Paid Assistant Interview Questions and Answers

RBI has prudential norms for asset classification into different categories.

• RBI has defined different categories of assets based on their quality and recovery prospects.

• Assets are classified into four categories - Standard, Sub-standard, Doubtful, and Loss.

• The classification is based on the period for which the asset has remained non-performing.

• The classification determines the provisioning requirements for the bank.

• For example, a standard asset requires no provisioning, whil...read more

CARO 2016 Clause 1 deals with disclosure of fixed assets in financial statements.

• Clause 1 of CARO 2016 requires companies to disclose details of their fixed assets in their financial statements.

• This includes information on the cost, depreciation, and net value of fixed assets.

• Companies must also disclose any revaluation of fixed assets and the method used for such revaluation.

• Examples of fixed assets include land, buildings, machinery, and vehicles.

• Disclosure of fixed assets ...read more

Partner withdrawal refers to the process of a partner leaving a business or organization.

• It can occur for various reasons such as retirement, disagreement with other partners, or personal reasons.

• The withdrawal may involve the partner selling their share of the business or transferring ownership to the remaining partners.

• It is important for the remaining partners to have a plan in place for handling the departure of a partner to ensure the continued success of the business.

• Ex...read more

GSTR9C is a reconciliation statement to be filed by taxpayers with an annual turnover exceeding 2 crores.

• GSTR9C is a combination of GSTR9 and GSTR9A.

• It is a statement of reconciliation between the annual returns and the audited financial statements.

• It is mandatory for taxpayers with an annual turnover exceeding 2 crores.

• It must be certified by a Chartered Accountant or Cost Accountant.

• It helps in identifying any discrepancies between the returns filed and the financial statem...read more