Intermediate Level Accountant Interview Questions Set 4
Categories: Accountancy
What proportion of statistics knowledge is important or required in accounting?
You must be excellent at statistics if you would like to try to well in accounting. Otherwise, with minimum knowledge, you can’t manage your day to day transactions effectively in accounting.
Define Scrap value in accounting?
This means the remaining amount from an asset. The remaining amount is the amount that an asset exists after its expected lifetime.
What is the marginal cost?
Marginal cost is defined as an increase or decrease in the cost of producing units or serving customers.
Define Partitioning in accounting?
It is a sort of group made supported by an equivalent response by a system.
What is the key difference between provision and reserve?
Provisions are the liabilities or the anticipated items, such as depreciation. In contrast, Reserves are the profits of any company, placed back to the business to stay it sustainable in tough times of a corporation.
Define offset accounting?
Offset accounting is one that decreases the internet amount of another account to make a net balance.
Define overhead in terms of accounting?
It is the indirect expenditure of a corporation like salaries, rent dues, etc.
Define trade bills ?
The business checks are considering reports made against each step.
Define fair value in accounting?
Fair value is the measurement of liabilities and assets according to the current value of the market. This gives the expected rate at which each asset is disappointed. Liability shows third party transactions under the present condition of the market.
What is compound journal entry?
A compound journal entry is simply like other accounting entries where there’s quite one debit, quite one credit, or quite one among both debits and credits. It is essentially a mixture of several simple journal entries.