100+ Executive Accountant Interview Questions and Answers for Freshers

No, the business cannot claim GST input if it consumes everything for its own use.

• If a business consumes everything for its own use, there are no sales to generate revenue for GST input claims.

• GST input can only be claimed on purchases made for the purpose of generating taxable supplies.

• In this scenario, since the business is not making any sales to generate revenue, it cannot claim any GST input.

• Therefore, the business cannot claim any GST input even if it has GST liability ...read more

The entries would include debiting Insurance Expense and crediting Prepaid Insurance.

• Debit Insurance Expense for ₹1,20,000 to recognize the expense in the current period.

• Credit Prepaid Insurance for ₹1,20,000 to show the amount paid in advance for future periods.

• Adjust Prepaid Insurance each month by debiting Insurance Expense and crediting Prepaid Insurance for 1/12th of the total amount.

• At the end of the year, Prepaid Insurance will be fully expensed and Insurance Expense w...read more

Reconciliation of GST involves comparing the GST amounts recorded in the books with those reported to the tax authorities.

• Ensure all GST transactions are recorded accurately in the books

• Compare the total GST amounts recorded in the books with the GST amounts reported on the GST returns filed with the tax authorities

• Investigate and rectify any discrepancies found during the reconciliation process

• Reconcile the GST accounts regularly to ensure accuracy and compliance with tax re...read more

Functional role is executed through effective communication and collaboration among supervisors, plant manager and production manager.

• Regular meetings to discuss production targets and progress

• Clear delegation of responsibilities and tasks

• Establishment of performance metrics and regular reporting

• Open communication channels for feedback and suggestions

• Regular training and development programs for all staff

• Effective use of technology to streamline processes

• Encouragement of team...read more

Yes, I am comfortable with rotational shifts.

• I have previously worked in rotational shifts and have adapted well to the schedule.

• I understand the importance of being flexible and available to work during different hours.

• I am willing to adjust my personal schedule to accommodate the rotational shifts.

• I believe that working in different shifts can provide a diverse work experience and help me develop new skills.

RCM is a mechanism where the recipient of goods/services is liable to pay the tax instead of the supplier.

• RCM is applicable in cases where the supplier is not required to be registered under GST.

• It is also applicable for specific goods/services notified by the government.

• Under RCM, the recipient needs to pay the tax directly to the government.

• Input tax credit can be claimed on tax paid under RCM.

• Examples include services provided by a GTA (Goods Transport Agency) or services ...read more

Yes, I have experience in TDS deduction and TCS collection.

• I have experience in calculating and deducting TDS (Tax Deducted at Source) from payments made to vendors or contractors.

• I am familiar with the process of collecting TCS (Tax Collected at Source) on specified transactions as per tax regulations.

• I have ensured timely and accurate filing of TDS and TCS returns to comply with tax laws.

• I have maintained records and documentation related to TDS and TCS transactions for aud...read more

Yes, I have knowledge of GST Return Filing and Due Dates.

• I am familiar with the different types of GST returns such as GSTR-1, GSTR-3B, and GSTR-9.

• I understand the due dates for filing GST returns which vary based on the type of taxpayer and turnover.

• I am aware of the penalties for late filing of GST returns.

• I have experience in preparing and filing GST returns accurately and on time.

• I stay updated with any changes in GST laws and regulations related to return filing.

I have a strong understanding of accounts and their management.

• I have a solid knowledge of financial statements, including balance sheets, income statements, and cash flow statements.

• I am familiar with various accounting principles and practices, such as GAAP (Generally Accepted Accounting Principles).

• I have experience in managing accounts receivable and accounts payable, ensuring timely payments and collections.

• I am proficient in using accounting software and tools, such as ...read more

We would manually enter the invoice details into the computer system to ensure accurate record-keeping.

• Manually enter the invoice details into the computer system

• Verify the accuracy of the entered information

• Contact the vendor to address any discrepancies

Yes, I am familiar with purchase and GRN entry in Tally and have basic knowledge of SAP (MM) module.

• I have experience in creating purchase vouchers and recording GRN in Tally.

• I am aware of the process of creating purchase orders, goods receipt notes, and invoices in SAP (MM) module.

• I have basic knowledge of inventory management and procurement processes in SAP (MM) module.

• I am willing to learn and improve my skills in both Tally and SAP (MM) module.

Current assets are assets that are expected to be converted into cash within a year, provisions are liabilities that are uncertain in timing or amount, and reserves and surplus are funds set aside for specific purposes or as a buffer against future uncertainties.

• Current assets include cash, accounts receivable, inventory, and short-term investments.

• Provisions are set aside for potential future liabilities such as warranties or legal claims.

• Reserves and surplus are funds retai...read more

Yes, GST reconciliation involves matching the data between the company's financial records and the GST returns filed with the government.

• GST reconciliation ensures accuracy in reporting and compliance with tax laws

• It involves comparing the sales and purchase data in the financial records with the GST returns filed

• Any discrepancies found during reconciliation need to be rectified to avoid penalties

• Regular GST reconciliation helps in identifying errors and improving overall fin...read more

The shortcut button for receipt and sales is Ctrl + R.

• The shortcut button for receipt and sales is Ctrl + R.

• Pressing Ctrl + R will open the receipt and sales window.

• This shortcut is commonly used in accounting software like QuickBooks or Excel.

• It allows for quick access to the receipt and sales functions, saving time and improving efficiency.

Bookkeeping is the process of recording financial transactions, while a balance sheet is a financial statement that shows a company's assets, liabilities, and equity at a specific point in time.

• Bookkeeping involves recording financial transactions such as sales, purchases, receipts, and payments.

• It is important for businesses to keep accurate and up-to-date records for tax purposes and to make informed financial decisions.

• A balance sheet is a snapshot of a company's financial...read more

An accounts executive is responsible for managing financial transactions, preparing financial reports, and ensuring compliance with accounting regulations.

• Managing financial transactions

• Preparing financial reports

• Ensuring compliance with accounting regulations

• Maintaining accurate financial records

• Assisting with budget preparation

• Analyzing financial data

• Communicating financial information to management

• Collaborating with other departments

• Providing support for audits

• Identifying ...read more

Sundry debtors are customers who owe money to the company while sundry creditors are suppliers to whom the company owes money.

• Sundry debtors are accounts receivable and represent the money owed to the company by its customers.

• Sundry creditors are accounts payable and represent the money owed by the company to its suppliers.

• Sundry debtors and sundry creditors are usually short-term in nature and are settled within a year.

• Examples of sundry debtors include customers who have pu...read more

To find payable and receivable amounts, review financial statements, invoices, and payment records.

• Review financial statements such as balance sheets and income statements to identify payable and receivable amounts.

• Examine invoices and purchase orders to determine the amount owed to suppliers (payable) or owed by customers (receivable).

• Check payment records and bank statements to track incoming and outgoing payments.

• Utilize accounting software or systems to generate reports a...read more

The due date for filing GSTR 3B varies depending on the turnover of the taxpayer.

• For taxpayers with an annual turnover of up to 5 crore INR, the due date is the 20th of the following month.

• For taxpayers with an annual turnover exceeding 5 crore INR, the due date is the 22nd of the following month.

• Late fees and penalties may apply for delayed filing.

• For example, if the turnover is less than 5 crore INR, the due date for filing GSTR 3B for the month of January would be February...read more

Depreciation is the allocation of the cost of an asset over its useful life. Methods include straight-line, double declining balance, and units of production.

• Depreciation is a non-cash expense that reduces the value of an asset over time

• Straight-line method evenly spreads the cost of the asset over its useful life

• Double declining balance method accelerates depreciation in the early years of an asset's life

• Units of production method bases depreciation on the actual usage of th...read more

Accounts refers to the financial records and transactions of a company, while accounts principal refers to the fundamental principles and concepts of accounting.

• Accounts involve recording, classifying, and summarizing financial transactions.

• Accounts principal includes concepts like the accrual principle, matching principle, and consistency principle.

• Accounts help in tracking the financial performance and position of a company.

• Accounts principal ensures that financial statemen...read more

The entry for Salaries with TDS and PF involves debiting the Salaries expense account and crediting the TDS and PF liability accounts.

• Debit the Salaries expense account to record the amount paid as salaries

• Credit the TDS liability account to record the amount withheld for tax deduction

• Credit the PF liability account to record the amount withheld for provident fund

• Ensure the total debits equal the total credits in the entry

GST is a value-added tax levied on goods and services in India. GST return is a document containing details of income, tax paid, and refund claimed.

• GST stands for Goods and Services Tax

• It is a single tax levied on the supply of goods and services

• It replaced multiple indirect taxes like VAT, excise duty, service tax, etc.

• GST return is a document filed by registered taxpayers containing details of their income, tax paid, and refund claimed

• There are different types of GST return...read more

Bills payable are the outstanding payments a company owes to its suppliers while bills receivable are the outstanding payments owed to the company by its customers.

• Bills payable are liabilities and bills receivable are assets on a company's balance sheet.

• Bills payable are recorded as accounts payable while bills receivable are recorded as accounts receivable.

• Bills payable and receivable are important for managing cash flow and ensuring timely payments.

• Example of bills payable...read more

Yes, I have extensive experience in inventory management and production journal.

• Managed inventory levels to ensure optimal stock levels and minimize excess inventory

• Maintained accurate production journals to track costs and monitor production efficiency

• Utilized inventory management software to streamline processes and improve accuracy

• Collaborated with production team to coordinate inventory needs and production schedules

Accounting is the process of recording, analyzing, and reporting financial transactions of a business.

• Accounting involves keeping track of financial transactions such as sales, purchases, and expenses.

• It includes preparing financial statements like balance sheets, income statements, and cash flow statements.

• Accountants use various methods like double-entry bookkeeping to ensure accuracy and reliability of financial records.

• Accounting helps in assessing the financial health of...read more

QuickBooks (QB) is a popular accounting software, and it is not banned in India.

• QuickBooks (QB) is a financial management software developed by Intuit.

• It is widely used by businesses for accounting, invoicing, and tax preparation.

• QB is not banned in India and is commonly used by Indian businesses for financial management.

Luca Pacioli is considered the father of accounting.

• Luca Pacioli, an Italian mathematician, is widely regarded as the father of accounting.

• He wrote the first book on double-entry bookkeeping, 'Summa de Arithmetica, Geometria, Proportioni et Proportionalita', in 1494.

• Pacioli's book introduced the concept of debits and credits, which became the foundation of modern accounting.

• His work greatly influenced the development of accounting principles and practices that are still used ...read more

To make entries in the sales screen, navigate to the sales module and input relevant information such as customer details, product/service sold, quantity, price, and any applicable discounts.

• Access the sales module in the accounting software

• Enter customer details like name, contact information, and billing address

• Specify the product or service sold

• Input the quantity or units sold

• Enter the price per unit or total amount

• Apply any discounts or promotions if applicable

• Review and ...read more

The process of accounts executive involves managing financial transactions, preparing financial reports, and ensuring compliance with regulations.

• Recording financial transactions

• Preparing financial statements and reports

• Managing accounts payable and receivable

• Ensuring compliance with financial regulations

• Analyzing financial data to identify trends and opportunities

• Communicating financial information to stakeholders

TDS deducted on contractors varies depending on the type of payment and the nature of the contract.

• TDS rate on contractor payments can range from 1% to 10% depending on the type of contract and payment amount.

• For example, TDS rate on payment for work contract is 2%, while TDS rate on payment for advertising contract is 1%.

• TDS rate on contractor payments for individual contractors is usually higher than for corporate contractors.

• It is important to check the specific TDS rates ...read more

To preview a bill in Tally Prime, go to the display menu and select the voucher register.

• Open Tally Prime and login to your account.

• Click on the 'Display' menu at the top of the screen.

• Select 'Voucher Register' from the options.

• Choose the appropriate voucher type for the bill you want to preview.

• Scroll through the list to find the bill you want to preview.

• Click on the bill to view its details and preview the bill.

Two way matching and three way matching are methods used in accounting to ensure accuracy in financial transactions.

• Two way matching involves comparing the invoice from a vendor with the purchase order to ensure the prices and quantities match.

• Three way matching adds the additional step of comparing the received goods to the purchase order and invoice to ensure all three documents match.

• These matching processes help prevent errors, fraud, and discrepancies in financial record...read more

Accounting Standards and Conventions are guidelines and principles that govern the preparation and presentation of financial statements.

• Accounting Standards are rules and regulations set by accounting bodies to ensure consistency and transparency in financial reporting.

• Accounting Conventions are traditions and practices followed by accountants over time.

• Examples of Accounting Standards include IFRS (International Financial Reporting Standards) and GAAP (Generally Accepted Acc...read more

TDS stands for Tax Deducted at Source. Principal refers to the original amount of money borrowed or invested.

• TDS is a tax collected by the government at the source of income.

• It is deducted from the payment made to the recipient.

• The rate of TDS varies depending on the type of income and the amount.

• Principal is the original amount of money borrowed or invested.

• It does not include any interest or additional charges.

• For example, if you borrow Rs. 10,000 from a bank, the principal...read more

The GST rate of electronic products in India is 18%.

• GST rate for electronic products in India is 18%

• Some electronic products like smartphones, laptops, and tablets fall under this category

• GST rates may vary for different electronic products based on their classification

The due date to file TDS varies depending on the type of TDS and the entity's status.

• The due date for filing TDS returns for non-government deductors is typically the 7th of the following month.

• For government deductors, the due date is the last day of the following month.

• However, the due date may differ for specific types of TDS, such as TDS on salary or TDS on rent.

• Late filing of TDS returns may attract penalties and interest.

• It is important to stay updated with the latest n...read more

Accounts is required to keep track of financial transactions and ensure financial stability of an organization.

• Accounts help in maintaining financial records and tracking expenses.

• It helps in preparing financial statements and reports for analysis.

• Accounts aid in budgeting and forecasting for future financial planning.

• It ensures compliance with legal and regulatory requirements.

• Accounts also help in detecting and preventing fraud and errors.

• For example, a company needs to mai...read more

There are three types of GST in India: CGST, SGST, and IGST.

• CGST (Central Goods and Services Tax) is levied by the central government on intra-state supplies of goods and services.

• SGST (State Goods and Services Tax) is levied by the state government on intra-state supplies of goods and services.

• IGST (Integrated Goods and Services Tax) is levied by the central government on inter-state supplies of goods and services.

The golden rule of accounting is to debit the receiver and credit the giver.

• Debit the account that receives something

• Credit the account that gives something

• Maintains the balance sheet equation

• Used in double-entry bookkeeping

• Example: When a company receives cash, debit the cash account and credit the revenue account

Maintaining balance between compliance and ease of doing business is crucial for an Executive Accountant.

• Strive to ensure compliance with all relevant laws, regulations, and accounting standards.

• Implement efficient processes and systems to streamline business operations and reduce administrative burden.

• Regularly review and update internal controls to mitigate risks and ensure accuracy of financial reporting.

• Provide guidance and support to the organization in navigating comple...read more

The question is asking if the candidate is comfortable with commuting from Ankleshwar to Dahej.

• Ankleshwar and Dahej are two cities in Gujarat, India.

• Dahej is approximately 45 kilometers away from Ankleshwar.

• The commute between Ankleshwar and Dahej can be done by road or train.

• The question is assessing the candidate's willingness to travel for work.

TDS payment due date is 7th of next month, TDS return due date varies based on quarter

• TDS payment due date is 7th of the following month in which TDS is deducted

• TDS return due dates are as follows: Q1 - 31st July, Q2 - 31st October, Q3 - 31st January, Q4 - 31st May

• Late filing of TDS returns can attract penalties

Zero is important in my life because it represents balance and starting point.

• Zero represents a starting point or baseline in accounting.

• It is used to balance debits and credits in financial statements.

• Zero is also important in budgeting and forecasting as it represents a neutral position.

• In inventory management, zero represents the point at which stock needs to be replenished.

• Zero is crucial in calculating percentages and ratios.

• In mathematics, zero is the foundation of nume...read more

Standard PO is a one-time purchase order for a specific quantity of goods or services, while Blanket PO is a long-term agreement for multiple purchases over a period of time.

• Standard PO is used for one-time purchases of a specific quantity of goods or services.

• Blanket PO is a long-term agreement for multiple purchases over a period of time.

• Standard PO typically has a set expiration date, while Blanket PO may cover multiple deliveries over a period of time.

• Example: Ordering of...read more

AP stands for Accounts Payable, which involves money owed by a company to its suppliers. AR stands for Accounts Receivable, which involves money owed to a company by its customers.

• AP involves outgoing money, while AR involves incoming money

• AP is recorded as a liability on the balance sheet, while AR is recorded as an asset

• AP is managed by the finance department, while AR is managed by the sales department

There are various types of accounts such as savings, current, fixed deposit, recurring deposit, etc.

• Savings account: Used for regular transactions and earns interest

• Current account: Used for business transactions and does not earn interest

• Fixed deposit account: A lump sum amount is deposited for a fixed period of time and earns higher interest

• Recurring deposit account: A fixed amount is deposited at regular intervals for a fixed period of time and earns interest

• Demat account:...read more