20+ CA fresher Interview Questions and Answers

Definition of IRR, MIRR, deferred revenue, NPV and formula, deferred tax asset and liability.

• IRR (Internal Rate of Return) is the rate at which the net present value of cash flows equals zero.

• MIRR (Modified Internal Rate of Return) is a variation of IRR that assumes cash flows are reinvested at a different rate.

• Deferred revenue is a liability that arises when a company receives payment for goods or services that have not yet been delivered.

• NPV (Net Present Value) is the diffe...read more

EY has 16 offices in India and reported a revenue of INR 3,045 crore in FY 2020.

• EY has a presence in 16 cities across India including Mumbai, Delhi, Bangalore, Chennai, Kolkata, Hyderabad, and Pune.

• In FY 2020, EY reported a revenue of INR 3,045 crore in India.

• EY India has over 50,000 employees.

• EY India offers services in assurance, tax, advisory, and transaction advisory services.

• EY India has been recognized as the Best Employer in India by the Great Place to Work Institute f...read more

ITI stands for Industrial Training Institute, and Fitter is a trade under ITI which focuses on fitting and assembling parts.

• ITI stands for Industrial Training Institute, which is a training institute focused on providing technical education in various trades.

• Fitter is a trade under ITI which involves fitting and assembling parts to create machinery or structures.

• Fitters work with tools like wrenches, hammers, and drills to ensure parts fit together correctly.

• They may work in ...read more

The capital of India is New Delhi.

• New Delhi is the capital city of India

• It is a union territory and the seat of the Government of India

• New Delhi is known for its historical landmarks like India Gate and Red Fort

The job update is a notification or information about the current status or progress of a job or task.

• Job updates provide updates on the progress, completion, or any changes in a job or task.

• They can be communicated through various means such as emails, phone calls, or project management tools.

• Job updates help in keeping stakeholders informed and ensuring smooth coordination and collaboration.

• Examples of job updates include notifying the team about the completion of a milesto...read more

To confirm a shortlist, one can follow a systematic process of evaluation and selection.

• Review the criteria and qualifications required for the position

• Assess the resumes and applications received

• Conduct initial screening based on the specified criteria

• Shortlist candidates who meet the minimum requirements

• Schedule interviews or assessments to further evaluate shortlisted candidates

• Evaluate candidates' performance during interviews or assessments

• Consider additional factors lik...read more

Interest received refers to the income earned by an individual or entity from investments or deposits.

• Interest received is typically earned on savings accounts, fixed deposits, bonds, or other investments.

• It is calculated as a percentage of the principal amount and is paid by the borrower or issuer of the investment.

• For example, if you have a savings account with a 2% interest rate and $1,000 in the account, you would receive $20 in interest annually.

Sales tax deposit is a payment made by a business to the government for the sales tax collected from customers.

• Sales tax deposit is a mandatory payment made by businesses to the government on a regular basis.

• It is calculated based on the sales tax collected from customers during a specific period.

• The purpose of the sales tax deposit is to ensure that businesses do not use the collected sales tax for their own purposes.

• Failure to make timely sales tax deposits can result in pe...read more

Telephone deposit is a payment made over the phone to secure a reservation or service.

• Telephone deposit is a form of prepayment made over the phone.

• It is commonly used to secure hotel reservations, event bookings, or service appointments.

• The deposit amount is usually a percentage of the total cost and is non-refundable in case of cancellation.

• Customers may provide credit card information or make a bank transfer to complete the deposit.

• Telephone deposits help businesses ensure...read more

IOB Bank stands for Indian Overseas Bank, a major public sector bank in India.

• Indian Overseas Bank (IOB) is a public sector bank headquartered in Chennai, India.

• It was founded in 1937 and nationalized in 1969.

• IOB offers a wide range of banking products and services including loans, deposits, and online banking.

• The bank has branches in India as well as overseas locations.

• IOB is known for its strong presence in South India.

• It is one of the leading banks in India with a large cu...read more

A die fitter is a skilled worker who assembles and fits together metal parts to create dies used in manufacturing processes.

• Die fitters work with precision tools to ensure the proper fit and function of dies.

• They may also be responsible for maintaining and repairing dies to prolong their lifespan.

• Examples of dies include those used in stamping, forging, and extrusion processes.

B r in for members family

• The question seems to be asking about the role of a Chartered Accountant (CA) in managing finances for a family

• CA can provide financial planning and investment advice to help family members achieve their financial goals

• CA can also assist in tax planning and compliance to ensure the family's financial health

• CA can help in estate planning and wealth management for future generations

Golden rules of accounts are basic principles used in accounting to prepare financial statements.

• Debit what comes in, credit what goes out

• Debit the receiver, credit the giver

• Debit expenses and losses, credit income and gains

GAAR stands for General Anti-Avoidance Rules, which are measures to prevent tax avoidance through abusive practices.

• GAAR is a set of rules designed to counter aggressive tax planning strategies.

• It allows tax authorities to deny tax benefits if the main purpose of a transaction is to obtain a tax benefit.

• GAAR provisions are present in many countries' tax laws to ensure fair taxation.

• Examples of abusive practices include round-tripping of funds, treaty shopping, and artificial ...read more

A maser file is a file that contains information about the master data in a system.

• Maser file stores essential data that is used as a reference point for other files.

• It typically includes information such as customer details, product information, and pricing.

• Maser files are crucial for maintaining data integrity and consistency in a system.

• Examples of maser files include customer master file, product master file, and vendor master file.

Queue is a data structure that follows the First In First Out (FIFO) principle.

• Queue is a linear data structure where elements are inserted at the rear and removed from the front.

• Common operations on a queue include enqueue (inserting an element) and dequeue (removing an element).

• Example: A queue of people waiting in line at a ticket counter.

Understanding the disadvantages of Object-oriented programming is important for a comprehensive knowledge of programming concepts.

• Encapsulation can lead to increased complexity and difficulty in debugging

• Inheritance can result in tight coupling between classes, making it harder to maintain and modify code

• Polymorphism can sometimes make code harder to understand and follow

• Object-oriented programming may not be the best choice for all types of projects, such as those requiring ...read more