- Why you opted for a profession in accounting?
I always considered myself well in this field, and after getting a distinction in masters, I opted to take accounting as my career path.
2) Are you experienced in accounting?
For quite some time, I have been working in different firms where I held a position of an accountant.
3) What was your preference, was it applications for accounting or manual work?
Yes, in the last work I did, I made use of AMEA counting software as well as solutions for Business that is advanced.
4) Are you able to name some applications used for accounting?
Well, I am conversant with Microsoft Professional for accounting, Microsoft Dynamic AX and Financial Force, CGram as well as Microsoft Small Business Financials.
5) Name any application that you like the best and give the reason?
In my opinion, all of them are good even though the best one is Microsoft Accounting Professional due to the fact that it provides production of accounting that are reliable and fast thus saving time and as well fosters production.
6) Give the short forms of credit as well as debit?
Debit is abbreviated as‘dr’ and ‘cr’ is the abbreviation ofr credit.
7) Business transactions are of different types, can you name them?
Two types of accounting when it comes to transacting include the capital and as well the revenue.
8) What do you understand by balance sheet?
This is a list of statements including the liabilities as well as the assets that belongs to a firm at a particular instance.
9) Are you conversant with the term TDS?
TDS is the short form of Tax deduction at Source.
10) Where would you locate the TDS when preparing a balance sheet?
It is indicated in the section with the assets just after head current asset.
11) How will you define Service Tax or Excise in simple words?
This is a type of a tax hidden and added to the service offered by those providing services and is settled by the person receiving the services.
12) According to you what is the difference among dormant and an inactive account?
Yes, they are not similar terms as far as accounting is concerned. Inactive means the account is no more in operation and it would not be as well operational in the future. On the other hand, the dormant accounts might not be operational currently although can be applied in the days to come.
13) Give the meaning of tally accounting?
This software accounts in shops as well as small businesses for the purpose of account management.
14) What is the definition of departmental accounting?
This is a kind of account where a different account is provided for departments.
15) What do you mean by fictitious assets?
They include assets that are both intangible and invisible. They are those that are felt for example will and rights.
16) What is the meaning of periodic or perpetual inventory system?
Talking about the perpetual inventory system, continuous changes in the accounts occur. When it comes to the periodic inventory system, adjusted from time to time of the accounts occurs.
17) What do you mean by premises in accounting?
The premises include the assets fixed and are indicated when it comes to balance sheet.
18) What do you mean by VAT in accounting?
VAT is the abbreviation for Value Added Tax.
19) Are you conversant with the standards used for accounting?
Yes, according to what I am conversant with up to this point, there is a total of 33 published accounting standards by ICAI which aims at having policies implemented within the country of interest.
20) ICAI means?
This is the short form of the Institute of Chartered Accountants in India
21) What do you mean by basic accounting equation?
It is clearly known that accounting carries the subject matter of capital, assets and liabilities. And thus accounting is equivalent to:
Assets are the addition of Owners Equity as well as the liabilities.
22) What do you understand by the term Executive accounting?
Executive accounting is basically developed for the business that provides services to consumers.
23) What comes to your mind from the term Public accounting?
Public accounting provides both CPA and audits ensures accountability by reviewing the financial records of a company.
24) What do you understand by the term CPA?
CPA is the abbreviation of Certified Public Accountant. It is mandatory for you to have other qualifications to become a CPA
25) Give a short understanding of reconciliation statement?
When the cash book balance is different from the passbook balance, a reconciliation statement is prepared.
26) What is the difference between Private and Public Accounting?
Pubic accounting is basically a form of accounting where one firms do it on behalf of the other firm. On the other side, when a company does accounting for itself, it is called as private accounting.
27) Give an explanation of the implementation of a project?
Implementation of the project is made up of six steps namely:
- Identification of need
- Generating and analyzing of ideas
- Study the idea
- Project development
- Project implementation
- Project control
28) Is it a must to have standards for accounting, what is the reason for that?
True, it is my belief that accounting is the central nerve for the preparation of quality and financial reports that are very accurate.
- Are you able to names the branches available in accounting?
Yes, I am aware of the 3 division of accounting that are, Financial Accounting, Cost Accounting and Management Accounting.
2) What is the difference between Auditing and accounting?
Daily activities in business are recorded by accounting but in the case of auditing, it checks whether the activities of the business have been recorded accordingly.
3) What do you understand with dual aspect as used in accounting?
The principle of operation of the dual aspect is that all transactions are made up of two parts. For instance when you make a purchase, you give out in return for something else. In a similar manner, when selling, it is possible to lose the item but you acquire money. This is the concept behind every business transaction.
4) What is your understanding of the purchase return?
The term is used for records to refer to any goods that is returned to the supplier due to lack of satisfaction to the consumer.
5) What is your understanding of material facts?
Bills or the documents used as a base of account of every book of accounts are referred to as material facts.
6) What are the MIS reports and can you prepare these?
The report is designed for the good organization of any company. Yes, in my previous work, I have prepared many reports on MIS.
7) What is the definition of payable cycle?
This is the period of time that a company needs to settle the payment for all its accounts that are payable.
8) What is retail banking?
This is the form of banking comprising a client for retail. The clients are considered as ordinary customers and not simply just any customers in an organization.
9) What is the extent of the mathematical knowledge that is necessary for accounting?
Basic knowledge in mathematics is important to assist in operations such as division, multiplication, addition and subtraction.
10) Give a short definition of bills receivable?
Bills receivable are all the kinds of bonds exchange bills as well as securities that are payable to the merchant that owns them.
11) Define and differentiate types of depreciation?
If we talk of depreciation, it means the value is going down as the item is still used. It is of two kinds; “Written Down Value Method” and “Straight Line Method”.
12) What is the difference between consignee and a consignor?
The consignor is either referred to the one who transports the bought items to a consignee or the owner of that person who owns the same goods
13) What is the definition of balancing in an accounting term?
Balancing is referred to as the process of balancing both parts of the T-account that is, credit and the debit sides of the account should be balanced.
14) What is the extent of knowledge in statistics that is relevant to accounting?
If you would like to perform in accounting, it is mandatory that you have good knowledge of statistics. Or else, with little knowledge it would be very hard for you to make it through with limited knowledge in accounting.
15) What is the meaning of Scrap value in an accounting term?
This is the value of the asset that remains. The residual value can be defined as that value of the assets that is normally held after the lifetime that has been estimated.
16) Want is the definition of a Marginal Cost?
This is the amount of the additional inputs that has been estimated to produce a certain output.
17) What is Partitioning as used in accounting?
This is a group that has been formed under the operation of the responsive system.
18) What is the difference between reserve and provision?
Either the items you look up to or the liabilities are known as the provisions. In simple terms, provisions are the expenses that are incurred. On the other hand, reserves are profits that are made by the company in which a part of the profit is injected back to the industry in order to keep the business going in the challenging times.
19) What is your understanding of an offset accounting?
An account in which the net value of different account is decreased so as to end up with a definite net balance is known as offset accounting.
20) What is the definition of overhead in an accounting term?
This is referred to as the indirect expenditures like salaries and rent that is made by the company.
21) What do you understand by trade bills?
It is necessary to document different categories of transactions. The documents that are created against every transaction made are known as the trade bills.
22) Give a brief description of fair value accounting?
According to the requirements of the value accounting that is fair, it is vital that a company indicates the assets’ value that it has as per the price in balance where the assets can now be put on sale.