Accountancy Interview Question

Categories: Accountancy

Explain What Are The Functions Of Accounting?

Accounting includes the nature of financial reports of company transactions, the flow of finance, the tactic of making wealth during an organization, and summarizing the financial position of a business at a given moment in time. 

What are the 4 Phases Accounting?

1. Recording

2. Classifying

3. Summarizing

4. Interpreting

What’s Normative Accounting?

Normative Theory could also be a theory that prescribes how a process of accounting should be done. This theory isn’t supported observation and will suggest radical changes to current practices in accounting

What Are Accounting Entities?

Accounting entities are as an example a business do not get these involved legal entities.

 What are the varied Branches of Accounting?

Following are different branches of accounting:

1. Cost Accounting

2. Financial Accounting

3. Management Accounting

How do Users of Accounting Information require accounting data?

Outside users of bookkeeping information (especially investors) use data like yearly and quarterly reports to base their investment choices on, and to match different companies with each other. Internal users of accounting (mostly managers) use internal accounting information to plan.

What is the Difference Of Accountancy And Financial Accounting?

Financial accounting includes all records shown on the face of the budget, its presentation, recognition, measurement, and disclosures. Whereas accountancy is simply focused on the worth of inventory.

Describe Any Existing Account And Nominal Accounts?

Existing Account is a record of assets and Liabilities.

Types of Real account

1. Furniture Account

2. Land Account

3. Machinery Account

4. Building Account

5. Goodwill Account

6. Patents & Trade Marks Account.

what’s accrual accounting?

Accrual Accounting may be a method for measuring the performance and position of the corporate by identifying economic events. In this method, revenue is compared with the expenditures at the time during which the transaction occurs instead of when the payment is formed.

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