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Categories >> Accounting >> Audit


 Audit interview questions  Audit Interview Questions (427)
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What is Esi ,Pf,and Payroll?
 Question Submitted By :: Audit
I also faced this Question!!     Answer Posted By  
# 1
SI and PF are statutory requirement. Every company or
institution should contribute 12% on the basic wages of the
employees as the employer contribution apart from deducting
the same amount from the employees salary. At the same time
an additional 1.61% is to be contributed by the employer
towards Administration charges, inspection charges and DLI
Regarding ESI employer has to contribute 4.75% of the gross
salary and 1.75% to be deducted from the employees on the
gross salary.
Payroll is nothing but the salary details of the employees
Is This Answer Correct ?    21 Yes 0 No
# 2
ESI:Employees State Insurance
PF:Provident Fund
PAYROLL:Range of Salary
ESI,PF are the savings by employees as well as these are
contributed by employers to some extent.
Is This Answer Correct ?    22 Yes 2 No

Other Audit Interview Questions
  Question Asked @ Answers
What wording should be used in the audit report? Accenture 2
If my basic salary is Rs 15000/- Pf is deducted on capping of 6500/- ie 780/- per month. If I work for 20 days and then my basic salary comes to rs 10000/- which is still higher than minimum limit of Rs 6500/-.Please suggest PF deduction will be 780/- or lower based on 6500x20/30x12%   8
What is the Procedure for Audit the Educational Institutions? and what are the documents we have to verify?   2
Where do you see yourself in 5 years time? Ernst-Young 2
What is meant by Perk?   3
investigation vs audit   6
what is opening balance? ABC 7
audit papers   2
what is Voucing? Abc 2
State which of the following are Cash transactions, and which are credit transactions: Questions Answers 1. Anil commenced business with Rs.10,000 2. Bought goods for cash Rs. 2000 3. Bought goods from Balaji on account Rs. 4000 4. Paid Balaji on account Rs. 500 5. Commission received Rs. 50 6. Commission due to Raj Rs. 100 7. Took Loan from Bank Rs. 20,000 8. Interest on loan due to the bank Rs. 200 9. Paid salaries Rs. 200 10. Sold goods for Rs. 1000 11. Sold goods to Eshwar on account Rs. 2000 12. Received from Eshwar on account Rs. 100   3
what is a contra entry how it is passed in journal and cashbook?   4
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