Find Interview Questions for Icea lion group

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Accounts Receivable refers to the money owed to a company by its customers for goods or services delivered, while Accounts Payable refers to the money a company owes to its suppliers or creditors for purchases made.

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The benefit of a C Form is that it allows a buyer to purchase goods at a reduced tax rate (usually 2% or less) when buying from a registered dealer in another state, helping to lower the overall cost of goods.

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For the financial year 2009/10, the standard rate for excise duty was 10%, and the service tax rate was 10%.

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ECC No. stands for "Electronic Commerce Code Number," which is used to identify businesses for tax purposes in electronic transactions.

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Sundry debtors are individuals or businesses that owe money to a company for goods or services provided on credit, but are not part of the company's regular customer base.

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The Substance Over Form Principle means that the economic reality of a transaction should be reflected in financial statements, rather than just its legal form. This means recognizing the true nature of the transaction, such as treating a lease as a purchase if it effectively transfers ownership rights, ensuring that financial reporting accurately represents the underlying economic situation.

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The Revenue Recognition Principle impacts profit calculations by ensuring that revenue is recognized when it is earned, regardless of when cash is received. This means profits reflect the actual performance of a business during a specific period, aligning income with the expenses incurred to generate that income.

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The Cost Principle states that assets should be recorded and valued at their original purchase cost, not their current market value. This means that the value of an asset on the balance sheet reflects the amount paid for it, which influences how assets are reported and affects financial statements.

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The Accrual Principle states that revenue and expenses should be recorded when they are earned or incurred, regardless of when cash is actually received or paid. This differs from cash accounting, where transactions are recorded only when cash changes hands.

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The Economic Entity Assumption states that a business's financial activities must be kept separate from its owners' personal financial activities. This ensures that the financial statements reflect only the business's performance and position, providing clear and accurate information for decision-making.

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Planning is the process of setting goals and determining the actions needed to achieve those goals in a systematic way.

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Yes, I am familiar with Tally accounting software.

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Yes, I am proficient in Excel and can use it for various accounting tasks such as data entry, creating spreadsheets, and performing calculations.

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Tally 7.2 is an older version focused on basic accounting features. Tally 9 introduced more advanced features like inventory management and enhanced reporting. Tally ERP 9 further expanded functionalities with features for GST compliance, remote access, and multi-user capabilities, making it suitable for larger businesses.

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I have experience using ERP systems for managing financial data, streamlining processes, and generating reports. I am familiar with modules like accounting, inventory management, and procurement, and I have worked on implementing and customizing ERP solutions to meet business needs.

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An Internal Audit Charter typically contains the following elements:

1. Purpose and mission of the internal audit function.
2. Authority and responsibility of the internal audit department.
3. Scope of internal audit activities.
4. Independence and objectivity requirements.
5. Reporting structure and communication protocols.
6. Standards and guidelines to be followed.
7. Roles and responsibilities of the internal audit staff.
8. Relationship with the audit committee and management.

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The scope of audits includes financial audits, compliance audits, operational audits, and information systems audits. The types of audits can be classified as internal audits, external audits, and forensic audits. Auditing specifications refer to the standards and guidelines that govern the audit process, ensuring accuracy, reliability, and adherence to regulations.

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Reporting refers to the accurate presentation of financial data and information, while misreporting involves the intentional or unintentional submission of incorrect or misleading financial information.

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To conduct an audit, follow these steps:

1. **Planning**: Define the scope, objectives, and timeline of the audit.
2. **Understanding the Business**: Gather information about the organization’s processes and controls.
3. **Risk Assessment**: Identify and assess risks that could affect financial statements.
4. **Internal Controls Evaluation**: Review and test the effectiveness of internal controls.
5. **Fieldwork**: Collect evidence through sampling, interviews, and observation.
6. **Analysis**: Analyze the collected data and compare it against standards and regulations.
7. **Reporting**: Prepare an audit report summarizing findings, conclusions, and recommendations.
8. **Follow-up**: Discuss the report with management and monitor the implementation of recommendations.

Right Answer:
1. Financial Audit
2. Compliance Audit
3. Operational Audit
4. Information Systems Audit
5. Performance Audit
6. Forensic Audit
7. Internal Audit
8. External Audit