Accounting Interview Question
Categories: Accountancy
What’s The Adjustment Entries Made While Preparing the ultimate Accounts from The Trial Balance?
- Closing Stock
- Depreciation
- Outstanding Expenses
- Prepaid Expenses
- Accrued Income
- Revenue received beforehand
- Bad Debits
What’s the Bank Reconciliation Statement? What Are the Steps to organize it?
Bank reconciliation statements could also be a press release prepared at periodical intervals, to point the items which cause disagreement between the balances as per the bank columns of the cash book and therefore the bank passbook on any given date.
Follow the below steps to arrange a bank reconciliation statement:
- Take the balance either as per cash book or as per pass book as a start line.
- Compare the things appearing within the bank column of the cash book with the item appearing within the bank passbook.
- Tick off the things within the passbook with the entries within the cash book. An inventory of unpicked items either in cash book or passbook is going to be found.
- Add or deduct items from the balance which has been taken as a start line.
- The resultant figure is going to be the balance as shown by the passbook or the other way around.
What Are The Accounting Concepts?
Accounting concepts are the essential assumptions on which the tactic of accounting is based. Following are the accounting concepts
- Business Entity Concept
- Dual Aspect Concept
- Going Concern Concept
- Accounting Period Concept
- Cost Concept
- Money Measurement Concept
- Matching Concept
What Deferred Revenue Expenditure and Give Some Examples. ?
Deferred Revenue Expenditure could also be a kind of expenditure that does not end within the acquisition of any fixed asset and thus the advantages from such expenditure aren’t received during the amount which they’re purchased.
For example Original Announcement Expenditure, Research and Development Disbursement, Preliminary Costs.
What’s Accounting Ethics?
Answer: Bookkeeping morals is primarily a field of applied ethics, the study of moral values and decisions as they apply to accountancy. It’s an example of trained ethics.
What’s Creative Accounting?
Thinking external when such duplication isn’t allowable. Original accounting could also be an honest description of the practice because it tends to form a picture, which isn’t officially correct from the attitude of the evidence’s planned user.
What’s Fiduciary Accounting?
Proper accounting for the property that’s entrusted to the fiduciary acting under the conditions outlined during a deed.
What’s Accounting Transaction?
A business is an accomplishment of a user program and is seen by the DBMS as a sequence or list of actions. The actions which will be executed by a transaction include the reading and writing of the database.
What Are The Uses Of Journal In Accounting?
The journal is most commonly used to record corrections to errors that are made in writing up the general ledger accounts
What’s Account in Accounting?
Answer: An account may be a method that won’t visualize the debit credit accounting procedure. The account can represent any account no matter expense, revenue, asset, or liability. The debits are placed on the left side and therefore the credits on the proper. Consistently asked in accountant interview questions.
What are those three Golden Rules about Book-Keeping?
First things first this is the most basic yet the easiest one to be taken for granted, know this well.
In bookkeeping, three golden rules of accounting are:
- Individual Account – Account the Receiver, Credit the giver
- Real Account – Debit whatever comes in, Credit whatever goes out
- Nominal Account – Charge all costs & needs, Trust all returns & increases Read this with samples here Three Golden Rules of Accounting with examples