20+ Senior Accountant Interview Questions and Answers for Freshers

Yes, I am familiar with TDS, TCS, and the process of filing returns for these taxes.

• I have experience in calculating and deducting TDS from various payments such as salaries, rent, and professional fees.

• I am knowledgeable about the rates of TDS applicable for different types of payments and the deadlines for depositing the deducted amount with the government.

• I understand the concept of TCS and how it is collected by sellers at the time of sale of certain goods.

• I am proficient...read more

Various income heads outlined by income tax rules include salary, house property, business or profession, capital gains, and other sources.

• Salary income includes wages, bonuses, commissions, and allowances.

• House property income includes rental income from properties owned by the taxpayer.

• Business or profession income includes profits from business activities or professional services rendered.

• Capital gains income includes gains from the sale of capital assets like stocks, real...read more

The five-step model for revenue recognition outlines the process for recognizing revenue from contracts with customers.

• Identify the contract with the customer

• Identify the performance obligations in the contract

• Determine the transaction price

• Allocate the transaction price to the performance obligations

• Recognize revenue as the performance obligations are satisfied

Valuation methods in transfer pricing include comparable uncontrolled price, resale price, cost plus, and profit split methods.

• Comparable uncontrolled price method compares the price charged in a controlled transaction with the price charged in an uncontrolled transaction.

• Resale price method involves marking up the cost of goods purchased from a related party to determine the resale price to an unrelated party.

• Cost plus method adds a markup to the cost incurred in producing g...read more

A project plan is a detailed document that outlines the objectives, tasks, timelines, and resources required to complete a project.

• A project plan provides a roadmap for the project, outlining the steps and activities needed to achieve the project's goals.

• It includes a clear definition of project objectives, deliverables, and success criteria.

• The plan identifies the tasks and activities required, assigns responsibilities, and sets realistic timelines for completion.

• It outlines...read more

Accounting in construction involves project cost tracking, revenue recognition, and compliance with industry regulations.

• Project cost tracking is crucial to monitor expenses and ensure projects stay within budget.

• Revenue recognition can be complex due to long project timelines and percentage of completion method.

• Compliance with industry regulations such as accounting for long-term contracts and revenue recognition under ASC 606.

• Inventory management is important for tracking m...read more

Leases are recorded in accounting by determining if they are operating or finance leases, then recognizing lease liabilities and assets on the balance sheet.

• Leases are classified as either operating leases or finance leases based on specific criteria outlined in accounting standards.

• Operating leases are expensed on the income statement over the lease term, while finance leases result in the recognition of lease liabilities and assets on the balance sheet.

• Lease liabilities rep...read more

To make an entry in Tally Prime, you need to navigate to the appropriate voucher type and fill in the required details.

• Open Tally Prime software on your computer.

• Select the company for which you want to make the entry.

• Navigate to the appropriate voucher type (e.g. Sales Voucher, Purchase Voucher, Payment Voucher).

• Fill in the necessary details such as account names, amounts, and dates.

• Save the entry once all details are filled in correctly.

GST is a value-added tax levied on most goods and services sold for domestic consumption.

• GST is a consumption tax imposed on the supply of goods and services.

• It is a multi-stage tax where tax is collected at every stage of the supply chain.

• GST is designed to be a comprehensive tax on the supply of goods and services.

• It aims to eliminate the cascading effect of taxes and create a common national market.

• Examples of goods and services subject to GST include electronics, clothing...read more

Accrual entry is a type of accounting entry that records revenue or expenses before they are actually received or paid.

• Accrual entry is used to match revenue and expenses to the period in which they are earned or incurred, regardless of when the cash is received or paid.

• It involves recording an accrual (an amount that is owed or earned) and a corresponding offsetting entry.

• Accrual entries are typically made at the end of an accounting period to ensure accurate financial repor...read more

An income tax return is a form used to report income, expenses, and other financial information to the government for tax purposes.

• An income tax return is a document filed with the tax authorities that details an individual's or organization's income, expenses, and other financial information.

• It is used to calculate the amount of tax owed to the government or the refund owed to the taxpayer.

• Income tax returns are typically filed annually, with specific deadlines set by the ta...read more

Rule 42/43 refers to reconciliation of input tax credit and output tax liability under GST. GST filing process involves filing of returns and payment of taxes.

• Rule 42 requires matching of input tax credit claimed in GSTR-2A with GSTR-3B, while Rule 43 deals with reversal of input tax credit if not matched.

• GST filing process includes filing of GSTR-1 for outward supplies, GSTR-3B for monthly summary of transactions, and payment of taxes through online portal.

• It is important to...read more

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

• Bank reconciliation helps ensure the accuracy of a company's financial records.

• It involves comparing transactions recorded by the company with those reported by the bank.

• Any discrepancies between the two balances are investigated and resolved.

• Common reasons for discrepancies include outstanding checks, deposits in transit, a...read more

IFRS skills are essential for Senior Accountants to ensure accurate financial reporting and compliance with international standards.

• Deep understanding of IFRS principles and guidelines

• Ability to apply IFRS standards to financial statements

• Experience in IFRS conversions and implementation

• Knowledge of IFRS updates and changes

• Strong analytical skills to interpret complex IFRS requirements

• Attention to detail to ensure accurate IFRS reporting

Balance sheet is a financial statement that shows a company's assets, liabilities, and equity at a specific point in time.

• Balance sheet provides a snapshot of a company's financial position

• Assets are listed on the left side, liabilities and equity on the right side

• The formula for the balance sheet is Assets = Liabilities + Equity

• Examples of assets include cash, inventory, and property

• Examples of liabilities include loans, accounts payable, and bonds

• Equity represents the owner...read more

Function keys in software are keys on a computer keyboard that have special functions assigned to them.

• Function keys are typically labeled as F1, F2, F3, etc.

• They are often used as shortcuts for common tasks in software applications.

• For example, pressing F1 in many programs will bring up a help menu.

• Function keys can also be customized by users to perform specific actions in certain programs.

Trial balance is a list of all the general ledger accounts contained in the ledger of a business.

• Trial balance is prepared to ensure that the total of all debit balances equals the total of all credit balances.

• It helps in detecting errors in the accounting process.

• It is usually prepared at the end of an accounting period before adjusting entries are made.

• Example: If the total debit balance is $50,000 and the total credit balance is $45,000, there is an imbalance of $5,000 tha...read more

Fixed assets are long-term tangible assets that are used in the production of goods or services and are not intended for sale.

• Fixed assets are physical assets such as buildings, machinery, equipment, vehicles, and land.

• They are not intended for sale in the normal course of business.

• Fixed assets are used for production, rental, or administrative purposes.

• They are recorded on the balance sheet at their original cost minus accumulated depreciation.

• Examples of fixed assets includ...read more

P2P cycle stands for Procure-to-Pay cycle, which is the process of obtaining and paying for goods and services.

• P2P cycle involves requisitioning, purchasing, receiving, and paying for goods or services.

• It starts with a purchase requisition, followed by purchase order creation, goods receipt, invoice verification, and ends with payment to the vendor.

• The cycle ensures that goods or services are ordered, received, and paid for in a timely and efficient manner.

• It helps in control...read more

I am currently located in New York City.

• Currently residing in New York City

• Close to major financial institutions

• Access to diverse cultural experiences