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Top Accountant interview questions and answers for freshers and experienced
What is Accountant ?
Questions : 1 :: Introduction accounting ?
The American Accounting Association define accounting as follows:
"the process of identifying, measuring and communicating economic information to permit informed judgements and decisions by users...View answers
Questions : 2 :: What is the purpose of financial statements?
There are two main purposes of financial statements:
(1) To report on the financial position of an entity (e.g. a business, an organisation);
(2) To show how the entity has performed (financially)...View answers
Questions : 3 :: The main financial accounting statements ?
The purpose of financial accounting statements is mainly to show the financial position of a business at a particular point in time and to show how that business has performed over a specific...View answers
Questions : 4 :: What is profit?
Profit is the amount by which sales revenue (also known as "turnover" or "income") exceeds "expenses" (or "costs") for the period being...View answers
Questions : 5 :: Account for letter of credit in the books ?
Letter Credit for Imports !! You will have to pay LC Margin to Bank . At that time you will have pass this entry ! LC margin with the Bank - ( Advances) - Debit - XXX Bank - Credit - XXX When LC is...View answers
Questions : 6 :: What is Depreciation ?
Depreciation in known as gradual decline in the usable value of the asset due to various factors i.e technological changes etc.
Since Fixed assets are used to generate periodic revenue, an...View answers
Questions : 7 :: What is the difference between personal account real account and nominal account ?
Personal A/c - It stands for a particular person (Ledger:- if we pay the money to someone then we will be credited and that person will be debited to whom money is being paid ) Real A/c - It stands...View answers
Questions : 8 :: What is Reconciliation ?
* Bank Reconciliation means statement of uncleared cheques issued & present in bank.
* Reconciliation show the balance between pass book and cash book, and also identify the...View answers
Questions : 9 :: What is the difference between a provisions and reserves?
Provisions: provisions are made for meeting known liabilities..e.g.,provision for doubtful debts ,provision for depreciation e.t.c.. 1. It is charged against profits . 2. provisions are compulsory...View answers
Questions : 10 :: What is the Difference between accounts and finance ?
* Accounts means information system but Finance means play with money.
* Accounting: Is an art of recording classifying and summarizing the business activities.
* Finance : finance is nothing but...View answers
Questions : 11 :: What is account payee cheque? Expand CTC cheque?
* Account payee means, who wrote cheque to whom, That person must and should have bank account.
* CTS : cheque transferred...View answers
Questions : 12 :: What is Finance ?
Power bhd is considering raising new finance by a right issues of 2million new ordinary shares of rm0.50 each at rm1.60. Currently the share price is rm1.80 and the issued ordinary share capital is...View answers
Questions : 13 :: What is short term solvency ratio?
Ratios used to judge the adequacy of liquid assets for meeting short-term obligations as they come due, including 1) the current ratio, 2) the acid-test ratio, 3) the inventory turnover ratio, and...View answers
Questions : 14 :: What are MIS reports and how do you prepare it?
* MIS Reports means management information system.which helps to analysis the monthly inflow and out flow of money, stock, staff performance. Not only monthly through MIS reporting we can compare...View answers
Questions : 15 :: How to make a VAT entry in books including setoff?
* Asset created by an accounting entry (and included under assets in the balance sheet) that has no tangible existence or realizable value but represents actual cash expenditure. The purpose of...View answers
Questions : 17 :: What is Recording damage inventory in books of account ?
* A person conducts business of cell phone but unfortunately some cell phone is damage and are not able to sales. he recorded this loss in books of account through this below general entry of loss...View answers
Questions : 18 :: What is contingent liabilities?
* Contingent liabilities are subjected to occurrence or not of a future event. Means a liability may be arise in future or not , it all depends on a future event. So these are not actual liabilities...View answers
Questions : 19 :: What is the difference between perpetual & periodic inventory system?
* In periodic costing we come to know about the cost incurred at the end of the time period, whereas in perpetual cost we know about the cost incurred at each and every moment. Perpetual inventory...View answers