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- 300+ TOP ACCOUNTING Interview Questions and Answers
- Accounts Interview Questions & Answers
- The Accountant Interview
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Accounting can be defined as the production of financial information. It means that accounting allows us to see things like how much money you are earning, how much you are worth, how much money you spend and where you can improve to make even more money!
Did you use accounting applications at your previous companies or prefer working manually? I think all are good though, but Microsoft Accounting Professional is best because it offers reliable and fast processing of accounting transactions that saves time and increases proficiency. It helps with financial analysis as well. Its charges on the value of the service or product sold to a customer.
Some countries have sales, service tax with works more or less the same as GST. Yes, both are different terms in accounting. Inactive accounts mean that accounts have been closed and will not be used in the future as well. While dormant accounts are those that are not functional today but may be used in the future. It is the software used for accounting in small business and shops for managing routine accounting transactions. It is a type of accounting in which a separate account is created for departments.
It is managed separately as well as shown independently in the balance sheet. These are the assets that cannot be shown or touch. Fictitious assets can only be felt such as goodwill, rights, etc. In the first one, i. In the periodic inventory system, the accounts are adjusted periodically. Yes, as per my knowledge there are total 33 accounting standards published so far by ICAI. The purpose of these standards is to implement the same policies and practices in any country.
We know that accounting is all about assets, liabilities, and capital. Therefore, the accounting equation is:. It is a type of accounting that is specifically designed for the business that offers services to users.
Public accounting offers audits and CPAs to review company financial records to ensure accountability. It is for the general public.
To become a CPA, one should have to do many other qualifications as well. It is a qualification with a hour requirement. It means that one should complete credit hours at an accredited university.
A reconciliation statement is prepared when the passbook balance differs from the cash book balance. Public accounting is a type of accounting that is done by one company for another company. Private accounting is done for your own company. Yes, I do believe that accounting standards play a crucial role to prepare good quality and accurate financial reports.
It ensures reliability and relevance in financial statements. Accounting is all about recording daily business activities while auditing is the checking that whether all these events have been noted down correctly or not.
As the name implies, the dual aspect concept states that every transaction has two sides. For example, when you buy something, you give the cash and get the thing. Similarly, when you sell something, you lose the thing and gets the money.
So this getting and losing are basically two aspects of every transaction. It is the term introduced in the records for every defective or unsatisfactory good returned back to its supplier. Material facts are the bills or any document that becomes the base of every account book. It means that all those documents, on which account book is prepared, are called material facts.
Yes, I have prepared a few MIS reports during my previous jobs. MIS reports are created to identify the efficiency of any department of a company. It is a type of banking that involves a retail client. These clients are normal people and not any organizational customers. Not much knowledge but basic mathematical background is required in accounting for operations like addition, subtraction, multiplication, and division.
All types of exchange bills, bonds and other securities owned by a merchant that is payable to him are said as bills receivable. By depreciation, we mean that the value of an asset is decreasing as it is in use. Consigner is the owner of the goods, or you can say he is the person who delivers the goods to the consignee.
The consignee is the person who receives the goods. Balancing means to equate both sides of the T-account i. You must be very good at statistics if you want to do well in accounting. Otherwise, with minimum knowledge, you cannot manage your day to day transactions effectively in accounting. It is the residual value of an asset. The residual value is the value that any asset holds after its estimated lifetime. Suppose you have to produce an additional unit of output.
The estimated cost of additional inputs to produce that output is actually the marginal cost. Provisions are the liabilities or the anticipated items such as depreciation. You can say provisions are expenses. Reserves are the profits of any company, and a part of that profit is placed back to the business to keep it sustainable in tough times of a company.
Offset accounting is one that decreases the net amount of another account to create a net balance. We know that all types of transactions need to be documented. The trade bills are the documents, generated against each transaction. As per fair value accounting, a company has to show the value of all of its assets in terms of price on the balance sheet on which that asset can be sold.
A compound journal entry is just like other accounting entry where there is more than one debit, more than one credit, or more than one of both debits and credits. It is essentially a combination of several simple journal entries. What are the accounting events that are frequently involved in compound entries? Mention what are the rules for debit and credit for different accounts to increase the amount in your business accounts? The General ledger account is an account where the company records all the information for its various expenses and income types into separate accounts.
Such that all the debits and credits pertaining to that particular type of transaction can be entered in one place and kept balanced. What is the general classification of accounts that usually ledger account involve?
Mention what are things will not be included in a bank reconciliation statement? Under the accrual basis of accounting, when revenues are reported in the accounting period? What is the difference between accumulated depreciation and depreciation expense? Basically, it is the amount that corresponds only to the period of time indicated in the heading of the income statement. A deferred asset refers to a deferred debit or a deferred charge.
An example of a deferred charge is bond issue costs. These costs involve all of the fees or charges that an organization incurs in order to register and issue bonds. These fees are paid in a near time when the bonds are issued but it will not be expensed at that time.
A deposit in transit is a check or cash that have been received and recorded by an entity, but which have not yet been entered in the records of the bank where the funds are deposited. An over accrual is a condition where the estimate for an accrual journal entry is too high.
This estimate may apply to the accrual of expense or revenue. A short term amounts due from buyers to a seller, who have purchased goods or services from the seller on credit is referred to as account receivable. The cash flow statement showcase the cash generated and used during the year or months.
Various activities that are involved for the Cash Flow are. Reversing journal entries are entries made at the beginning of an accounting period to cancel out the adjusting journal entries made at the end of the previous accounting period.
Accrued expenses usually tend to be extremely short-term. List out some of the accrued expenses and the accounts in which you would record them? This is done at the end of the posting journal entry to ensure that there are no posting errors.
A Bad debt expense is the amount of an account receivable that is considered to NOT be collectible. A Master Account has subsidiary accounts. A master account receivable could be anything, it could be account receivable for various individual receivable accounts.
What are the three factors that can affect your cash flow and business profitability? Accrual Accounting is a method for measuring the performance and position of the company by identifying economic events regardless of when the cash transaction happened. In this method, revenue is compared with the expenditures, at the time in which the transaction happens rather than when the payment is made.
Account payable is referred to as the amount the company owes to its suppliers, its employees, and its partners. In other words, it is the basic cost levied on the company to run a business process that is outstanding. Account payable for one company may be account receivable for another firm or company. Long-term notes payable or liabilities are referred for that loan that is not supposed to due for more than a year.
These are the loans from banks or financial institution that are secured against various assets on the balance sheet, such as inventories.
300+ TOP ACCOUNTING Interview Questions and Answers
The surest way to excel at job interviews is to adequately prepare, and the same rule applies to Accounting job interviews. The interview will comprise a series of questions peculiar to Accounting processes and general job interview questions, and it is expected of you to answer them excellently. Proper preparation will definitely help you ace the interview. Here is a sample of questions to expect during an Accounting job Interview: Also refer list of accounting questions in PDF format. Answer: This is a familiar way to start the interview and create communication with the interviewee.
Here are accounting interview questions for fresher as well as experienced candidates 30) What is the basic difference between accounting and auditing? Free PDF Download: Accounting Interview Questions & Answers.
Accounts Interview Questions & Answers
Mike Simpson 0 Comments. The accounting field is very competitive. Not surprising, considering working as an accountant can be very lucrative. Plus, it comes with long-term career potential. The median salary for the 1.
When you are interviewing for an Accounting job, in addition to the basic interview questions you will be asked during a job interview, you will be asked more focused and specific accounting questions, about your education, skills, certifications, languages, and accounting software you have expertise in. Prepare for the interview by considering the job qualifications - what skills, knowledge, and experiences you'll need for to be successful in the job. Take the job requirements that are included in the posting and make a list of the top qualifications the employer is looking for. Then match your credentials to the list. Be ready to discuss why you have each attribute the company wants.
The Accountant Interview
Do you have a degree in accountancy? And you are looking for a perfect job which gives you job satisfaction along with a high pay, then here is your chance. Read the page on wisdomjobs to get a list of job opportunities in various MNCs and corporate institutions. The General Ledger Accountant job is central to any business organisation. As a General Ledger Accountant , you have to maintain regular journal entries, compile them into financial statements, collect necessary documents and assist the audit functions. It will also help you to know what job skills the employers are looking for.
Accounting can be defined as the production of financial information. It means that accounting allows us to see things like how much money you are earning, how much you are worth, how much money you spend and where you can improve to make even more money! Did you use accounting applications at your previous companies or prefer working manually? I think all are good though, but Microsoft Accounting Professional is best because it offers reliable and fast processing of accounting transactions that saves time and increases proficiency. It helps with financial analysis as well. Its charges on the value of the service or product sold to a customer. Some countries have sales, service tax with works more or less the same as GST.