10+ Internal Auditor/ Internal Controls Interview Questions and Answers

The shortcut key to copy and paste narration in Tally ERP is Ctrl+Alt+C and Ctrl+Alt+V respectively.

• The shortcut key for copying narration in Tally ERP is Ctrl+Alt+C.

• The shortcut key for pasting narration in Tally ERP is Ctrl+Alt+V.

• These shortcuts can be used to quickly copy and paste narration while working in Tally ERP.

• For example, if you want to copy a narration from one entry and paste it into another, you can use these shortcut keys.

The shortcut key to repeat an accounting entry in Tally ERP software is Ctrl+R.

• The shortcut key Ctrl+R allows users to quickly repeat the last accounting entry made in Tally ERP software.

• This feature is useful when multiple entries need to be made with similar details, saving time and effort.

• For example, if a user has entered a sales transaction and wants to repeat the same entry for another customer, they can simply press Ctrl+R to duplicate the previous entry and make neces...read more

There is no shortcut key to shut any company in Tally ERP.

• There is no specific shortcut key to shut any company in Tally ERP.

• To shut down a company in Tally ERP, you need to follow a series of steps.

• You can use the 'Close Company' option in the Gateway of Tally to shut down a company.

• Alternatively, you can use the shortcut key 'Alt+F1' to access the 'Close Company' option.

• After selecting the 'Close Company' option, you will be prompted to confirm the closure.

• Once confirmed, t...read more

Direct expenses are directly related to production while indirect expenses are not. They impact P&L account differently.

• Direct expenses are costs that are directly related to the production of goods or services, such as raw materials, labor, and manufacturing overhead.

• Indirect expenses are costs that are not directly related to production, such as rent, utilities, and office supplies.

• Direct expenses are included in the cost of goods sold (COGS) and have a direct impact on the...read more

Internal Control functions are processes implemented by an organization to ensure the achievement of its objectives.

• Internal Control functions are designed to manage risks and ensure compliance with laws and regulations.

• They involve the establishment of policies and procedures, segregation of duties, and monitoring of activities.

• Examples of Internal Control functions include financial reporting, inventory management, and information technology security.

• Internal Control functi...read more

Separate Entity system is a concept in accounting where a business is treated as a distinct entity from its owners.

• Separate Entity system is also known as Entity Theory.

• It means that the business is considered a separate legal entity from its owners.

• The business has its own assets, liabilities, and equity, which are separate from those of the owners.

• This concept is important in accounting as it helps to ensure that the financial statements of the business are accurate and rel...read more

Real accounts are accounts that represent assets, liabilities, and equity.

• Real accounts are permanent accounts that are not closed at the end of an accounting period.

• Examples of real accounts include cash, accounts receivable, accounts payable, inventory, and property, plant, and equipment.

• Real accounts are also known as balance sheet accounts.

• They are called real accounts because they represent real things that exist in the business world.

There are five golden rules of accounting.

• The first rule is to maintain a record of all financial transactions.

• The second rule is to record transactions in the appropriate account.

• The third rule is to ensure that all transactions are recorded at their actual cost.

• The fourth rule is to record all transactions in the currency of the country where the transaction occurred.

• The fifth rule is to prepare a balance sheet and income statement at the end of each accounting period.

Capital in business refers to the financial resources used to start and operate a business.

• Capital can come from various sources such as investors, loans, or personal savings.

• It is used to purchase assets, pay for expenses, and invest in growth opportunities.

• Capital is essential for businesses to operate and expand.

• Examples of capital include cash, equipment, buildings, and inventory.

• Effective management of capital is crucial for the success of a business.

There are 4 types of GSTR in India.

• GSTR-1: Outward supplies made by the taxpayer

• GSTR-2: Inward supplies received by the taxpayer

• GSTR-3: Monthly return based on GSTR-1 and GSTR-2

• GSTR-9: Annual return

Expenses budget is a financial plan that outlines the expected costs of a business or individual over a specific period.

• It is a projection of expected expenses for a specific period

• It helps in managing cash flow and avoiding overspending

• It can be used to identify areas where expenses can be reduced

• Examples include rent, utilities, salaries, and supplies

Book-keeping is the process of recording financial transactions and maintaining financial records.

• It involves recording all financial transactions of a business.

• It includes maintaining records of purchases, sales, receipts, and payments.

• Book-keeping helps in preparing financial statements and tax returns.

• It is important for businesses to maintain accurate and up-to-date book-keeping records.

• Examples of book-keeping software include QuickBooks and Xero.