15 Interview Questions and Their Best Possible Answer

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Hi Readers, Today we are providing you the Best Possible Answers of Some of the Interview Questions as how to Answer Them..Below are some of the Selected Questions which may be asked in your Interview and Answers as how to Answer them

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Note: If You want to add any Questions wid Answers as per ur Experienced, Feel free to write in comment box.. We will Add ur Q & A in our Article wid ur Name.

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KIP SHARING

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Compiled By: Sourav Bagaria

Most Commonly Asked Tax related Questions in an Interview

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Many of the young professional asked us about Most Commonly Asked Tax related Questions in an Interview, so we tried to make a list for you all that you can refer in your Interview, remember these all are only Most Commonly Asked Tax related Questions . If you want more questions than browse through our site for further help. Go through this list and you may add more questions as per your Experience in below comments.

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Most Commonly Asked Tax related Questions in an Interview

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1. Is the provision for bad and doubtful debts allowed as expenditure under Income-tax act ?
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2. What is the minimum alternate tax and when is it applicable ?
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3. Is any issue related to MAT handled by you ? Discuss
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4. What is an infrastructure company ? What are the benefits under income- Tax available to an infrastructure company ?
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5. What is tax holiday ?
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6. What is double taxation ?
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7. Is tax audit compulsory for all organizations ?
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8. Is there any advantage by having tax audit in addition to the statutory audit ?
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9. What is the period within which an assessment can be re-opened by Assessing authority and for what reasons ?
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10. What are the provisions of income tax act regarding TDS, deposit of TDS amount and filing of belated return by the company ? What are the panel provisions for non-compliance ?
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11. As per act, who is required to file the return on behalf of a company ?
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12. When and how is the tax audit carried out ?
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13. Does the income tax act provide for statutory maintenance of records ? If so, what are they ?
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14. Describe the provisions regarding “valuation of perks”.
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15. The company offers you a compensation package of Rs. 30,000 per month. It also gives you an option to choose the item to be covered in the compensation package to reduce your tax liability on salary income. Please discuss your options.
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16. Is it advantageous to close the accounting year in March or any other month ? Give reasons thereof ?
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17. What do you understand by the term “rectification of assessment” ? What is the time limit available for the same ?
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18. What is the rate of interest for late payment of tax and refunds ?
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19. What is the consequence of not having pan for an assessee ?
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20. What is the deadline for issuing form 16 and the procedure to be followed for issuing a duplicate form 16 ?
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21. A consultant is engaged by a company at specified lump sum fees. Is deduction of service tax from the payment of fees mandatory ?
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22. Is wealth tax act applicable to companies ? If so, give examples of major items that could be considered as part of taxable wealth.
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23. What is section 14 of income tax act ?
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24. What is the major cause of difference between accounting profit and tax profit ?
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25. In case of power generation companies what are the typical provisions for depreciation and tax deduction ?
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26. What are the benefits of SEZs/industrial parks ?
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27. What is VAT ?
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28. Tell us your view about the new direct tax code.
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29. Tell about latest changes in taxation’
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30. Differentiate direct & indirect taxes
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31. What do you mean by withholding Tax
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32. What are the changes in Corporate Tax in the last budget
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33. Differentiate Customs & Excise tax ?
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34. What do you understand by double taxation ?
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35. What is Indexation ?
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36. Is PAN necessary for non-resident ? Why
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37. What are the slab rates for corporate tax ?
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38. What are applicable TDS rates ?
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39. Tell us about Goods and Service Tax.
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40. What are tax implications in merger & acquisitions ?
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41. What is deferred tax ?
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42. Whether customs duty will be abolished ?
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43. What are the heads of income under Income Tax Act ?
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44. What is Tax Audit ? What we have to check in it ?
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45. What is tax on agricultural income ?

You can prepare your own as well all the best for your Interview 

Important Interview Questions for Finance & Accounts Job Interview

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In this post we are going to tell you Important Interview Questions for Finance & Accounts Job Interview . This is an exhaustive list and you can select questions as per the job profile you are going for Interview

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Important Interview Questions for Finance & Accounts Job Interview :
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1. What is arbitrage ?
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2. How would you evaluate the financial strength of an organization from its balance sheet ?
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3. Do you subscribe to the view that for a new enterprise depreciation should be provided on the basis of written down value (wdv) of assets to maintain uniformity with depreciation rules as per income tax act ?
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4. What is debt-equity ratio ? Explain the significance. Is it advisable for an organization to have higher debt or equity if, an enterprise is putting up a totally new project ?
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5. How would you evaluate investments in respect of capital intensive projects of say,  1000 to  1500 crores ?
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6. What is operating leverage and what is financial leverage ?
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7. Does a higher net profit always represent a surplus cash flow ?
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8. How do you distinguish between capital employed and net worth ? How are these calculated ?
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9. Your company has an equity paid up capital of  100 crores and the free reserves of  50 crores as on 31.03.2008. The loan outstanding as on that date was  70 crores. The company has to borrow  100 crores as part of capital investment programme. As the chief finance officer of the company, please advise the board on the statutory provisions of borrowing in this regard.
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10. What is “demat” ? How does dematerializing the shares benefit the company issuing shares and the investor ?
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11. What are intangible assets ?
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12. What do you understand by IRR and “payback” period ?
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13. What is the meaning of free cash flow ?
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14. What do you understand by tax- deductible interest and tax shield on interest payment ?
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15. Your company has placed an award of contract for supply of machinery from UK. As per the terms of payment, a letter of credit (L/C) is to be opened. Discuss how you will open a L/C.
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16. Your company has a provident fund trust. As secretary of the trust, how will you invest the trust funds and in which securities adhering to statutory provisions ?
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17. How is the taxable income of a company derived from its accounts ? Mention the major items of reconciliation.
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18. How would you treat the following items in the accounts ?
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19. Subsidy received from the central government on installation of anti-pollution equipment.
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20. Subsidy received from the government for setting up a factory in a backward area.
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21. Liability for excise duty in respect of goods manufactured but not yet cleared from the bonded warehouse.
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22. What do you understand by the term credit rating and what are its advantages ?
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23. What do you understand by the term “corporate governance” ?
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24. What do you understand by public financial institution, all-India financial Institution and non-banking finance company ?
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25. Distinguish between FPO and IPO ?
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26. How to pledge ?
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27. What is non-performing asset (NPA) ? What are the implications of NPAs to the borrower and the lender ?
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28. What are the various risks a lender will have to take in respect of short- term, medium term and long-term lending ?
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29. What are the various parameters a lender will look at before deciding to fund a project ?
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30. What parameters should be kept in view to determine the period of a term loan while funding a project ?
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31. What is the difference between bond and debenture ?
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32. What do you understand by disinvestment ?
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33. What is spread ?
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34. What is margin money ?
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35. What is working capital ?
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36. What is commercial paper ? Why companies use them ?
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37. How is working capital requirement assessed ?
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38. What are the conditions for a company to raise equity funds from the capital market ?
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39. What is the internal control system give examples of internal control System.
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40. What are the various methods of funding working capital ?
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41. What is a letter of comfort and how is it different from a letter of Guarantee ?
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42. In an import contract for which payment is by letter of credit, if the goods imported turn out to be damaged, can the payment under letter of credit be stopped ? If not, what are the recourses available to the importer ?
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43. Under a letter of credit, if the documents are received and the opener has no funds available in the account, is the opening bank obliged to remit ?
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44. Can Indian mutual funds invest in shares and other securities abroad ?
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45. What is a debt recovery tribunal ?
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46. Is it mandatory for non-banking financial companies to have registration with RBI ?
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47. What is a universal bank ?
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48. What is a debt- trap ?
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49. What is a “standby letter of credit” ?
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50. What are ECS and EFT in banking terminology ?
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51. What is an e-cheque ?
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52. What is meant by payable at par facility provided by a bank to its clients ?
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53. What do we mean by treasury management in a company ?
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54. What do we mean by wealth management for individuals ?
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55. What is asset securitization ?
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56. What in MIS Reporting ?
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57. What do you look at when a Financial Statement is given to judge the creditability of the company ?
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58. Explain journal entries and accounting processes.
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59. Explain ratios analysis
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60. What controls may be incorporated in accounts payable
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61. What is Net worth of a company ?
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62. What is fair value of an asset ?
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63. Explain debtors. How do you deal with them in books ?
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64. What is Diluted EPS, How it is Calculated, Which companies required to disclose diluted EPS ?
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65. What are the assumptions while doing Actuarial Valuation for Gratuity ?
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66. What is process to avail loan ?
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67. What are Qualified Institutional Placements ?

You can add more Questions as per your experience and don’t forget to share it with your friends

Technical Questions asked in CA Interview

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In this post we are going to tell you Important Technical Questions that can be asked in Interview..

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1. What is materials requirements planning ?
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2. Explain – Environment Exposure.
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3. What is “Product Life Cycle”
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4. Tell us about SAP
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5. What is an ERP Package ? Do you have any exposure in ERP ?
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6. Business concepts on software companies
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7. What is growth in Banking Industry
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8. What are the privileges of a Private Company
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9. What is organizational hierarchy ?
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10. Tell us about RBI Prudential Norms.
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11. Who controls insurance sector in India ?
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12. What do you know about assurance engagements
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13. Accounting in Process in BPO and Compliance Procedures
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14. How is the accounting in a BPO different from other companies
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15. What is the relationship between Interest rate and Inflation
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16. What is option ?
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17. What is the reason for financial crisis ?
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18. What are the criteria for deciding the rating by CRISIL ?

You can add your Experience in the comments below and stay update for more Questions and Suggestions Like this

Question Related to articleship training asked in CA Fresher Job Interview

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Now a days getting a job as a CA fresher in not that easy at all, Also the Questions asked from the interviewers are changing drastically. Earlier more focus given to academic questions but now a days Questions related Article ship experience are asked. Same questions are faced by me , Companies like Big 4, BMR , GT ETC. has made separate round in which they ask candidates about their Article ship experience. So we compiled set of questions that you need to be prepared before appearing in any interview after completion of your Article ship.

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Question Related to Article ship training asked in CA Fresher Job Interview:

1. Tell us about the work done by you in Article ship training. What are your achievements.
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2. Where have you done your training ? What type of audits have you done ?
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3. What were your roles and responsibilities in the firm ?
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4. Why have you changed the firm ? ( In case of Transfer )
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5. Give us a practical situation or narrate a particular problem faced by you in your training assignments.
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6. What are the major findings during Article ship and how have you dealt with the issues ?
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7. What are the major contributions made by you in the process of audit work ?
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8. What areas have you found interesting in audit assignments ?
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9. How far have you applied theoretical concepts in practical situations ?

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This is not an exhaustive list and one can add more questions as per his/her experience during job interview, If you want to add some more questions comment below and don’t forget to share with your friends..

Most Common Audit Questions asked in CA Fresher Interview

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Many of the young CAs asked us about  Questions asked  in CA fresher Interview, so we tried to make a list for you all that you can refer in your Interview, remember these all are only Most Common Audit related Questions . If you want more questions than browse through our site for further help. Go through this list and you may add more questions as per your Experience in below comments

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Most Common audit Questions asked in CA Fresher Interview

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1. Which form of audit is better – internal audit or statutory audit ? Why ?
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2. Discuss the concept of “materiality” with reference to disclosures in the Financial statements.
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3. Discuss the relationship between internal and external auditors.
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4. What controls can be instituted by the management of an entity over computerized processing of accounting data to prevent errors, frauds, accidental loss of data, etc. ?
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5. What are special audit techniques employed by the auditors (s) to verify the computer based records ?
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6. It has been the policy of the company to value the inventories of finished goods at selling price since the items have a ready market. However, the auditor objects to this valuation on the basis that it amounts to recognizing unrealized profit. What is your advice ?
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7. The chief accountant argues that it is not possible to determine the net realizable value of the inventories on hand since the market value must be determined. What is your advice ?
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8. Is a statutory auditor required to certify the cash flow statement in a Balance sheet ?
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9. The statutory auditor’s report in its latest format tends to project the accounts as that of the management. Does that absolve the auditor from his responsibility ?
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10. Is the reporting under CARO compulsory for all auditors ?
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11. The company is an all-India organization with offices spread over the different parts of the country. As the chief internal auditor of the company, how will you organize the internal audit department and conduct the audit ?
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12. Please explain programme for verification of work in process.
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13. What verification's are needed in a SAS type-ii audit in case of a BPO a Service providing organization having overseas clients ?
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14. What is peer review audit ? When is it required ?
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15. Discuss process of auditing sales.
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16. What is audit plan ?
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17. How stock audit are conducted ? What is its necessity ?
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18. What is concurrent Audit
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19. What are the governance issues to be considered while auditing ?
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20. Are you interested in Internal Audit/ Statutory Audit.
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21. What are the different types of Audit Reports ?
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22. What is Concurrent Audit and Define Depreciable Asset
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23. What are the major of areas of internal audit in case of finance companies
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24. Why audit cannot provide absolute assurance ?
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25. Being an auditor, how can you identify willful non-monetary fraudulent accounting entries to boost profits ?

HOW TO GET BEST JOBS FOR CHARTERED ACCOUNTANTS??

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How to get Best Jobs for Chartered Accountants? Finding the best Jobs for Chartered Accountants is most difficult task for these days. So today via this post we will share some tips to ensure that you will reach nearest to Job of your will. For this purpose we will provide you some tips as well as steps to find jobs just after passing your CA Examinations.

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How to get best Jobs for Chartered Accountants ?

1. First of all, prepare your resume in truly professional level. Add your tasks performed by you during your articleship. Name all the extra curriculum activities done by you.

2. Create profile on various job portals such as Naukri, Times Jobs, Shine etc.

3. Mere creating profile on these website is not sufficient to get noticed by Human resource consultant, you have to update your profile on daily basis. These website sorts candidates on the criteria of updated profiles.

4. Memorize your responsibilities performed during your articleship so that you will not fumble during phone call with the HR Consultants. You must know that “First impression is the last impression”

5. Don’t sit at home for waiting calls for jobs. Join any Practicing Chartered Accountant to be connected to work and people who might be helpful in getting jobs.

6. Even after performing all the above steps you are not receiving Job calls then don’t panic. Try to find jobs on jobs portal and send your resume to personal email ids available to these portals.

7. Accept it or not but you must admit that Speaking English fluently is a key factor during these days. So start prepare yourself for English communication.

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So that’s all for How to get Best Jobs for Chartered Accountants? We hope that by applying above methods/tips you will get Job just after passing you CA Final Examination.

Best tips to prepare a Resume which will get you job

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What everyone is looking over the internet these days is to find a perfect resume format or content, but why copying when you can make your own, just follow these steps and you can do wonders with your resume for sure

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Prospective employers look for the following personality characteristics:

1. ƒ Being pleasant.
2. ƒ Determination.
3. ƒ Energy.
4. ƒ Team spirit.
5. ƒ Enthusiasm.
6. ƒ Drive.

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Prospective employers look for the following employability skills:

1. ƒ Communication skills
2. ƒ Maintaining personal rapport.
3. ƒ Leadership qualities.
4. ƒ The will to accept challenges.
5. ƒ Adept in solving problems.
6. ƒ exploiting your inner potential.
7. ƒ Ability to achieve targets.
8. ƒ Maintaining excellent working relationships.
9. ƒ Having good analytical abilities.
10. ƒ A general awareness of the business environment and its impact on the organization.

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The covering letter of a resume

A cover letter must always accompany the resume. In the opening paragraph adopt one of the following:

ƒ If you have been referred to a prospective employer, mention the contact by name.

ƒ If you are responding to a job advertisement, do mention where you have learned about the opening. In the next paragraph

ƒ If you are responding to a job opening, mention your qualifications; how your skills are transferable and relate to the position applied for.

ƒ If enquiring about a job opening, mention how your skills can meet the Employer’s expectations. In the concluding paragraph

ƒ Request for an appointment at a mutually convenient time.

ƒ Mention that references can be made available on request.

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Writing a Resume

Resume is the first contact point of the candidates with the prospective employers. It therefore needs to be given at least the same level of importance as the interview itself. This is so because in most cases the questions would relate to or emerge from the resume sent by the candidate. Whatever is mentioned in the details of the job in the advertisement must be covered either in the resume or in the covering letter. It may thus make sense to consider the job requirements of each prospective employer and revise the resume to suit the requirements.

Thus writing resume need not be and should not be the one that fits all kinds of jobs:

1. The length should not exceed two pages. In the first screening round, the Resume gets scrutinized in a few minutes. Therefore, a good presentation is a must. Remember that your resume is not your biography and hence only relevant and material information should be furnished.
2. Check for grammatical errors and mistakes. Ask someone to review the resume. Apart from using standard spell check features of office-suite function, one needs to go through each and every word of the resume to see its appropriateness and proper placement.
3. Emphasize your skills, accomplishments and experience. Wherever you can see the linkage of your skills and achievements with the job, you stand better chances of selection-give it a thought before you list down your skills, achievements and experience details.
4. Make an honest presentation even if you have been out of employment. Prospective employers verify antecedents.
5. Make a presentation in the skills oriented format if you are unemployed. For those in employment, the chronological format will be relevant.
6. Try and use key words and phrases as stated in the advertisement, which match the position applied for.
7. Don’t respond to every advertisement that you see. If you are not qualified For the position, do not apply.
8. Do not attach testimonials. These must be carried to the interview.
9. Short sentences with bullets create a better impact. Avoid lengthy Paragraphs.
10. Follow the same style of numbers and bullets throughout the resume so that you are methodological in your approach to everything.
11. As it is said, in the resume talk about your career journey and not your carrier journey.

• What you should do always:

1. Print your resume on standard letter size, white or ivory rag paper.
2. Have the resume professionally typed, but not typeset, with plenty of space between paragraphs, and allow for adequate margins.
3. Use conventional English. Stay away from a multi-syllable word when a one or two syllable word is clearer. Understand that resume is not a test of English language and thus using very flowery and ornamental language should be avoided.
4. Use short paragraphs-preferably not longer than five lines.
5. Make sure the resume and the cover letter are error-free, proofread.
6. Rewrite a resume for a specific company, it’s extra work, but may well Pay off.
7. Include your significant contributions at each one of your jobs.
8. Allow the most space to the jobs that are most relevant to the job you’re applying for.
9. List your activity with professional, trade and civic associations-but only If they’re appropriate.
10. Keep a permanent file of your achievements, no matter how inconsequential they may appear to be. This is the basis for a good resume, and it is also essential information to get a raise or promotion.
11. Give each of your reference a copy of your resume.
12. Re-read your resume before the interview. Chances are the interviewer did just that too.

• What you should do Never:

1. Give reasons for termination or leaving a job on the resume. In almost all cases, the reader can find negative connotations to even the best reason. You’re far better off explaining it in person.
2. Take more than two lines to list hobbies, sports and social activities. When in doubt, leave them out. 3. List references on the resume.
3. Use exact dates. Months and years are sufficient.
4. Include the date your resume was prepared. If your search takes longer than a few months, the resume will appear outdated.
5. State your company’s phone number.
6. Include your height, weight or remarks about your physical appearance or health.
7. State your objectives in your resume unless the resume is targeted to that job or occupation.
8. Use professional jargon unless you’re sure the resume will be read by someone who understands the buzz-words.
9. Do not provide salary information on the resume. Save it for interview. If you are required to give that information, reveal it in the cover letter
10. Do not exaggerate your skills beyond reasonableness.

• After sending your resume, it will be a better idea to follow-up over phone regarding its receipt with relevant organization. An example: This is (name of the candidate) calling. A few days ago, I had applied for the (position) in your organization (dept./division). I would like to ascertain whether you have received my resume and to reiterate my interest to the position.
• Hope you will like it for sure and must share it with your friends as well !!1

JOBS FOR CHARTERED ACCOUNTANTS – ENOUGH OR NOT SUFFICIENT ?

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Hey Guys ! today I am going to my office and met one of my old school friend and we had a small conversation after a very long time. During this 5 minute conversation I came to know that he has done M.Com and searching for a job after that. He also said me to that he is available to do work even for free for some months but he just need a start.

This small moment with my old school mate made me think that “How Lucky we are?” As you all know that after completion of chartered accountancy almost 99% of the Chartered Accountants got their first Job in just 1-2 months. So how amazing is that.

I am also aware of the current scenario of the country and our profession where the number of pass outs is increasing day by day but the jobs are limiting day by day.

So what is the catch from all the above circumstances? Do we need to scare about the jobs as any other commerce student?

I think the suitable answer to the above question is a big big “YES” plus we need not to wait for the future but the same situation is in at is starting stage.

WHAT IS THE SOLUTION OF ABOVE MENTIONED JOB PROBLEM ?

In my view the following may be the best we can do now.

1. First of all we have to improve ourselves in each manner i.e in studies, communication skill , personality and all that.
2. Be motivated and never lose hope.
3. Whatever you do at your articleship, you should be master of that.
4. Most important – Be updated. The most common mistake we do is that we stop studying just after passing the final examination.
5. In communication skill we should be fluent in English language.
6. Extra Curriculum – A CA with other degrees such is CS, Law is more preferable.
7. Never be so careless. Try to pass in your first attempt.

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So in last we can only wish that our struggle to get this degree should be enough and all the pass out will got job asap.