Interview Questions for the post of Accountant
- Posted by SSdigitalBE
- On September 27, 2019
- 0 Comments
Top Interview Questions for the post of Accountant
Going for Accountant Post interview? Accountant is an important part in small as well as in any big organisation. Therefore, Companies do that at most care while recruiting Accountant. So, go through all the questions very care- fully to clear the interview. Considering you will be short on time, we tried to keep it very brief and to the point.
| Questions | Answer |
| Type of business transactions | Two- revenue and capital |
| Working Capital | Current Assets less Current Liabilities Used for day to day working of the business |
| TDS | Tax deducted at Source: Person paying rent, salary, interest, professional fee etc. deduct TDS while making the payment at a prescribed rate |
| Accounts Payable (AP) vs Accounts Receivable (AR) | When we buy material on credit, it is a liability and called AP. Similarly, when we sale material on credit, it is an asset and called AR. |
| Trial Balance vs. Balance Sheet | Trial Balance is list of all ledger balances and it ensure arithmetical accuracy, while Balance Sheet, shows assets, liabilities and equity of a company and is sued to ascertain company’s financial position. |
| Accounting Standards | Presently there are 31 Accounting Standards in force under Companies Act 2013. |
| Debtors Aging Analysis | It analysis how long our recoverable is outstanding. Older the outstanding, higher the chance, it will be bad debt. |
| Deferred Tax Liability | It represents the amount of tax, which a company would need to pay in future to income tax department. |
| Deferred Tax Asset | If tax amount has been paid but still has not been recognized in the income statement. |
| GST | Goods and Service Tax is an indirect tax. Seller charges it to the customer on the value of Goods or Service sold. Collected GST is deposited to Government by Seller. |
| Bank Reconciliation Statement (BRS) | It is a statement of reconciliation between Bank Ledger in our books and Bank Statement. |
| Fictitious Assets | Intangible assets, whose benefit is derived over a longer period of time e.g. Goodwill, rights, deferred revenue expenditure, preliminary expenses etc. |
| Basic Accounting Equation | Assets= Liabilities + Owners Equity |
| Type of Accounting | Financial, Management, Cost |
| Purchase return | Buyer returns the material to seller being defective or unsatisfactory |
| Fair Value | Value of an asset, on which that can be sold |
| MIS Report | Management Information System, it is an analysis regarding efficiency of a department or Company |
| Scrap Value | Residual value of an assets that any asset holds after its estimated lifetime. |
| Golden rules of accounting | Debit the receiver, credit the giverDebit what comes in, credit what goes outDebit all expenses and losses, Credit all incomes and gains |
Dear Friends,
We have tried to list, maximum important question with their answers, but above list is not just illustrative. Accounting is a very vast subject and there can be thousand of questions. If any of you come across new question you can comment with question, company name and place. It will help others, going for interview there.
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