Beginner Level Accountant Interview Questions Set 1
Categories: Accountancy
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) A real account is an account that has assets and liabilities Eg: land account and building account.
b) 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.
In what way do you maintain accounting accuracy?
As an organization, it is very important to maintain the accuracy of accounting or which will end in huge loss, there are various tools and resource which may be wont to limit the potential for errors to sneak in and address quickly if any errors do arise.
Explain TDS? Where is TDS shown in the balance sheet?
TDS (Tax Deducted at Source) is a concept aimed at collecting tax in every source of income. In a balance sheet, it is shown on the assets section right after the head current assets.
Difference between Account payable and Account receivable? This is a very commonly used question accountant Interview question?
Accounts payable is defined as the company owes it purchased goods or services on credit from a vendor or supplier.
Eg: Account payable are Liabilities
Accounts Receivable is defined to collect company right that is sold goods and services on credit to a customer
Eg: Accounts receivable are assets.
Difference between trial balance and a balance sheet?
Trail balance is a sheet with all the list of balances in a ledger account and is used to check the mathematical accuracy in recording and posting. A balance sheet is a statement that shows all the assets and liabilities and equity of a company and is used to ascertain its financial position on a particular date.
What is the Possible Way for a Company to Show Positive Cash Flows and Still, be in trouble?
It is an unsustainable improvement in working capital and includes a lack of income going forward in the pipeline.