30+ Junior Accounts Executive Interview Questions and Answers

Yes, I am familiar with GST TDS and ITC return filing, tax audit, EPR import and export work.

• I have experience in filing GST TDS and ITC returns for my previous employer.

• I am aware of the tax audit process and have assisted in preparing documents for it.

• I have worked on EPR import and export work, including documentation and compliance.

• I stay updated with the latest changes in GST regulations and ensure compliance with them.

I can bring my strong analytical skills, attention to detail, and ability to work well in a team to idealake.

• I have experience in analyzing financial data and identifying trends and patterns.

• I am highly detail-oriented and can ensure accuracy in financial records and reports.

• I am a team player and can collaborate effectively with colleagues to achieve common goals.

• I am eager to learn and grow in my role, and am committed to contributing to the success of idealake.

To check GST and net amount on an invoice, calculate GST amount by multiplying net amount by GST rate, then add it to net amount.

• Calculate GST amount by multiplying net amount by GST rate (e.g. 18% GST on $100 = $18)

• Add GST amount to net amount to get payable amount (e.g. $100 + $18 = $118)

• Verify that the total payable amount matches the sum of net amount and GST amount

Yes, errors identified by oneself can be removed, especially non-fatal errors.

• Self-identified errors can be corrected by revisiting the task and making necessary adjustments.

• Non-fatal errors are typically easier to rectify compared to fatal errors.

• Examples include data entry mistakes, calculation errors, and formatting issues.

Idealake's innovative approach to problem-solving and commitment to client satisfaction interests me.

• Idealake's focus on innovation and creativity aligns with my own values and interests.

• I am impressed by Idealake's track record of delivering high-quality solutions to clients.

• Idealake's emphasis on collaboration and teamwork is appealing to me.

• I am excited about the opportunity to work with a company that is dedicated to client satisfaction and success.

My sources of research and ideation include industry publications, online forums, networking with professionals, and attending conferences.

• Industry publications

• Online forums

• Networking with professionals

• Attending conferences

I have 2 years of experience in the accounts field.

• Worked as an intern at XYZ Company, handling accounts payable and receivable.

• Managed financial records and prepared monthly financial statements.

• Assisted in budgeting and forecasting processes.

• Proficient in using accounting software such as QuickBooks and Excel.

• Handled bank reconciliations and assisted in audits.

• Implemented cost-saving measures resulting in a 10% reduction in expenses.

The accounting entries of accounts payable involve crediting accounts payable and debiting the corresponding expense or asset account.

• Accounts Payable (credit)

• Expense or Asset Account (debit)

VLOOKUP is a function in Excel used to search for a value in a table and return a corresponding value from another column.

• VLOOKUP stands for 'Vertical Lookup'

• It is commonly used in Excel to search for a value in the leftmost column of a table and return a value in the same row from a specified column

• It is useful for quickly finding information in large datasets

• Example: =VLOOKUP(A2, Sheet2!A1:B100, 2, FALSE) - This formula searches for the value in cell A2 in the range A1:B100...read more

Yes, Index match formula can be applied on large data sets for efficient lookup and retrieval.

• Index match formula is commonly used in Excel to lookup values based on a specific criteria.

• It is more efficient than VLOOKUP for large data sets as it does not require the data to be sorted.

• Index match can handle large data sets with thousands of rows and columns without any performance issues.

• Example: =INDEX($B$2:$B$1000, MATCH($E2, $A$2:$A$1000, 0)) will return the value in column...read more

Penalties are imposed for late filing of tax returns or other documents.

• Penalties vary depending on the type of document and the length of delay.

• Late filing of income tax returns can result in a penalty of up to 5% of the tax due.

• Late filing of VAT returns can result in a penalty of up to 15% of the VAT due.

• Penalties can also be imposed for late payment of taxes.

• Penalties can be avoided by filing and paying on time or by requesting an extension.

Working capital refers to the difference between current assets and current liabilities of a company.

• Working capital is essential for day-to-day operations of a business.

• It represents the liquidity available to a company for its operations.

• Formula: Working Capital = Current Assets - Current Liabilities

• Examples of current assets include cash, inventory, and accounts receivable.

• Examples of current liabilities include accounts payable and short-term debt.

Outstanding amounts are maintained by regularly following up with clients, sending reminders, and updating records.

• Regularly follow up with clients to remind them of outstanding amounts

• Send reminders through emails, phone calls, or letters

• Update records to accurately reflect the status of outstanding amounts

• Negotiate payment plans with clients if necessary

• Utilize accounting software to track and manage outstanding amounts

Types of GST include CGST, SGST, IGST, and UTGST.

• Central Goods and Services Tax (CGST) - levied by the central government on intra-state supplies

• State Goods and Services Tax (SGST) - levied by the state government on intra-state supplies

• Integrated Goods and Services Tax (IGST) - levied by the central government on inter-state supplies

• Union Territory Goods and Services Tax (UTGST) - levied by the union territories on intra-UT supplies

GST stands for Goods and Services Tax, a value-added tax levied on most goods and services sold for domestic consumption.

• GST was implemented in India on July 1, 2017

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

• It has 4 tax slabs - 5%, 12%, 18%, and 28%

• GST has simplified the tax structure and made it easier for businesses to comply with tax laws

TDS deduction rules are important for accounts executives to understand tax compliance.

• TDS should be deducted at the specified rates as per the Income Tax Act, 1961.

• TDS should be deposited to the government within the due dates to avoid penalties.

• Example: If an individual's salary is above the specified threshold, TDS should be deducted by the employer.

• Example: If a contractor receives payment above a certain limit, TDS should be deducted by the payer.

Accounting software is a type of application software used by businesses to manage and automate financial processes.

• Helps in recording financial transactions

• Generates financial reports

• Automates tasks like invoicing and payroll

• Tracks expenses and income

• Examples: QuickBooks, Xero, FreshBooks

Journal entries are records of financial transactions in chronological order.

• Journal entries are used to record transactions in the accounting system.

• Each entry includes the date, accounts involved, and amounts debited or credited.

• Debits and credits must always balance in a journal entry.

• Example: Debiting cash account and crediting sales account for a cash sale transaction.

ESI limitation refers to the maximum monthly salary on which ESI contributions are calculated.

• ESI limitation for contribution calculation is currently set at Rs. 21,000 per month.

• Employees earning above this limit are not required to contribute to ESI.

• Employers, however, are required to contribute their share on the total salary of the employee.

• ESI contributions are calculated as a percentage of the employee's salary, subject to the limitation.

TDS section refers to the section of the Income Tax Act that deals with Tax Deducted at Source.

• TDS section is a provision under the Income Tax Act, 1961.

• It requires the deduction of tax at the source of income.

• The person making the payment is responsible for deducting the tax and depositing it with the government.

• TDS rates vary depending on the nature of payment and the status of the recipient.

• For example, TDS is deducted on salaries, interest, rent, commission, etc.

Tangible assets are physical assets that can be seen and touched, such as equipment, machinery, buildings, and vehicles.

• Tangible assets have a physical form and can be used in the operations of a business.

• They are typically listed on a company's balance sheet and can be depreciated over time.

• Examples include land, buildings, vehicles, machinery, equipment, and furniture.

• Tangible assets are easier to value compared to intangible assets like patents or trademarks.

Golden rules of Accounting are basic principles that guide the process of accounting.

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

• The second golden rule is to maintain a separate record for each account.

• The third golden rule is to ensure that the debit and credit entries are equal.

• These rules help in maintaining accuracy and consistency in accounting.

• For example, if a company purchases inventory on credit, the transaction should be recorded in t...read more

TDS stands for Tax Deducted at Source and is a tax collection mechanism in India.

• TDS is a tax deduction mechanism where the payer deducts a certain percentage of tax from the payment made to the payee.

• The deducted tax is then deposited with the government on behalf of the payee.

• TDS is applicable to various types of payments such as salary, rent, commission, etc.

• The rate of TDS varies depending on the type of payment and the amount being paid.

• TDS certificates are issued to the...read more

Demat account is an account that holds shares and securities in electronic form.

• Demat account eliminates the need for physical share certificates

• It allows for easy and convenient trading of securities

• Investors can access their demat account online to track their holdings

• Demat account is mandatory for trading in the stock market

Credit is the ability to obtain goods or services before payment, based on the trust that payment will be made in the future.

• Credit is a financial arrangement where a borrower receives something of value with the promise to repay later.

• It is commonly used for purchasing items like cars, homes, and appliances.

• Credit can also refer to the positive balance in a person's account or the amount of money available to borrow.

• Credit can be extended by banks, credit card companies, or ...read more

An account is a record of financial transactions for a specific entity, used to track income, expenses, assets, and liabilities.

• An account is used to track financial transactions for a specific entity.

• It includes records of income, expenses, assets, and liabilities.

• Accounts are essential for financial reporting and analysis.

• Examples of accounts include cash account, accounts receivable, and accounts payable.

Capital refers to financial assets or the financial value of assets such as cash, equipment, property, and investments.

• Capital can include both tangible assets like buildings and machinery, as well as intangible assets like patents and trademarks.

• It is essential for businesses to have enough capital to cover their expenses and invest in growth.

• Capital can be raised through equity financing (selling shares of the company) or debt financing (taking out loans).

Purchase entry of xyz company involves recording the purchase of goods or services in the company's accounting system.

• Record the purchase amount in the accounts payable ledger

• Debit the inventory or expense account for the purchase

• Credit the accounts payable account for the amount owed

• Include details such as vendor name, invoice number, and date of purchase

Golden rules of accounting are basic principles that guide the process of recording financial transactions.

• Maintain separate personal and business accounts

• Record every transaction accurately

• Follow the principle of double-entry accounting

• Prepare financial statements regularly

• Always keep proper documentation

A type of account refers to the classification of accounts based on their nature and purpose.

• Types of accounts include assets, liabilities, equity, revenue, and expenses.

• Assets are resources owned by the company, such as cash, inventory, and equipment.

• Liabilities are obligations owed by the company, such as loans and accounts payable.

• Equity represents the owner's stake in the business.

• Revenue is income generated from the company's operations.

• Expenses are costs incurred to gen...read more

The type of golden rule refers to the principle of treating others as you would like to be treated.

• The golden rule is a moral principle that encourages empathy and kindness towards others.

• It is often expressed as 'Do unto others as you would have them do unto you.'

• This principle can be found in various religions and philosophies around the world.

• Examples include helping a coworker in need, being respectful to others, and practicing good manners.

• Following the golden rule can l...read more