General accounting questions and answers

General accounting questions and answers software#
General accounting questions and answers professional#

What do you think is a bank reconciliation statement?ДЄ reconciliation statement is prepared when the passbook balance differs from the cash book balance.Дў6. It means that one should complete 150 credit hours at an accredited university.Дў5. It is a qualification with a 150-hour requirement. To become a CPA, one should have to do many other qualifications as well. It is for the general public.Д¬PA stands for Certified Public Accountant. Public accounting offers audits and CPAs to review company financial records to ensure accountability. It is a type of accounting that is specifically designed for the business that offers services to users. We know that accounting is all about assets, liabilities, and capital. How can you explain the basic accounting equation? It is the abbreviation of the Institute of Chartered Accountants in India.Дў1. The purpose of these standards is to implement the same policies and practices in any country. Yes, as per my knowledge there are total 33 accounting standards published so far by ICAI. Do you possess any knowledge about accounting standards? Premises refer to fixed assets that are shown in the balance sheet.ДЎ9. In accounting, how do you define the premises? In the periodic inventory system, the accounts are adjusted periodically.ДЎ7. the perpetual inventory system, the accounts are adjusted on a continual basis. By saying, perpetual or periodic inventory system what do we mean? Fictitious assets can only be felt such as goodwill, rights, etc.ДЎ6. These are the assets that cannot be shown or touch. It is managed separately as well as shown independently in the balance sheet. It is a type of accounting in which a separate account is created for departments. How can you define departmental accounting?

General accounting questions and answers software#

It is the software used for accounting in small business and shops for managing routine accounting transactions.ДЎ4. While dormant accounts are those that are not functional today but may be used in the future. Inactive accounts mean that accounts have been closed and will not be used in the future as well. Yes, both are different terms in accounting. Do you think there is any difference between inactive and dormant accounts? Some countries have sales, service tax with works more or less the same as GST.ДЎ2. The customer/clients pay the GST, and the seller deposits the GST with the government. Its charges on the value of the service or product sold to a customer. ItвЂ™s an indirect tax other than the income tax. It is shown on the assets section, right after the head current asset. In the balance sheet, where do you show TDS? Yes, TDS abbreviates Tax Deduction at Source.ДЎ0. Have you ever heard about TDS, what it is? It is a statement that states all the liabilities and assets of the company at a certain point.Д©. There are two types of transactions in accounting, i.e. How many types of business transactions are there in accounting? The debit abbreviation is вЂњdrвЂќ and credit abbreviation is вЂњcrвЂќ.Д§. What is the abbreviation for the accounting terms debit and credit? It helps with financial analysis as well.Д¦.

General accounting questions and answers professional#

I think all are good though, but Microsoft Accounting Professional is best because it offers reliable and fast processing of accounting transactions that saves time and increases proficiency. Which accounting application you prefer most and why? Yes, I am familiar with CGram Software, Financial Force, Microsoft Accounting Professional, Microsoft Dynamics AX and Microsoft Small Business Financials.ДҐ. Can you name any other accounting application? Yes, I have used Advanced Business Solutions and AME Accounting Software in my previous jobs.Д¤. Did you use accounting applications at your previous companies or prefer working manually? Yes, I have worked as an accountant at two different places.ДЈ. Do you have any professional experience in this field? It means that accounting allows us to see things like how much money you are earning, how much you are worth, how much money you spend and where you can improve to make even more money!Дў. Accounting Interview Questions for freshers experienced :-ДЄccounting can be defined as the production of financial information.