemented automated financial reporting system using software such as QuickBooks and Excel macros

• Streamlined accounts payable and receivable processes resulting in faster payment processing and reduced errors

• Implemented electronic invoicing system resulting in cost savings and reduced paper usage

• Developed financial dashboards and reports for management ...read more

Revenue recognition involves identifying when and how revenue should be recorded in financial statements.

• Revenue should be recognized when it is earned and realized or realizable

• The amount of revenue recognized should be the amount that is expected to be received

• Revenue recognition should follow the matching principle

• Examples of revenue recognition methods include percentage of completion, completed contract, and installment sales

• Revenue recognition may also involve accountin...read more

I have 5 years of experience in Tally ERP and 2 years of experience in SAP B1.

• 5 years of experience in Tally ERP

• 2 years of experience in SAP B1

• Proficient in using both software for finance and accounting tasks

• Experience in generating financial reports, managing accounts payable and receivable, and reconciling bank statements

• Familiarity with various modules and features of Tally ERP and SAP B1

Yes, I have experience in coordinating with multiple units and group companies.

• I have previously worked as a finance manager in a company with multiple units and group companies.

• I understand the importance of effective communication and collaboration between units to ensure smooth financial operations.

• I am proficient in using various communication tools such as email, phone, and video conferencing to coordinate with different units.

• I am also able to adapt to different working...read more

Procurement to Pay is the process of acquiring goods or services and making payments for them.

• The process starts with identifying the need for goods or services.

• A purchase requisition is then created and approved.

• The procurement team then identifies potential suppliers and sends out requests for proposals or quotes.

• After evaluating the proposals, a purchase order is issued to the selected supplier.

• Goods or services are received and inspected.

• An invoice is received from the su...read more

Bank reconciliation is the process of matching and comparing the balance in the bank statement with the company's own records.

• Start by obtaining the bank statement and the company's own records of transactions

• Compare the two records and identify any discrepancies

• Adjust the company's records to match the bank statement, taking into account outstanding checks, deposits in transit, bank fees, and interest

• Prepare a bank reconciliation statement to summarize the adjustments made a...read more

I have 5 years of experience in Tax and Accounting.

• I have worked as a Tax and Accounting Associate for 2 years in XYZ firm.

• I have also worked as a Tax Analyst for 3 years in ABC company.

• During my tenure, I have gained expertise in tax planning, compliance, and financial reporting.

• I have also handled audits and prepared financial statements for clients.

• I am well-versed with accounting software like QuickBooks and Tally.

• I am constantly updating my knowledge of tax laws and regu...read more

Vendor reconciliation involves matching vendor accounts with company records to ensure accuracy and resolve discrepancies. Vendor ageing tracks outstanding payments to vendors.

• Collect vendor statements and compare them with company records

• Identify and resolve discrepancies in payments and outstanding balances

• Maintain accurate records of vendor transactions

• Vendor ageing involves tracking outstanding payments to vendors and categorizing them by age

• This helps identify overdue pa...read more

Non-transmission of export invoice to icegate can be due to various reasons.

• Technical issues with the icegate portal

• Incorrect or incomplete information on the invoice

• Delay in submission by the exporter

• Customs clearance issues

• Non-compliance with export regulations

• Lack of coordination between the exporter and the shipping agent

• Errors in the export documentation

• Inadequate knowledge of the export process

• Financial disputes between the exporter and the importer

• Inefficient communica...read more

The revenue recognition standard for the construction industry is Ind AS 115, while for the manufacturing industry it is Ind AS 18.

• For the construction industry, Ind AS 115 provides guidance on when to recognize revenue from contracts with customers.

• Under Ind AS 115, revenue is recognized over time using the percentage of completion method or at a point in time when control of the asset is transferred to the customer.

• For the manufacturing industry, Ind AS 18 provides guidance...read more

FSt stands for Financial Statements. The components of FSt are the Income Statement, Balance Sheet, and Cash Flow Statement.

• Income Statement shows the company's revenues and expenses over a period of time.

• Balance Sheet shows the company's assets, liabilities, and equity at a specific point in time.

• Cash Flow Statement shows the company's inflows and outflows of cash over a period of time.

• Financial Statements are used to evaluate a company's financial performance and position.

• T...read more

The financial statements under Ind AS follow a specific format to ensure consistency and comparability.

• The balance sheet is presented in order of liquidity, with assets and liabilities classified as current or non-current.

• The income statement includes separate sections for operating and non-operating income and expenses.

• The statement of changes in equity shows the changes in equity during the reporting period.

• The cash flow statement is prepared using the indirect method.

• Notes...read more

BOM stands for Bill of Materials, which is a list of raw materials, components, and assemblies required to manufacture a product.

• BOM is essential for production planning and inventory management.

• It helps in determining the cost of production and tracking the usage of materials.

• BOM can be hierarchical, showing the relationship between different components and sub-assemblies.

• Example: In the manufacturing of a car, the BOM would include items like engine, tires, seats, etc.

US corporation taxation process involves filing tax returns and paying taxes to the Internal Revenue Service (IRS).

• US corporations must file their tax returns using Form 1120

• The tax rate for corporations is a flat 21%

• Corporations may also be subject to state and local taxes

• Tax payments are typically made quarterly throughout the year

• Corporations may also need to file other forms such as Form 5471 for foreign subsidiaries

• Tax planning and compliance are important to avoid penal...read more

VOM stands for Value of Money and BOM stands for Bill of Materials.

• VOM refers to the concept of the time value of money, which states that a sum of money is worth more today than the same sum in the future due to its potential earning capacity.

• BOM is a comprehensive list of materials, components, and assemblies required to build a product.

• VOM is a financial concept used in investment analysis and decision-making, while BOM is commonly used in manufacturing and production proc...read more

BOM How refers to Bill of Materials (BOM) and How is a common question used to inquire about the process or details of something.

• BOM stands for Bill of Materials, which is a list of raw materials, components, and assemblies required to build a product.

• The 'How' part of the question is likely asking for details on how the Bill of Materials is created, managed, or used in the finance and accounts department.

• Possible responses could include discussing the software used to create...read more

Ind AS 116 is a new accounting standard for lease accounting.

• Ind AS 116 replaces the previous standard Ind AS 17.

• It requires lessees to recognize all leases on their balance sheet as assets and liabilities.

• Lessees must also separate the lease payments into principal and interest components.

• The standard also introduces new disclosure requirements for both lessees and lessors.

• Ind AS 116 is effective for annual reporting periods beginning on or after April 1, 2019.