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Right Answer:
An audit is an independent examination of financial information or records to ensure accuracy, compliance with laws and regulations, and to assess the effectiveness of internal controls.

Right Answer:
Risk is the possibility of losing something of value or facing negative consequences due to uncertain events or decisions.

Right Answer:
The different functions of internal audit include:

1. **Risk Assessment**: Identifying and evaluating risks that could affect the organization.
2. **Compliance Monitoring**: Ensuring adherence to laws, regulations, and internal policies.
3. **Operational Efficiency**: Assessing the efficiency and effectiveness of operations and processes.
4. **Financial Accuracy**: Verifying the accuracy and reliability of financial reporting.
5. **Fraud Detection**: Identifying potential fraud and irregularities within the organization.
6. **Control Evaluation**: Assessing the adequacy and effectiveness of internal controls.
7. **Advisory Services**: Providing recommendations for improvements and best practices.

Right Answer:
Standard accounting refers to the established principles and guidelines that govern financial reporting and accounting practices, ensuring consistency, transparency, and comparability in financial statements.

Right Answer:
I am currently living in [Your City/Location]. My father is a [Your Father's Occupation].

Right Answer:
Tally is a popular accounting software that offers features for financial management, inventory management, and compliance with tax regulations, making it suitable for businesses of all sizes. Personal accounting software typically focuses on individual financial tracking and budgeting.

Right Answer:
Core Banking refers to the services provided by a network of bank branches that allow customers to conduct their banking activities, such as deposits, withdrawals, and loan management, from any branch within the network, typically supported by centralized software systems.

Right Answer:
Yes, I have worked on SAP and am comfortable using it.

Right Answer:
Here are some common Tally shortcut keys:

1. **F1** - Help
2. **F2** - Date
3. **F3** - Company
4. **F4** - Contra
5. **F5** - Payment
6. **F6** - Receipt
7. **F7** - Journal
8. **F8** - Sales
9. **F9** - Purchase
10. **F10** - Export
11. **Ctrl + A** - Accept
12. **Ctrl + Q** - Quit
13. **Ctrl + I** - Inventory
14. **Alt + C** - Create
15. **Alt + D** - Delete

These shortcuts can help navigate and perform tasks more efficiently in Tally.

Right Answer:
Yes, I am familiar with Tally accounting software.

Right Answer:
I analyze program information and financial statements to identify past spending patterns and revenue sources. I then estimate future costs and revenues, aligning them with program goals. This helps me create a realistic budget that reflects both needs and available resources.

Right Answer:
To allocate finance effectively, I would first assess the current financial situation and prioritize essential expenses. Then, I would allocate funds based on the potential return on investment, focusing on high-impact areas that align with our target output. Regular monitoring and adjustments would ensure we stay on track to meet our goals.

Right Answer:
Budgeting is the process of creating a plan to manage income and expenses over a specific period. It involves estimating future financial needs, allocating resources accordingly, and monitoring spending to ensure financial goals are met.

Right Answer:
IRR, or Internal Rate of Return, is the discount rate that makes the net present value (NPV) of a project or investment equal to zero. It represents the expected annual rate of return on an investment.

Right Answer:
A cost centre is a department or function within an organization that does not directly generate revenue but incurs costs. Job costing is a method of tracking the costs associated with a specific job or project, allowing businesses to determine profitability on a per-job basis. Budget control involves monitoring and managing expenses against a budget to ensure financial goals are met. The effect of these concepts is improved financial management, better cost tracking, and enhanced decision-making for resource allocation.

Right Answer:
I am looking for new challenges and opportunities for growth that align more closely with my career goals.

Right Answer:
The tax to be treated in Om Logistics Ltd. would typically include Goods and Services Tax (GST) and Income Tax.

Right Answer:
Export is higher than import in India due to strong demand for Indian goods and services in international markets, competitive pricing, and government initiatives promoting exports.

Right Answer:
The TDS rates are as follows:

- For rent: 10% if the rent exceeds ₹2,40,000 per year.
- For contractor payments: 1% for individual/HUF contractors and 2% for others, if the payment exceeds ₹30,000 in a single payment or ₹1,00,000 in aggregate during the financial year.

Right Answer:
The journal entry for TDS deduction would be:

1. **Debit**: Expense Account (e.g., Salary, Rent, etc.) - for the total amount before TDS.
2. **Credit**: TDS Payable Account - for the TDS amount deducted.
3. **Credit**: Bank/Cash Account - for the net amount paid after TDS deduction.

Example:
- If the total expense is ₹10,000 and TDS is ₹1,000:
- Debit Expense Account: ₹10,000
- Credit TDS Payable Account: ₹1,000
- Credit Bank/Cash Account: ₹9,000