Accounting Interview Question Set 3

Categories: Accountancy

What’s the acronym for the accounting words debit and credit?

 The debit version is “dr” and the credit summary is “cr”.


What percentage of sorts of Business transactions are there in Accounting?

 There are two sorts of transactions in accounting, i.e., revenue and capital.


What’s the Balance Sheet?

It’s a press release that states all the liabilities and assets of the corporate at a particular point.


What’s TDS?

TDS stands for a tax write-off at Source. it’s introduced to gather text from the corporate form where the worker income is generated.


Where to Point out TDS Within the Balance Sheet?

 TDS is shown on the assets section, right after the top current asset.


Types of a business transaction are there in accounting?

They are two types of business transactions in the accounting field that revenue and capital.


 Name real and Nominal Accounts with Examples.

A real account is an account that has assets and liabilities Eg: land account and building account.

A nominal account is an account of income and expenses Eg: wagers account and salary account.


Which Accounting Platform Have you Worked for and Which one do you prefer?

The accounting platforms are (Quick Books, Microsoft Dynamic GP, etc.) that you have worked with and which one you like the most.


What is Double-Entry Bookkeeping? What are the Rules Associated With it?

Double entry is an accounting standard where every debit features a corresponding credit. The total debt is always equal to the credit. In this system when one account is debited then another account gets credited at an equivalent time.


What is Working Capital?

Working capital is calculated as current assets minus current liabilities that are used in day-to-day trading.

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