(Handling Interviews -Series -4) Decoding Interview for Accounts & Finance Role

Hello everyone!! Welcome back to the TAX DESTINATION blog.Thanks for your continuous support & tremendous response to our blogs. Check out the Previous series if you haven't read the same where we have given questions that can be asked in HR Round & Technical Round for Audit Role

CA Job Profile according to CA Final subjects into different profiles: 

FR: Controllership, IND AS, Finance and Accounts 

SFM: Valuation, Private Equity, IB Analyst etc. 

Audit: Statutory, Internal Audit

Law: Companies Act and Other Act Compliances

SCMPE: Cost Optimisation, Budgeting, Forecasting, FP&A 

Elective: Correlate with your expertise 

DT: Direct tax and IT, Consultancy 

IDT: GST, Custom, litigation.

In this series, we would like to give questions that can be asked in Accounts & Finance Role

Questions  that can be asked in Accounts Profile

Basic Questions:

01.What is the use and purpose of Excel Pivot Table, VLOOKUP, HLOOKUP?

02. Definition, Difference and Journal entry of: - (Mandatory Ques-any one)

i. Provision & Contingent Liability

ii. Accrued Payable & Accrued Expenses

iii. Prepaid Expenses

iv. Dividend

v. Bad Debts and Provision for doubtful debts

vi. Return on Capital and Return of Capital

vii. Contingencies and Reserves

viii. Deferred tax asset and liabilities

ix. Depreciation and Impairment

x. Accumulated Depreciation

03. Accounting Concepts such as Going Concern concept and Prudence Concept

04.What are the Golden Rules of Accounting? What are different types of Accounts (Real, Nominal and Personal)?

05. What is schedule III?

06. What is CFS? Components of CFS? What is the treatment of depreciation in CFS?

07. IND AS -115,116,16 or respective AS (if you haven’t study INDAS-Study respective AS) -Mandatory ques on one of them (Just go through concepts, understand difference between AS and INDAS- In-depth study not required)

08. What are the steps of accounting cycle?

09.Explain the following terms in brief?

• Depreciation concept and Entries

• Provision for Bad Debts

• Deferred Revenue concept and accounting entries

• Three way matching concept

• Bank Reconciliation concept

• What is accumulated depreciation,Whether it is an asset or liability? How to present in the balance sheet?

• Salary Entry?

• What are operating Expense?

• Manufacturing expense both definition and example.

• What is Accrued Expense?

• Prepaid Expense

• What is Month Close?

• What are the Steps in Month Close?

• What is AP Ageing?

• Definition of AP  & AR ?

• What is an Asset & Examples?

• What is Liability & Examples?

• Entries for Accrued Expense & Deferred Revenue?

• Adjustment Entry to Stale Cheque

• Accounting Assumptions:

• Methods of Depreciation and examples

• What is cost of goods sold and how to calculate?

• What is Gross margin and How to calculate?

• What is unbilled revenue?

• Cash Concept vs Accrual concept

• AS-9/IND AS 115: Revenue recognition

• Contingent Asset and Liability:

• Purchase Entry:

• Fixed assets accounting entries

• Additions and Deletions

• Sale Entry

• Definition of Provision

• Intercompany elimination

• The distinction between a reserve and a provision

• Important areas in Invoice for recording

• When depreciation for an asset is calculated

• If an invoice is received a date of last year

• What is GL and what is Sub GL

• Salary entry When TDS, PF, ESI are given.

So Friends here is the list of questions that can be asked in Technical round for accounts profile, We assure this series also will help you.Soon we will release the answers for the same.

Thanks & Regards 

 

CA Nani Balu

Founder - TD