Accountant Interview Questions
Categories: Accountancy
What are the pre-requisites of revenue recognition?
Credits package be accepted just at this next rules are met:
There does an adjustment among the user meaning that this business is thought to use home. That system support is in the frame of contractual negotiation, a possession system, or an email verifying that the user is putting an application. The delivery of services or products is completed.
How important is documentation when it comes to accounting?
I believe that the accounting team of any company has the responsibility of presenting a true and fair view to the shareholders and the management of the company. The accounting team is like the watchdog of the organization. That is how? Documentation matches so essential in accounting. Proper documentation requires to be monitored and controlled so that a proper audit trail is maintained and justified as and when required.
What are Accounting Values?
To financial statement meaningful, comparable, and statutorily compliant, there are a set of standards which need to be followed by all business while maintaining their books of accounts. These are more like a set of rules to be followed so that financial statements of different organizations are made on the same lines. So the users of the financial statements know the assumptions behind the financial statements and can easily compare the financial statements across companies and sectors.
What is a FIXED ASSET Register?
A fixed asset register is a document/register which maintains a list of all fixed assets available with the organization. This is said historically also it additionally includes data of assets that do sell/written off. Some of the important details to be mentioned in the FAR are the date of acquisition of an asset, cost of acquisition, rate of depreciation, accumulated depreciation to date, depreciation for the current period, selling price of the asset if any, date of transfer, location.
This asset (in fact of many company areas, this field is important), asset number (a unique asset number should be assigned to every asset for ease of tracking. That means exceptionally effective for assets wherever capacity is larger than 1 like laptops).
List down important cost control techniques?
Important cost controlling techniques are:
- Budgetary control
- Labor control
- Material control
- Standard costing
- Overheads control
Mention whether the account “Cash” is going to be credited or debited when a corporation pays a bill?
The account “Cash” is going to be credited when a corporation pays a bill.
What are assets minus liabilities?
Assets minus liabilities are defined as:
Assets minus liabilities = owners’ equity / stockholder’s equity.
List the three basic elements of cost
The three essential components of value are:
- Material
- Work
- Costs
What is the main difference between accumulated depreciation and depreciation expense?
The distinction among accrued discount and reduction time is that Accumulated depreciation is that the total amount of depreciation that has been taken on a company’s assets up to the date of the record. Depreciation expense is the amount of depreciation that’s reported on the earnings report.
List out several examples for liability accounts?
Some of the examples of liability accounts are:
- Accounts payable
- Accrued expenses
- Short-term loans payable
- Unearned or deferred revenues
- Installment loans payable
- Current portion of long-term debt
- Mortgage loans payable