Accountancy Interview Question Set 5
Categories: Accountancy
Define Payroll Source Documents
The Payroll source documents are time sheets of the employee.
a) It is used to record the task completed by the employee.
b) These records are audited by the labor department and the Equal Employment Opportunity Commission.
3) Source documents are must be kept into the payroll source folder.
What is the equation for Acid-Test Ratio in accounting?
The equation for Acid-Test Ratio in accounting
Acid-Test Proportion = (Current assets – Inventory) / Contemporary Accounts
List out things that fall under intangible assets
Things that fall under intangible asset are:
a. Patents
b. Copyrights
c. Trademarks
d. Brand names
e. Domain names
What is a trial balance in accounting?
In accounting, the balance is an accounting report that lists the balances in each of an organization’s ledger accounts. This is done at the end of the posting journal entry to ensure that there are no posting errors.
Where a cash discount should be recorded in a journal entry?
A cash discount should be recorded during a journal entry as a discount of expense during a brokerage account.
Why certain benefit books take an acclaim equilibrium?
Any asset records hold loan stability due to:
a. Receipt and placement and quantity that remained advanced than the logged receivable.
b. Expenses occurred faster than the agreed-upon prepayments.
c. A mistake produced by placement a quantity to an incorrect explanation.
d. The number of payments printed exceeded the optimistic quantity in the Cash account.
e. Ongoing to repay or criticize an advantage after its poise has touched nothing.
What is bad debt expense?
A Bad debt expense is that the amount of an account receivable that’s considered to NOT be collectible.
What is the master account?
A master account has subsidiary accounts. A master account receivable could be anything, it can be account receivable for various individual receivable accounts.
In which account does the Un-presented cheque will get recorded?
The Un-presented cheque will get recorded as a credit to the brokerage account within the company’s ledger.
What knowledge should financial accountant have?
A certified financial accountant should know about:
a. Accounting/Bookkeeping principles and practices
b. Reporting and analysis of financial data
c. Auditing practices and principles
d. Account management
e. Budgets