2COMS Accountant Interview Questions and Answers

Accounting questions for aptitude test

Q1. What is working capital
Ans. 
Working capital is the difference between a company's current assets and current liabilities.
• Working capital is a measure of a company's operational efficiency and short-term financial health.

• It shows how much liquid assets a company has available to meet its short-term obligations.

• Formula: Working Capital = Current Assets - Current Liabilities

• Examples of current assets: cash, accounts receivable, inventory

• Examples of ...read more
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Q2. What is a accounting process
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Accounting process refers to the series of steps taken to record, analyze, and report financial transactions of a business.
• The accounting process starts with identifying and recording financial transactions.

• Transactions are then classified into different accounts based on their nature (e.g. assets, liabilities, equity, revenue, expenses).

• The recorded transactions are then summarized and analyzed to prepare financial st...read more
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Q3. All accounting questions
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Q4. State the three main types of accounting
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The three main types of accounting are financial accounting, management accounting, and tax accounting.
• Financial accounting focuses on recording and reporting financial transactions of a business.

• Management accounting involves providing information to help with internal decision-making and planning.

• Tax accounting deals with tax-related matters, such as preparing tax returns and ensuring compliance with tax laws.
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Q5. Golden rules of accounting
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Golden rules of accounting are basic principles that guide the process of recording financial transactions.
• The three golden rules of accounting are: 1. Debit the receiver, credit the giver 2. Debit what comes in, credit what goes out 3. Debit expenses and losses, credit income and gains

• These rules help ensure that financial transactions are accurately recorded and classified in the accounting system.

• For example, when a...read more
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Q1. Accounting taxation
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Q2. Gst and income tax
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Q1. Tell me something about yourself Why do you want to work here What is your greatest strength What do you know about this company
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Q1. Tell about your past experience
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Accounting related questions, financial statements and p and l Ifrs

Q1. With the team lead mostly accounting related questions
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Q2. Intangible assets, effect of changes in forex ,asset accounting revenue accounting
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Q1. Just asked your resume
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Q1. Bank statement , TDs , gst r1 and 3b
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Q1. What is Accounts Payable ?
Ans. 
Accounts Payable is the amount of money a company owes to its suppliers or vendors for goods or services purchased on credit.
• Accounts Payable is a liability on the balance sheet

• It represents the company's obligation to pay off short-term debts to creditors

• It includes invoices from suppliers, utility bills, and other expenses

• Accounts Payable is typically recorded when goods or services are received, not when they are pa
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Q2. What is Procure to pay ?
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Procure to pay is the process of obtaining and paying for goods and services from suppliers.
• Involves requesting goods/services, receiving them, approving invoices, and making payments

• Includes steps like purchase requisition, purchase order, goods receipt, invoice verification, and payment processing

• Helps streamline the purchasing process and ensure timely payments to suppliers
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