Intermediate Level Accountant Interview Questions Set 3
Categories: Accountancy
Differentiate public accounts and private accounts?
Public accounting may be a sort of accounting that’s done by one company for an additional company. Private accounting is done for your own company.
Name project implementation?
It involves six steps they are:
1. Identify Need
2. Generate and Screen Ideas
3. Conduct Feasible Study
4. Develop the Project
5. Implement the Project
6. Control the Project
Name the branches of accounting?
There are 3 main branches of accounting they are
a) “Financial Accounting”,
b) “Management accounting”
c) “Cost Accounting”
Difference between accounting and Auditing?
Accounting is all about recording the daily business activities while auditing is that the checking whether these events are written correctly or not.
Term the Dual aspect term in accounting?
The name itself states that it has two sides of transactions. For example, once you buy something, you give the cash and obtain the thing. Similarly, when you sell something you lose the thing and get the money. So this getting and losing are basically two aspects of every transaction.
What do you mean by purchase return in accounting?
It is a term introduced in the records for every defective or unsatisfactory good returned back its supplier.
Outline material facts in accounting?
Material facts are bills or any document that becomes the base of every account book. It means all those documents, on which ledger is ready are called material facts.
Have you ever worked on MIS reports and what are these?
Yes, I have prepared a few of them in my previous jobs. MIS reports are very creative to identify the efficiency of any department of a company.
State company’s payable cycle?
Company takes time to pay all the accounts payable in that period.
Define balancing in accounting
Balancing means to equate each side of the account, i.e., the debit and credit sides of an account must be equal/balanced.