Beginner Level Accountant Interview Questions Set 2

Categories: Accountancy

Name the major errors in accounting?

The very common error in accounting are-error of omission, errors of commission, errors of opinion, and compensating error.


Difference between inactive and dormant accounts?

Inactive accounts are the account that is closed and will not be used in the future. Dormant accounts verbally are not currently functioning but they may be used in the future.


What are the accounting standards? How many are there in India?

As per the Accounting Standards Board (ASB) they are 41 accounting standards-check for standard again. [ This is again a regularly probed query in the accountant Interview question ]


Is accounting standards mandatory?

Yes, it is its plays a very important role in the business field for preparing a good and accurate financial report. It also ensures the consistency and application in a financial report.


 How have you helped the company save its money or use the financial resource effectively?

You can through your ideas that helped the company’s finance positively. Also, tell them how your idea has optimized the process of how you came to such a decision through historical data review.


Does your company have three bank account for processing payment? What is the minimum ledger accounts required?

For the accounting and reconciliation process we need three ledger accounts only.


 Name the ways we can estimate bad debts? 

The most popular ways of estimating bad debts are a percentage of outstanding accounts, aging analysis, and percentage of credit sale.


What is deferred tax liability?

Deferred tax liability is defined signifies a company may pay more tax in the future due to current transactions.


What are the deferred tax asset and the value created?

Is a tax asset when the tax amount has been paid or carried forward but has not been recognized in the income statements the value is created by making the difference between the book income and therefore the taxable income.


 Define the equation for Acid-Test ration in accounting?

Equation for Acid-test ration in accounting is-

(Current assets – Inventory) / Current Liabilities.

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