600+ Executive Accountant Interview Questions and Answers

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.

The salary structure for Capgemini in accounts profile varies based on experience and job role.

• The salary range for entry-level positions is around $40,000 to $60,000 per year

• For mid-level positions, the salary range is around $70,000 to $100,000 per year

• Senior-level positions can earn upwards of $150,000 per year

• Bonuses and benefits are also offered based on performance and tenure

Yes, I have experience in advance excel and TDS payment and returns.

• I have worked extensively with advance excel and can handle complex spreadsheets.

• I am well-versed with TDS payment procedures and have experience in making timely payments.

• I have filed TDS returns in the past and understand the process thoroughly.

• I am comfortable using various software and tools related to accounting and finance.

The contribution rate from employee and employer refers to the percentage of salary that each party contributes towards a retirement or pension plan.

• The contribution rate is typically determined by the retirement plan or pension scheme in place.

• In many cases, the employee and employer each contribute a certain percentage of the employee's salary.

• For example, the employee may contribute 5% of their salary while the employer contributes 10%.

• The total contribution rate is the su...read more

The rules of accounts for daily entries include the principles of double-entry bookkeeping, accrual accounting, and the matching principle.

• Double-entry bookkeeping: Every transaction should have equal debits and credits to maintain the balance.

• Accrual accounting: Revenue and expenses should be recorded when earned or incurred, regardless of when the cash is received or paid.

• Matching principle: Expenses should be matched with the revenue they generate in the same accounting pe...read more

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

Accounting is the process of recording, classifying, and summarizing financial transactions to provide information that is useful in making business decisions.

• Basic principles of accounting include the accounting equation, double-entry accounting, and the accrual basis of accounting.

• The accounting equation states that assets must equal liabilities plus equity.

• Double-entry accounting requires that every transaction have equal debits and credits.

• The accrual basis of accounting ...read more

Standard operating procedure for accounts payable involves receiving invoices, verifying accuracy, obtaining approvals, processing payments, and maintaining records.

• Receive invoices from vendors

• Verify accuracy of invoices against purchase orders and receipts

• Obtain necessary approvals for payment

• Process payments through approved payment methods

• Maintain detailed records of all transactions

To post month end journal entry like prepaid and provision, ensure accurate calculations and proper documentation.

• Calculate the amount to be prepaid or provisioned based on expenses incurred but not yet recorded.

• Create journal entries to debit prepaid or provision account and credit corresponding expense account.

• Ensure proper documentation and approval for the journal entries.

• Review and reconcile prepaid and provision accounts regularly to adjust for any changes.

• Include detai...read more

Here are 5 currencies with their respective countries:

• US Dollar - United States

• Euro - European Union

• Japanese Yen - Japan

• British Pound - United Kingdom

• Canadian Dollar - Canada

Yes, advance payment received from client needs to be filled in GSTR return.

• Advance payment received from client is considered as a liability and needs to be reported in GSTR return.

• It should be reported in the month in which the advance payment is received.

• If the advance payment is adjusted against the invoice, then it needs to be reported in the month in which the invoice is issued.

• Failure to report advance payments can result in penalties and interest charges.

Cost sheet format includes direct and indirect costs. Cost audit report has 4 parts: A - General information, B - Cost accounting records, C - Cost statements, D - Reconciliation.

• Cost sheet format includes direct and indirect costs

• Direct costs include raw materials, labor, and other expenses directly related to production

• Indirect costs include rent, utilities, and other expenses not directly related to production

• Cost audit report has 4 parts: A - General information, B - Cost...read more

Yes, I have knowledge of Tally and other accounting software.

• I am proficient in using Tally for maintaining financial records and generating reports.

• I have also worked with other accounting software such as QuickBooks and Xero.

• I am familiar with various features of Tally, such as voucher entry, inventory management, and financial statements.

• I have used Tally to reconcile bank statements, track expenses, and prepare tax returns.

• I am comfortable learning and adapting to new acc...read more

To enhance efficiency in preparing MIS and ensure no data mismatch, follow these pointers:

• Standardize data collection and reporting processes

• Implement automated data validation checks

• Regularly reconcile data with source documents

• Utilize data management tools and software

• Train staff on data entry and verification best practices

Net worth is the value of assets minus liabilities of an individual or company.

• Net worth = Assets - Liabilities

• Assets include cash, investments, property, and other valuables

• Liabilities include debts, loans, and other financial obligations

• Net worth is a measure of financial health and stability

• Example: If an individual has $100,000 in assets and $50,000 in liabilities, their net worth is $50,000

Accounts principles are the fundamental guidelines and rules that govern the preparation and presentation of financial statements.

• Accounts principles provide a framework for recording, classifying, and reporting financial transactions.

• They ensure consistency, comparability, and transparency in financial reporting.

• Examples of accounts principles include the accrual basis of accounting, matching principle, and going concern principle.

• TDS (Tax Deducted at Source) is a system in ...read more

Yes, I am familiar with FDI and FEMA in the international market.

• FDI stands for Foreign Direct Investment and refers to the investment made by a company or individual in a foreign country.

• FEMA stands for Foreign Exchange Management Act and is a law that regulates foreign exchange transactions in India.

• I am aware of the regulations and guidelines related to FDI and FEMA in India.

• For example, FDI in certain sectors may require government approval and FEMA regulates the transfer...read more

To maintain books to report debtors and creditors daily, follow these steps:

• Record all sales and purchases transactions accurately and timely

• Maintain separate accounts for each debtor and creditor

• Update the accounts receivable and accounts payable ledgers daily

• Reconcile the balances in the ledgers with the general ledger regularly

• Generate daily reports showing the outstanding balances of debtors and creditors

The steps for new vendor creation involve gathering information, verifying details, setting up payment terms, and creating a vendor account.

• Gather necessary information such as vendor name, address, tax ID, and contact information

• Verify vendor details through background checks and credit checks

• Set up payment terms and negotiate pricing

• Create a vendor account in the accounting system and input all relevant information

• Ensure all necessary documentation is obtained and filed app...read more

Exceptions are abnormal conditions or errors that occur during the execution of a program.

• Exceptions are used to handle errors and exceptional situations in programming.

• They allow the program to gracefully handle unexpected situations and prevent crashes.

• Examples of exceptions include divide by zero, file not found, and out of memory errors.

Yes, I can perform v look up in Excel.

• Open Excel and select the cell where you want to perform the v lookup

• Click on the 'Formulas' tab and select 'Lookup & Reference'

• Choose 'VLOOKUP' from the dropdown menu

• Enter the lookup value, table array, column index number, and range lookup

• Press enter to complete the formula

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

I have extensive knowledge and experience in using Excel, Word, and Tally for accounting purposes.

• Proficient in using Excel for data analysis, financial modeling, and creating reports

• Skilled in using Word for document creation, formatting, and editing

• Familiar with Tally software for maintaining and managing accounts

• Experience in using advanced Excel functions such as VLOOKUP, PivotTables, and macros

• Ability to generate financial statements, balance sheets, and income statement...read more

In Tally ERP9, you can create various types of ledgers to track different financial transactions.

• Tally ERP9 allows you to create primary ledgers, which are used to record transactions directly.

• You can also create group ledgers to group similar primary ledgers together.

• Tally ERP9 supports the creation of cash ledgers to track cash transactions.

• Bank ledgers can be created to record transactions related to bank accounts.

• Sales and purchase ledgers are used to track sales and purc...read more

Yes, I am capable of filing all types of GST returns.

• I have experience in filing GSTR-1, GSTR-2, GSTR-3B, and GSTR-9 returns.

• I am familiar with the GST portal and its functionalities.

• I keep myself updated with the latest GST rules and regulations.

• I have a good understanding of GST compliance and documentation.

• I am proficient in using accounting software like Tally and QuickBooks for GST filing.

I'm sorry, but you haven't provided a topic for me to talk about.

• Please provide a topic for me to discuss.

• I am happy to share my knowledge and expertise on a variety of subjects.

• If you have any specific questions or areas of interest, please let me know.

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.

The three golden rules of accounting are the principles that guide the recording of financial transactions.

• The first golden rule is the Personal Account rule, which states that debit the receiver and credit the giver.

• The second golden rule is the Real Account rule, which states that debit what comes in and credit what goes out.

• The third golden rule is the Nominal Account rule, which states that debit all expenses and losses and credit all incomes and gains.

A purchase return journal entry is made to record the return of goods purchased from a supplier.

• Debit the accounts payable or trade payable account

• Credit the inventory or stock account

• Include any applicable taxes or discounts in the journal entry

• Ensure the entry is properly documented with the date, description, and amount

• Example: Debit Accounts Payable $1,000, Credit Inventory $1,000

TDS sections, GST rets, payable and receivable, and BRS are all related to accounting and taxation.

• TDS sections refer to the different sections of the Income Tax Act that deal with Tax Deducted at Source.

• GST rets refers to the Goods and Services Tax returns that need to be filed by businesses.

• Payable refers to the amount of tax or other liabilities that a company owes to the government or other entities.

• Receivable refers to the amount of tax or other income that a company is ...read more

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

Accounting concept refers to the basic assumptions and principles that guide the preparation of financial statements.

• Accounting concept includes principles like accrual, consistency, materiality, and conservatism.

• The procedure involves recording financial transactions, classifying them, summarizing them, and preparing financial statements.

• The financial statements include the balance sheet, income statement, and cash flow statement.

• The accounting cycle involves analyzing trans...read more

Entries in Tally are made by selecting the appropriate voucher type, entering details, and saving the entry. Credit notes are generated for sales returns, and debit notes are generated for purchase returns.

• Select the appropriate voucher type (e.g. sales, purchase, payment, receipt)

• Enter details such as party name, amount, and narration

• Save the entry to record it in the ledger

• Credit notes are generated for sales returns (e.g. when a customer returns goods)

• Debit notes are gener...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 rate of TDS applicable on Professional fees is 10%.

• TDS stands for Tax Deducted at Source.

• The rate of TDS on professional fees is 10%.

• This applies to payments made to professionals like doctors, lawyers, architects, etc.

• If the professional has provided their PAN card details, the TDS rate may be reduced to 1%.

• The TDS amount deducted needs to be deposited with the government within a specified time period.

PO and non-PO based invoices are two different types of invoices used in accounting.

• PO-based invoices are generated when a purchase order is issued by a buyer to a supplier before the goods or services are received.

• Non-PO based invoices are generated when there is no purchase order involved, and the invoice is based on an agreement or contract between the buyer and supplier.

• PO-based invoices require matching with the corresponding purchase order and goods receipt before payme...read more

Finance refers to the management of money and investments.

• Finance involves the allocation, acquisition, and utilization of funds.

• It includes activities such as budgeting, financial planning, and investment analysis.

• Finance helps individuals and organizations make informed decisions about money.

• Examples of finance include managing personal savings, analyzing company financial statements, and evaluating investment opportunities.

Various sections of TDS and applicable rates include salary, interest, rent, professional fees, etc.

• Section 192 - TDS on salary at applicable slab rates

• Section 194A - TDS on interest (other than securities) at 10%

• Section 194I - TDS on rent at 10% for land/building and 2% for machinery/equipment

• Section 194J - TDS on professional fees at 10%

• Section 194C - TDS on payments to contractors/sub-contractors at 1% or 2%

Creating an invoice in QuickBooks involves entering customer details, adding products/services, setting payment terms, and sending the invoice.

• Enter customer details such as name, address, and contact information.

• Add products or services provided to the customer along with quantities and prices.

• Set payment terms including due date and payment method.

• Review the invoice for accuracy and completeness before sending it to the customer.

• Send the invoice to the customer via email or...read more

Bank reconciliation in QuickBooks involves comparing the company's records with the bank statement to ensure accuracy.

• Start by comparing the ending balance on the bank statement with the ending balance in QuickBooks.

• Review and match each transaction on the bank statement with the corresponding entry in QuickBooks.

• Identify any discrepancies and make necessary adjustments in QuickBooks to reconcile the differences.

• Once all transactions are matched and any discrepancies are reso...read more

Bank reconciliation is the process of comparing and matching the balances in a company's accounting records with the bank statement.

• Start by gathering the bank statement and the company's accounting records

• Compare the ending balance on the bank statement with the ending balance in the accounting records

• Identify any discrepancies, such as outstanding checks or deposits in transit

• Adjust the accounting records to reflect the correct balances

• Reconcile any differences by making ne...read more

TDS rates for 194c, 194j, 194IB, PF and ESI.

• TDS rate for 194c is 2% for contracts

• TDS rate for 194j is 10% for professional services

• TDS rate for 194IB is 5% for commission

• PF rate is 12% for employee and employer contribution

• ESI rate is 4% for employee and 3.25% for employer contribution

Filling in GST R1 and 3B on the last date is the submission of monthly returns for sales and purchases made by a registered taxpayer.

• GST R1 is a monthly return that contains details of outward supplies made by the taxpayer, while GST 3B is a summary of the taxpayer's monthly sales and purchases.

• The last date for filing GST R1 and 3B is the 20th of the following month.

• Late filing of returns can result in penalties and interest charges.

A journal entry of purchase records the purchase of goods or services.

• Debit the Purchases account to record the cost of the goods or services purchased

• Credit the Accounts Payable or Cash account to record the payment made for the purchase

• Include additional details such as the date, vendor name, and invoice number

• Ensure the journal entry is balanced, with the total debits equaling the total credits

VMD creation requires knowledge of accounting principles, software proficiency, and attention to detail.

• Understanding of accounting principles and practices

• Proficiency in accounting software such as QuickBooks or Xero

• Attention to detail to ensure accuracy of financial data

• Ability to analyze financial data and create reports

• Knowledge of tax laws and regulations

• Communication skills to work with clients and team members

Accounts Payable refers to the amount of money a company owes to its vendors or suppliers for goods or services received.

• Accounts Payable is a liability account in the company's balance sheet.

• It represents the amount of money that the company owes to its vendors or suppliers.

• It includes invoices received but not yet paid, as well as any other outstanding bills.

• Accounts Payable is an important part of a company's cash flow management.

• Examples of Accounts Payable include rent, ...read more

2 way match is a comparison of the invoice and purchase order, while 3 way match includes the receipt of goods as well.

• 2 way match compares the invoice and purchase order to ensure they match

• 3 way match includes the receipt of goods to verify all three documents match

• 2 way match is commonly used for non-inventory items, while 3 way match is used for inventory items

• In a 2 way match, the quantity and price on the invoice and purchase order are compared

• In a 3 way match, the quan...read more