Keep your body calm and do not hesitate in answering the HR
Questions. Polish your skills on a daily basis
.
(1) How many types of business transactions
are there in accounting?
There are two types of business transactions in accounting-
Revenue
Capital.
(2) What is working capital?
Working capital is calculated as current assets
minus current liabilities, which is used in day-to-day trading.
(3) How do you maintain accounting accuracy?
A) Maintaining the accuracy of an organization’s
accounting is an important activity as it can result in a huge loss. There are
various tools and resources which can be used to limit the potential for errors
to creep in and address quickly if any errors do arise.
(4) What is TDS? Where do you show TDS on a
balance sheet?
TDS (Tax Deducted at Source) is a concept aimed at collecting
tax at every source of income. In a balance sheet, it is shown in the assets
section, right after the head current asset.
(5) What is the difference between 'accounts
payable (AP)' and 'accounts receivable (AR)?
Accounts Receivable: The amount a company has the right to collect
because it sold I goods or services on credit to a customer.
Accounts receivable are assets.
(6) Are you familiar with the Accounting
Standards? How many accounting standards are there?
There are currently 4 Accounting Standards which
are usually issued by the Accounting Standards Board (ASB).
(7) Is it possible for a company to show
positive cash flows and still be in grave trouble?
Yes, if
it shows an unsustainable improvement in working capital and involves lack of
revenue going forward in the pipeline
(8) Have you ever helped your company to save
money or use their available financial resources effectively?
Explain if you have proposed an idea which has
affected the company's finances
positively. Tell how you have optimized the process and how you came to such a
decision through historical data reviewing
(9) If our organization has three bank
accounts for processing payments, what is the minimum number of ledgers it
needs?
Three ledgers for each account
for proper accounting and reconciliation processes.
(10) What are some of the ways to estimate
bad debts?
Some of the popular ways of
estimating bad debts are- a percentage of outstanding accounts, aging analysis, and percentage of credit sales. i
(11) What is deferred tax liability?
Deferred
tax liability signifies that a company may pay more tax in their future due to
current transactions.
(12) What is the equation for Acid-Test Ratio
in accounting?
The equation for Acid-Test Ratio in accounting=Acid-Test Ratio *(Current assets- Inventory) / Current Liabilities
(13) What is a deferred tax asset and how is
the value created?
A deferred tax asset is when the tax amount has been paid or has been
carried forward but has still not been recognized in the income statement. The
value is created by taking the difference between the book income and the
taxable income.
(14) What are the popular accounting
applications?
I am familiar with accounting apps like C Gram Software, Financial
Force, Microsoft Accounting professional, Microsoft Dynamics AX, and Microsoft
Small Business Financials.
(15) Which accounting application you like
the most and why?
Find Microsoft Accounting
Professional the best as it offers reliable and fast processing of accounting
transactions, thereby saving time and increasing proficiency.
(16) Tell me something about GST.
GST is
the acronym for Goods and Service Tax and it is an indirect tax other than the
income tax. The seller charges it to the customer on the value of the service
or product sold. The seller then deposits the GST to the government. i
(17) What is a bank reconciliation statement?
A bank reconciliation statement or BRS is a form
that allows individuals to compare their personal bank account records to that
of the bank. BRS is prepared when the passbook balance differs from the
cashbook balance.
(18) What is tally accounting?
It is accounting software used by small
business and shops to manage routine accounting transactions.
(19) What are fictitious assets?
Fictitious assets are intangible assets and
their benefit is derived over a longer I period, for example, goodwill, rights,
deferred revenue expenditure, miscellaneous expenses, preliminary expenses, and
accumulated loss, among others.
(20) What is retail banking?
Retail
banking or consumer banking involves a retail client, where individual
customers use local branches of larger commercial banks. i
(21) What has offset accounting?
Offset accounting is a process of canceling an
accounting entry with an equal but opposite entry. It decreases the net amount
of another account to create a net balance.
(22) What are the trade bills?
These are the bills generated against each
transaction. It is a part of the documentation procedure for all types of transactions.
i
(23) What is fair value accounting?
As per fair value accounting, a company has to
show the value of all of its assets in terms of price on the balance sheet on
which that asset can be sold. I
(24) What happens to the cash, which is collected
from the customers but not recorded as revenue?
It
goes into "Deferred Revenue" on the balance sheet as a liability if
no revenue has been earned yet.
(25) What is an MIS report, have you prepared
any?
Yes, I have prepared MIS reports.
It is an acronym for Management Information System, and this report is
generated to identify the efficiency of any department of a company.
(26) What is the company's payable cycle?
It is the time required by the company to pay
all its account payables. i
(27) What is the meaning of purchase return
in accounting?
As the name
suggests, purchase return is a transaction where the buyer of merchandise,
inventory or fixed assets return these defective or unsatisfactory products
back to the seller.
(28)
What are the different branches of accounting?
There are
three branches of accounting-
Financial Accounting
Management Accounting
Cost Accounting
(29)
What is Scrap Value in accounting?
A) Scrap Value is the residual value of an asset
that any asset holds after its estimated lifetime.
(30)
What is the company's payable cycle?
It is the time required by the company to pay all its account
payables. i
(31) Which account is responsible for interest payable?
Current
liability account is responsible for interest payable.
Final Conclusion on Accounting Interview:
The bottom line is this:
be prepared,
do your research,
and understand
the job you are being interviewed for and how your skills,
personality and experience match the job's requirements. Keep your body calm
and do not hesitate in answering the HR Questions. Polish your skills on daily
basis. Practice, again and again, these questions in front of the mirror .Personally
, I Suggest giving a demo to anyone your relative or friend Close the interview
with questions, pass on your calling card if you have one, thank them for their
time and give a firm handshake before smiling and saying goodbye.
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