10+ Senior Executive Finance & Accounts Interview Questions and Answers

Accounting for share-based payments under Ind AS 102

• Determine the fair value of the share-based payment

• Recognize the fair value as an expense over the vesting period

• Create a liability for the fair value of the share-based payment

• Disclose the details of the share-based payment in the financial statements

Ind AS 116 is the Indian version of IFRS 16, while AS 16 is the old Indian accounting standard for leases.

• Ind AS 116 is effective from April 1, 2019, while AS 16 was effective from April 1, 2001.

• Ind AS 116 requires lessees to recognize most leases on their balance sheet, while AS 16 only required finance leases to be recognized on the balance sheet.

• Ind AS 116 eliminates the distinction between operating and finance leases for lessees, while AS 16 maintained this distinction.

• I...read more

Subcontractor TDS rates vary based on the nature of work and GST is applicable on the total value of the contract.

• Subcontractor TDS rates range from 1% to 10% depending on the type of work and the payment threshold.

• GST is applicable on the total value of the contract, including the amount paid to the subcontractor.

• If the subcontractor is registered under GST, the contractor can claim input tax credit on the GST paid to the subcontractor.

• If the subcontractor is not registered ...read more

Interstate sales are between two different states while intrastate sales are within the same state.

• Interstate sales involve movement of goods across state borders while intrastate sales do not.

• Interstate sales are subject to Central Sales Tax (CST) while intrastate sales are subject to State VAT.

• Interstate sales require additional documentation such as Form C while intrastate sales do not.

• Example of interstate sale: A company in Delhi selling goods to a customer in Mumbai. Ex...read more

Fair value is the estimated worth of an asset or liability, while intrinsic value is the true underlying value of an asset or liability.

• Fair value is determined based on market prices or valuation techniques, while intrinsic value is calculated based on fundamental analysis.

• Fair value is used for financial reporting and accounting purposes, while intrinsic value is used for investment decision-making.

• Fair value can fluctuate over time due to market conditions, while intrinsic...read more

Notice period is the duration an employee has to serve after resigning from their job.

• It is a period of time between the resignation date and the last working day of the employee.

• It is usually mentioned in the employment contract.

• The notice period can vary from company to company and can range from a few weeks to several months.

• During the notice period, the employee is expected to complete any pending work and handover their responsibilities to their successor.

• The notice peri...read more

The recent updates about the budget include changes in allocation and expenditure.

• The budget has been revised to allocate more funds to healthcare and education.

• There has been a decrease in the budget for defense and infrastructure.

• The government has announced new tax policies to increase revenue.

• The budget deficit has increased due to the COVID-19 pandemic.

• The budget has been criticized by opposition parties for not doing enough for the middle class.

Current CTC refers to the total amount of money an employee is receiving from their employer as salary and benefits.

• Current CTC includes salary, bonuses, incentives, allowances, and other monetary benefits.

• It does not include non-monetary benefits like insurance, company car, or housing.

• For example, if an employee's salary is $50,000 per year and they receive a $5,000 bonus, their current CTC would be $55,000.

Seeking new challenges and growth opportunities in a larger organization.

• Desire for career advancement

• Opportunity to work with a larger team

• Seeking new challenges and learning opportunities