Accountant Interview Questions | Accountant Interview Questions and answers

Accountant Interview Questions list for experienced

Introduction accounting ?
What is the purpose of financial statements?
The main financial accounting statements ?
What is profit?
Account for letter of credit in the books ?
What is Depreciation ?
What is the difference between personal account real account and nominal account ?
What is Reconciliation ?
What is the difference between a provisions and reserves?
What is the Difference between accounts and finance ?
What is account payee cheque? Expand CTC cheque?
What is Finance ?
What is short term solvency ratio?
What are MIS reports and how do you prepare it?
How to make a VAT entry in books including setoff?
What is the fictitious assets?
What is Recording damage inventory in books of account ?
What is contingent liabilities?
What is the difference between perpetual & periodic inventory system?
Project Review
What is Management Accounting?
What is Working Capital?
Difference Between Gross and Net Working Capital.
Types of Working Capital
WHAT ARE OUTSTANDING EXPENSES?
WHAT IS ADVANCE FROM CUSTOMERS?
WHAT ARE PRE-PAID EXPENSES?
WHAT IS CASH AND BANK BALANCE?
WHAT ARE CREDITORS?
WHAT ARE DEBTORS?
What is Goodwill?
Why Is goodwill Considered An intangible Asset But Not A fictitious Asset?
What are long term borrowings?
What is Balance Sheet?
What is the meaning of Underwriting?
What does having negative working capital mean?
What are the accounting concepts?
What is real and nominal accounts explain with examples?
DOUBLE ENTRY SYSTEM
ADVANTAGES OF DOUBLE ENTRY SYSTEM
Difference between Direct Tax and Indirect Tax
What is mean by Consideration?
What are the features of GST?
What are the Guiding Principles of Constitution the GST Council?
What do you mean by liquidation?
What are the types of liquidation?
What is Preferential Creditors?

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Questions : 1 :: Introduction accounting ?

The American Accounting Association define accounting as follows: "the process of identifying, measuring and communicating economic information to permit informed judgements and decisions by users...View answers

Questions : 2 :: What is the purpose of financial statements?

There are two main purposes of financial statements: (1) To report on the financial position of an entity (e.g. a business, an organisation); (2) To show how the entity has performed (financially)...View answers

Questions : 3 :: The main financial accounting statements ?

The purpose of financial accounting statements is mainly to show the financial position of a business at a particular point in time and to show how that business has performed over a specific...View answers

Questions : 4 :: What is profit?

Profit is the amount by which sales revenue (also known as "turnover" or "income") exceeds "expenses" (or "costs") for the period being...View answers

Questions : 5 :: Account for letter of credit in the books ?

Letter Credit for Imports !! You will have to pay LC Margin to Bank . At that time you will have pass this entry ! LC margin with the Bank - ( Advances) - Debit - XXX Bank - Credit - XXX When LC is...View answers

Questions : 6 :: What is Depreciation ?

Depreciation in known as gradual decline in the usable value of the asset due to various factors i.e technological changes etc. Since Fixed assets are used to generate periodic revenue, an...View answers

Questions : 7 :: What is the difference between personal account real account and nominal account ?

Personal A/c - It stands for a particular person (Ledger:- if we pay the money to someone then we will be credited and that person will be debited to whom money is being paid ) Real A/c - It stands...View answers

Questions : 8 :: What is Reconciliation ?

* Bank Reconciliation means statement of uncleared cheques issued & present in bank. * Reconciliation show the balance between pass book and cash book, and also identify the...View answers

Questions : 9 :: What is the difference between a provisions and reserves?

Provisions: provisions are made for meeting known liabilities..e.g.,provision for doubtful debts ,provision for depreciation e.t.c.. 1. It is charged against profits . 2. provisions are compulsory...View answers

Questions : 10 :: What is the Difference between accounts and finance ?

* Accounts means information system but Finance means play with money. * Accounting: Is an art of recording classifying and summarizing the business activities. * Finance : finance is nothing but...View answers

Questions : 11 :: What is account payee cheque? Expand CTC cheque?

* Account payee means, who wrote cheque to whom, That person must and should have bank account. * CTS : cheque transferred...View answers

Questions : 12 :: What is Finance ?

Power bhd is considering raising new finance by a right issues of 2million new ordinary shares of rm0.50 each at rm1.60. Currently the share price is rm1.80 and the issued ordinary share capital is...View answers

Questions : 13 :: What is short term solvency ratio?

Ratios used to judge the adequacy of liquid assets for meeting short-term obligations as they come due, including 1) the current ratio, 2) the acid-test ratio, 3) the inventory turnover ratio, and...View answers

Questions : 14 :: What are MIS reports and how do you prepare it?

* MIS Reports means management information system.which helps to analysis the monthly inflow and out flow of money, stock, staff performance. Not only monthly through MIS reporting we can compare...View answers

Questions : 15 :: How to make a VAT entry in books including setoff?

1. Purchases Accounts Payable ...View answers

Questions : 16 :: What is the fictitious assets?

* Asset created by an accounting entry (and included under assets in the balance sheet) that has no tangible existence or realizable value but represents actual cash expenditure. The purpose of...View answers

Questions : 17 :: What is Recording damage inventory in books of account ?

* A person conducts business of cell phone but unfortunately some cell phone is damage and are not able to sales. he recorded this loss in books of account through this below general entry of loss...View answers

Questions : 18 :: What is contingent liabilities?

* Contingent liabilities are subjected to occurrence or not of a future event. Means a liability may be arise in future or not , it all depends on a future event. So these are not actual liabilities...View answers

Questions : 19 :: What is the difference between perpetual & periodic inventory system?

* In periodic costing we come to know about the cost incurred at the end of the time period, whereas in perpetual cost we know about the cost incurred at each and every moment. Perpetual inventory...View answers

Questions : 20 :: Project Review

1.How to maintain cash book and bank book ? Day to day entry cash book is the book in which only cash transaction are recorded. 2.How to Check Invoice ? To check invoice ist rate approval...View answers

Questions : 21 :: What is Management Accounting?

Management accounting is viewed as Management-oriented Accounting. It is also known as Managerial Accounting. Basically it is “accounting in relation to management function”. It...View answers

Questions : 22 :: What is Working Capital?

Working capital means "excess of Current Assets over Current Liablities... which is the liquid portion of the total capital... a margin or bufferfor liabilities payable within the ordinary operating...View answers

Questions : 23 :: Difference Between Gross and Net Working Capital.

Gross Working Capital Net Working Capital 1. Meaning Gross Working Capital refers to the sum of the current assets. In this concept the total of the...View answers

Questions : 24 :: Types of Working Capital

A. Gross and Net Working Capital 1) Gross and Net Working Capital Gross working capital means the total Current Assets without deducting the Current...View answers

Questions : 25 :: WHAT ARE OUTSTANDING EXPENSES?

Time lag in payment of expenses like wages, salaries or other overheads gives rise to a Current Liability i.e. outstanding expenses. A company which pays all expenses immediately in cash will have no...View answers

Questions : 26 :: WHAT IS ADVANCE FROM CUSTOMERS?

Some companies take advance from customers before executing their sales order. These are the funds available with the company and are refundable only if sales order is cancelled. Higher advances...View answers

Questions : 27 :: WHAT ARE PRE-PAID EXPENSES?

Some expenses like insurance, sales promotion etc. would be paid in advance i.e. before the due date.

Questions : 28 :: WHAT IS CASH AND BANK BALANCE?

Cash and Bank Balance means the amount of money the company has in the bank, whether in the form of cash, savings, bonds, certificate of deposit, or money invested in the money market funds. It tells...View answers

Questions : 29 :: WHAT ARE CREDITORS?

Creditors allowed by suppliers on purchase of raw-material gives rise to a Current Liability viz. amount payable to creditors. If we can pay for the purchases later, to that extent we need less funds...View answers

Questions : 30 :: WHAT ARE DEBTORS?

Credit allowed to customers on sales of materials gives rise to Current Asset. Viz. amount payable by debtors. Company’s investment in debtors depends upon time-lag in payment of debtors. If...View answers

Questions : 31 :: What is Goodwill?

Goodwill is an intangible asset that is associated with the purchase of one company by another, The value of a company's brand name, solid customer base, good customer relations, good employee...View answers

Questions : 32 :: Why Is goodwill Considered An intangible Asset But Not A fictitious Asset?

It is considered an intangible asset as it cannot be seen or touched. However, it is not a fictitious asset as it can be sold for money or money's worth.

Questions : 33 :: What are long term borrowings?

Long-term borrowings are those having a maturity period of more than one year. Long-term borrowings shall classified as: a. Bonds/debentures b. Term loans i) from banks ii) from other...View answers

Questions : 34 :: What is Balance Sheet?

Balance Sheet is a statement of the financial position of a business that lists the assets, liabilities, and owner's equity at a particular point in time. In other words, the balance...View answers

Questions : 35 :: What is the meaning of Underwriting?

Underwriting means undertaking a responsibility or giving a guarantee that the shares or debentures offered to the public will be subscribed for in full. The person or institutions that give such a...View answers

Questions : 36 :: What does having negative working capital mean?

Negative working capital arises in a scenario wherein the current liabilities exceed the current assets. In other words, there is more short-term debt than there are short-term...View answers

Questions : 37 :: What are the accounting concepts?

Accounting concepts are the basic assumptions on which the process of accounting is based.

Questions : 38 :: What is real and nominal accounts explain with examples?

Answer- A. Real acounts - A real account is an account consisting of only assets and liabilities. Examples of it are - Land account ,building account ,plant and machinery account etc. B.Nominal...View answers

Questions : 39 :: DOUBLE ENTRY SYSTEM

QUESTION 42 . What do you mean by double entry system in accounting ? ANSWER 42. DOUBLE ENTRY SYSTEM : Double entry system is the only system of book-keeping by which the correct financial position...View answers

Questions : 40 :: ADVANTAGES OF DOUBLE ENTRY SYSTEM

QUESTION 43. What are the advantages of Double entry system ? ANSWER 43. ADVANTAGES OF DOUBLE ENTRY SYSTEM : 1. HELPFUL IN PREPARING TRIAL BALANCE : There is a debit for every credit and a...View answers

Questions : 41 :: Difference between Direct Tax and Indirect Tax

Direct Tax Indirect Tax The burden of Tax Payer is borne by the person himself. The burden of Tax is shifted to another person. Tax on Income...View answers

Questions : 42 :: What is mean by Consideration?

“Consideration” concerning the supply of goods or services or both includes: (a) Any payment made or to be made, whether in money or otherwise, in respect of, in response to, or for the...View answers

Questions : 43 :: What are the features of GST?

(1) Destination based tax on consumption: GST is a destination-based tax on the consumption of goods / or services. It is levied at all stages right from manufacturers/inception up to final...View answers

Questions : 44 :: What are the Guiding Principles of Constitution the GST Council?

While discharging the functions the Goods and Service Tax Council shall be guided by the need for harmonized Structure of Goods and Service tax and for development of the harmonised national market...View answers

Questions : 45 :: What do you mean by liquidation?

A company, being the creation of the law, dissolves only through the process of law. The Companies Act provides for dissolution of a company by winding up or without winding up or by striking the...View answers

Questions : 46 :: What are the types of liquidation?

1) Compulsory liquidation (By the order of the court): In this case, the liquidator would be appointed by the court and would be called an official...View answers

Questions : 47 :: What is Preferential Creditors?

(a) The payment of Government dues for taxes provided they have arisen within 12 months before the date of liquidation. (b) The payment of wages and salaries to employees and...View answers

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Accountant Interview Questions And Answers