Site Accountant Interview Questions and Answers

TDS rate is the tax deducted at source on various incomes like salary, interest, rent, etc. Section 194C is commonly known for TDS on payments to contractors.

• TDS rate varies depending on the type of income and the recipient's status

• For example, TDS rate on salary income is based on the individual's tax slab

• Section 194C of the Income Tax Act deals with TDS on payments to contractors

• TDS rates and sections are important for compliance with tax laws

The question is asking about the amount of cash expenses incurred in a transaction.

• The incurred cash expenses in a transaction refer to the actual cash outflow resulting from the transaction.

• It includes any payments made in cash or cash equivalents for goods, services, or other expenses.

• Examples of incurred cash expenses in a transaction can be the payment of salaries, purchase of inventory, or payment of utility bills.

GST structure in India includes multiple tax rates for different goods and services.

• GST in India is structured into five different tax rates: 0%, 5%, 12%, 18%, and 28%

• Certain essential items like food grains are taxed at 0%, while luxury items like cars are taxed at 28%

• Services like transportation and entertainment are taxed at 5% and 18% respectively

Short keys for accounting software and XLS include Ctrl+C, Ctrl+V, Ctrl+X, Ctrl+S, Ctrl+Z, Ctrl+A, F2, F4, F9, Alt+Tab, Alt+F4, Shift+Arrow keys, Ctrl+Home, Ctrl+End, Ctrl+Page Up, Ctrl+Page Down, Ctrl+Shift+Arrow keys.

• Ctrl+C - Copy

• Ctrl+V - Paste

• Ctrl+X - Cut

• Ctrl+S - Save

• Ctrl+Z - Undo

• Ctrl+A - Select All

• F2 - Edit

• F4 - Repeat

• F9 - Recalculate

• Alt+Tab - Switch between open windows

• Alt+F4 - Close current window

• Shift+Arrow keys - Select text

• Ctrl+Home - Go to beginning of document

• Ctrl+E...read more

Petty cash should be handled with strict controls and proper documentation.

• Designate a specific amount for petty cash and keep it in a secure location.

• Create a petty cash log to track all transactions and receipts.

• Require receipts for all petty cash expenses and reconcile regularly.

• Limit access to petty cash and designate one person responsible for managing it.

• Periodically audit the petty cash fund to ensure accuracy and accountability.

The Golden Rules of Accountancy are basic principles that guide the process of recording financial transactions.

• The Golden Rule of Personal Account: Debit the receiver, credit the giver.

• The Golden Rule of Real Account: Debit what comes in, credit what goes out.

• The Golden Rule of Nominal Account: Debit all expenses and losses, credit all incomes and gains.

To check an invoice, verify the details against the purchase order and receipt of goods.

• Compare the invoice details with the purchase order to ensure accuracy.

• Check the quantities and prices on the invoice against the receipt of goods.

• Verify that the invoice includes all necessary information such as vendor details, invoice number, and payment terms.

• Ensure that any discounts or credits are applied correctly.

• Confirm that the total amount due matches the agreed upon amount.

• Doub...read more

Payments are typically made through various methods such as checks, wire transfers, online payments, or cash.

• Payments can be made via checks, where the payer writes a check to the payee.

• Wire transfers involve electronically transferring funds from one bank account to another.

• Online payments can be made through platforms like PayPal, credit/debit cards, or mobile payment apps.

• Cash payments are made in physical currency, either in person or through an ATM.

• Payment terms and meth...read more