Intermediate Level Accountant Interview Questions Set 5
Categories: Accountancy
What are the accounting events that are frequently involved in compound entries?
This accounting issues that are usually required in compound entrances are:
- Multiple line items during a supplier invoice that address to different expenses
- All bank deductions associated with a bank reconciliation
- Deduction and payments related to a payroll
- Account receivable and sales taxes associated with a customer invoice
Mention the kinds of accounts involved in double-entry book-keeping
Double-entry book-keeping includes five types of accounts:
- Income accounts
- Expense accounts
- Asset accounts
- Liability accounts
- Capital accounts
What are the principles for debit and credit for various accounts to extend the quantity in your business accounts?
The rules for debit and credit for various accounts are:
- A capital account, credit to extend it and debit to decrease it.
- An asset account, debit to extend it, and credit to decrease it.
- Liability account, credit to extend it, and debit to decrease it.
- A travel and entertainment account, debit to extend it, and credit to decrease it.
- For an income account, credit to extend it and debit to decrease it.
List out the stages of the double-entry bookkeeping system
The stages of the double-entry system are:
- Recording of transactions in the journal
- Posting of a journal entry into the respective ledger accounts then preparing an attempt balance
- Preparing final accounts and shutting of books of accounts
What are the disadvantages of a double-entry system?
The disadvantages of the double-entry system are:
If there are any compensatory errors, it is difficult to find out by this system. This system needs more clerical labor.
It is difficult to find errors if the errors are in the transactions recorded in the books. The double-entry system is not preferable to disclose all the information of a transaction, which is not properly recorded in the journal.
What is the General ledger account?
The general ledger account is an account won’t to record all the knowledge. It is often expenses and income types that are recorded into separate accounts.
In this account debits and credits, transactions are entered in one place and kept balanced.
What is the general classification of accounts that usually ledger account involve?
The general classification of accounts that sometimes ledger account involves are:
Assets: cash, accounts receivable
Liabilities: accounts payable, loans payable
Stockholders’ equity: common stock
Operating revenues: revenues through sales
Operating expenses: rent expense, salaries expense
Non-operating revenues and gains: investment income, gain on disposal of kit
Non-operating revenues and losses: expense, loss on disposal of kit
List things will not be included in a bank reconciliation statement?
Things will not be included in a bank reconciliation statement are:
Cheques dishonored not recorded in the cash book
Close returns caused by the group not listed in Cashbook
Bank Charges or Interest debited by the bank.
Cheques deposited but not cleared.
Wrong debits are given by the bank.
Banks direct payment not entered in Cashbook.
When are the revenues reported in the accounting period?
Revenues are reported within the accounting period when service or goods are delivered.