Interview questions for accounting, account Executive

this all questions im going to share with you are all base on my own experience and after speaking with HR and accounting and finance head. here, I'm sharing with you some important interview question

you can study this question for your all finance interview.

1) What is the meaning of purchase return in accounting?

Ans:- purchase return is a transaction where the buyer of merchandise, inventory, or fixed assets, returns these defective or unsatisfactory products back to the seller.

2) What are the golden rules of accounting?

Ans:- personal accounts:- Debit The Receiver, Credit The Giver

real accounts:- Debit What Comes In, Credit What Goes Out

nominal account:-Debit All Expenses And Losses, Credit All Incomes And Gains

3)Explain real and nominal accounts with examples

Ans:- A real account is an account of assets and liabilities. E.g. land account, building account, etc.

A nominal account is an account of income and expenses. E.g. salary account, wages account, etc.

4)What is the double-entry system? What are the rules associated with the double-entry system?

ans:- Double-entry bookkeeping is an accounting principle where every debit has a corresponding credit. Thus, the total debit is always equal to the total credit. In this system, when one account is debited then another account gets credited at the same time.

5) what is contra entry in tally and accounting?

ans:- Contra entry refers to transactions involving cash and bank account. In other words, any entry which affects both cash and bank accounts is called a contra entry

it should be Effects two accounts – Cash and Bank account

Ex.

• Cash account to Bank account

• Bank account to Cash account

• Bank account to Bank account

• Cash account to Cash account

6) what is debit note and credit note in accounting and tally?

ans:- When a buyer returns goods to the vendor, he sends a debit note as an intimation to the vendor of the quantity and quantity being returned and requesting the return of cash.

When a Seller receives goods (returned) from the customer, he prepares and sends a credit note as an intimation to the customer showing that the cash for the related goods is being returned within the sort of a credit note.

7)What is working capital?

ans:-Working capital is calculated as current assets minus current liabilities, which is used in day-to-day trading.

8)What is TDS?

ans:- TDS (Tax Deducted at Source) is a concept aimed at collecting tax at every source of income.

9) What is the ‘accounts payable (AP)’ and ‘accounts receivable (AR)’?

Ans:- Accounts Payable The amount a company owes because it purchased goods or services on credit from a vendor or supplier.

Accounts Receivable The amount a company has the right to collect because it sold goods or services on credit to a customer.

10)What is deferred tax liability?

ans:- Deferred tax liability signifies that a company may pay more tax in the future due to current transactions.

11) Tell me something about GST?

ans:- GST is 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.

12) What is a bank reconciliation statement?

ans:- 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.

13) What are the different branches of accounting?

ans:- Financial Accounting

Management Accounting

Cost Accounting

14) What is an MIS report?

ans:- It is an acronym for Management Information System, and this report is generated to identify the efficiency of any department of a company.

15) What is a Journal entry?

A journal is a detailed account that records all the financial transactions of a business, to be used for future reconciling of and transfer to other official accounting records, such as the general ledger.this all questions im going to share with you are all base on my own experience and after speaking with HR and accounting and finance head. here, I'm sharing with you some important interview question

you can study this question for your all finance interview.

by:- Virendra Bodele IG:-bizsuccessmindset