2COMS Accountant Interview Questions and Answers for Experienced

Accounts in any transaction of company

Q1. Accounts in p&l account
Ans. 
Accounts in P&L account refer to the various income and expenses recorded in the profit and loss statement.
• Accounts in P&L account include revenue, cost of goods sold, operating expenses, interest expenses, and taxes.

• Revenue accounts represent income generated from sales of goods or services.

• Cost of goods sold accounts represent the direct costs associated with producing goods sold by the company.

• Operating expenses acc...read more
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Q2. Accounts in balance sheet
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Accounts in balance sheet are financial records that show a company's assets, liabilities, and equity at a specific point in time.
• Accounts in balance sheet are categorized into assets, liabilities, and equity.

• Assets include cash, inventory, and property.

• Liabilities include loans, accounts payable, and accrued expenses.

• Equity represents the owner's stake in the company.

• The balance sheet must always balance, with assets
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Q3. Liabilities & Asset about solution to me
Ans. Current assets me particular time of assets means cl example stock, sundry debtors, fixed assets furniture,
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Q4. Accounts in business transactions
Ans. 
Accounts in business transactions refer to the recording and tracking of financial activities within an organization.
• Accounts are used to keep track of income, expenses, assets, and liabilities.

• They help in monitoring the financial health of a business and making informed decisions.

• Examples of accounts include cash, accounts receivable, inventory, and accounts payable.
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