Accountant Interview Questions

Categories: Accountancy

Define dual aspect term in accounting

Because the title suggests, the double character theory says that every transaction has two sides. For instance, once you purchase something, you give the cash and acquire the thing. Similarly, once you sell something, you lose the thing and obtain the cash. So this winning and losing are a couple features of each event.


What can we mean by purchase a return in accounting?

Purchase return could also be a term used to record every defective or unsatisfactory product returned to its supplier.


 Define the term material facts in accounting

Material facts are the bills or any document that becomes rock bottom of every ledger. It means all those documents, on which ledger is prepared, are called material facts.


What are the MIS reports?

MIS reports are created to identify the efficiency of any department of an organization.


Define a company’s payable cycle?

This is the period needed with the business to meet all its record payables.


Define retail banking?

Retail banking may be a sort of banking that involves a retail client. Those customers are regular characters and not any organizational clients.


What proportion of mathematics knowledge is vital or required in accounting?

Not much knowledge, but the essential mathematical background is required in accounting for operations like addition, subtraction, multiplication, and division.


Define bills receivable?

All kinds of trade currencies, bonds, and other contracts held by a dealer that’s due to him are said as notes receivable.


 Define depreciation and its types?

Depreciation is often defined because the value of an asset that’s decreasing because it is in use. It’s two types, such as:

  1. Line method
  2. Diminishing value method
  3. Annuity method
  4. Depletion method
  5. Written down value method.


Differentiate between consignor and consignee?

Consigner is that the owner of the products, otherwise you’ll say he’s the one that delivers the products to the consignee. The consignee is the one that receives the products.

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