Intermediate Level Accountant Interview Questions Set 2
Categories: Accountancy
Define tally accounting?
It’s an accounting method used in small businesses and shops for managing accounting transactions.
What is departmental accounting?
It’s a separate account created in the department.it is managed separately as well as shown independently in the balance sheet.
What do we mean by perpetual or periodic inventory?
In the perpetual inventory system, the accounts are adjusted continually. In the periodical file way, these statements are changed annually.
What does premises in accounting mean? Regularly asked accountant interview questions?
It refers to fixed assets that are shown in the balance sheet.
Abbreviation of VAT in accounting?
It means the Value added tax.
What is ICAI?
The abbreviation is the Institute of Charted Accountants in India.
Explain the basic accounting equation?
Since we all know accounting is bout assets, liability, and capital therefore the accounting equation is:
Assets=Liabilities Owners Equity.
What is executive accounting?
It’s an account that is specially designed for the business that offers services to users.
Describe CPA?
It stands for Certified Public Accountant. To become CPA There e many qualifications as well. It is qualified with 150-hour requirements. It means that we should completer 150 credit hours at an accredited university.