Finance Accounts Executive

Finance Accounts Executive Interview Questions and Answers

Updated 12 Oct 2023

Q1. What Is GST composition? What is gst eligibility less than or upper than? Account type? What is GSTR1, GSTR2 and GSTR3? Different is GSTR1 and GSTR3? What is data reconciliation in gst form? What is golden rule...

Ans.

GST composition is a scheme for small businesses with turnover less than a certain amount to pay a fixed percentage of their turnover as tax.

GST composition is a scheme for small businesses with turnover less than a certain amount to pay a fixed percentage of their turnover as tax
GST eligibility is determined based on the turnover of the business, with different rates for businesses with turnover less than or greater than a specified threshold
GSTR1, GSTR2, and GSTR3 are diffe...read more

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Q2. What does account mean? What about the sap? What happen to transaction code in sap software?

Ans.

An account in finance refers to a record of financial transactions, SAP is a software used for managing business operations, and transaction codes in SAP are shortcuts for executing specific functions.

An account in finance is a record of financial transactions related to a specific entity or activity.
SAP is a software system used by businesses for managing various operations such as finance, sales, and production.
Transaction codes in SAP are shortcuts that allow users to quic...read more

Q3. what is difference between busy and tally?

Ans.

Busy is an accounting software while Tally is an accounting software widely used in India.

Busy is an accounting software developed by Busy Infotech Pvt. Ltd. and is popular in countries like Nepal, Bangladesh, and Sri Lanka.
Tally is an accounting software developed by Tally Solutions and is widely used in India for managing financial transactions.
Both Busy and Tally offer features like inventory management, invoicing, and financial reporting.
Busy has a user-friendly interface...read more

Q4. What is the difference between tally and sap?

Ans.

Tally is a basic accounting software used for small businesses, while SAP is an advanced enterprise resource planning software used by large corporations.

Tally is designed for small businesses, while SAP is designed for large corporations.
Tally is more affordable and easier to use compared to SAP.
SAP offers more advanced features such as supply chain management and customer relationship management.
Tally is suitable for basic accounting functions like invoicing and inventory m...read more

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Q5. When to file gst return month wise fix date?

Ans.

GST returns are filed monthly on a fixed date based on the type of taxpayer.

GST returns for regular taxpayers are filed monthly by the 20th of the following month.
GST returns for composition scheme taxpayers are filed quarterly by the 18th of the month following the quarter.
GST returns for input service distributors are filed monthly by the 13th of the following month.
Late filing of GST returns can attract penalties and interest.