Accountant Anywhere Services Accountant & Audit Assistant, Accountant & Computer Operator Interview Questions and Answers

Q1. There are three branches of accounting
Ans. 
The three branches of accounting are financial accounting, management accounting, and cost accounting.
• Financial accounting focuses on reporting financial information to external stakeholders.

• Management accounting involves providing financial information to internal management for decision-making.

• Cost accounting deals with analyzing and controlling costs within a company.

• Each branch serves a different purpose and audien
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Q2. Types of accounting golden rules
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The accounting golden rules are basic principles that guide the process of recording financial transactions.
• There are three types of accounting golden rules: Personal Account, Real Account, and Nominal Account.

• Personal Account: Debit the receiver, credit the giver. Example: When cash is received from a customer, cash account is debited.

• Real Account: Debit what comes in, credit what goes out. Example: Purchase of machin...read more
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Q3. What is the balance sheet
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The balance sheet is a financial statement that provides a snapshot of a company's financial position at a specific point in time.
• It lists a company's assets, liabilities, and shareholders' equity.

• Assets are what the company owns, such as cash, inventory, and property.

• Liabilities are what the company owes, such as loans and accounts payable.

• Shareholders' equity represents the company's net worth, calculated as assets m...read more
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Q4. Trail Balance Definition
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A trial balance is a list of all the general ledger accounts contained in the ledger of a business.
• It is used to ensure that the total debits equal the total credits in the accounting records.

• It is prepared at the end of an accounting period before the financial statements are prepared.

• Errors in recording or posting transactions can be identified by preparing a trial balance.

• Example: If the total debits and credits do ...read more
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Q5. What is the Working capital
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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 represents the amount of liquid assets available to a company to fund its day-to-day operations.

• Formula: Working Capital = Current Assets - Current Liabilities

• Positive working capital indicates that a company has enough assets ...read more
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Q6. Defin depreciation and it types
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Depreciation is the allocation of the cost of an asset over its useful life.
• Depreciation is a non-cash expense that reduces the value of an asset over time.

• Types of depreciation include straight-line, double declining balance, units of production, and sum-of-the-years-digits.

• Straight-line depreciation evenly spreads the cost of an asset over its useful life.

• Double declining balance front-loads depreciation expenses.

• Uni...read more
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Q1. How you see yourself in next 5 years
Ans. I am seeing myself to grow professionally and academically in next 5 years.
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Q1. What are 3 types of Accounts
Ans. 
Types of accounts include assets, liabilities, and equity.
• Assets: resources owned by the company, such as cash, inventory, and equipment

• Liabilities: debts or obligations owed by the company, such as loans and accounts payable

• Equity: the owner's stake in the company, calculated as assets minus liabilities
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Q2. Personal Account Nominal Account Real Account
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Discuss affects of AI on future of Accounting procedures.

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Coding and de coding test

Q1. Personal details about you
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Q2. Where do you see yourself in 5 years
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Q1. Asking about job profile
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Q2. Portfolio questions about
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Q1. Tell me about yourself
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Q2. This question is usually the first question in an interview, and it is a way to break the ice. You should answer this question by giving a brief overview of your education, work experience, and skills. You...read more
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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
Ans. 
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. P2p cycle, what
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Q1. Tell me about yourself?
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Q2. What is your expected salary?
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Q3. Would you be able to work on Saturday?
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Q4. Do you know golden rules?
Ans. 
Yes, golden rules are basic principles of accounting that guide the preparation of financial statements.
• Golden rules are the fundamental principles of accounting that help in recording financial transactions accurately.

• There are three golden rules: Debit what comes in, Credit what goes out; Debit the receiver, Credit the giver; Debit expenses and losses, Credit income and gains.

• For example, when cash is received, it is...read more
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20 marks will be for math questions.
20 marks will for grammar.
20 marks will be for logical questions.
20 marks will be for email writing.
20 marks will be for excel

Q1. Tell me about yourself
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Q2. What is double entry?
Ans. 
Double entry is a fundamental accounting concept where every transaction has equal and opposite effects on at least two accounts.
• Every transaction involves at least two accounts - one account is debited and the other is credited.

• Debits must equal credits in every transaction to maintain the accounting equation (Assets = Liabilities + Equity).

• Double entry ensures accuracy and helps in detecting errors in financial recor...read more
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Q3. What are 3 golden rules?
Ans. 
The 3 golden rules of accounting are principles that guide the preparation of financial statements.
• 1. The revenue recognition principle - recognize revenue when it is earned, not when cash is received.

• 2. The matching principle - expenses should be matched with revenues in the period they are incurred.

• 3. The consistency principle - use the same accounting methods and procedures from period to period.
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Q4. What is account receivable?
Ans. 
Accounts receivable is the money owed to a company by its customers for goods or services provided on credit.
• Accounts receivable represents the amount of money owed to a company by its customers for goods or services provided on credit.

• It is considered an asset on the company's balance sheet.

• Accounts receivable is typically collected within a certain period of time, often 30, 60, or 90 days.

• Examples include invoices se...read more
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Q5. 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 represents a company's short-term debt obligations to its suppliers.

• It is listed as a liability on the company's balance sheet.

• Accounts payable is typically paid within a certain period, often 30, 60, or 90 days.

• Examples of accounts payable include invoices from suppliers for inv...read more
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Q6. What is depreciation?
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Depreciation is the allocation of the cost of a tangible asset over its useful life.
• Depreciation is a non-cash expense that reflects the decrease in value of an asset over time.

• It is used to spread the cost of an asset over its useful life for accounting and tax purposes.

• Common methods of calculating depreciation include straight-line, double declining balance, and units of production.

• Examples of depreciable assets inc...read more
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Q7. What is supplier?
Ans. 
A supplier is a person or company that provides goods or services to another entity.
• Suppliers play a crucial role in the supply chain of a business.

• They can provide raw materials, components, or finished products.

• Examples of suppliers include manufacturers, wholesalers, and distributors.

• Maintaining good relationships with suppliers is important for business success.
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