ACCOUNTING FIRM Accountant Interview Questions and Answers

Accounting concepts are fundamental principles and guidelines that govern the field of accounting.

• Accounting concepts provide a framework for recording, analyzing, and reporting financial transactions.

• They ensure consistency and comparability in financial statements.

• Some common accounting concepts include the accrual concept, going concern concept, and matching concept.

• The accrual concept states that revenues and expen...read more

GST stands for Goods and Services Tax. It is a consumption-based tax levied on the supply of goods and services.

• GST is an indirect tax system implemented in many countries, including India, Canada, and Australia.

• It replaces multiple indirect taxes like excise duty, service tax, and VAT.

• GST is levied at each stage of the supply chain, but the tax burden is ultimately borne by the end consumer.

• It aims to simplify the tax...read more

An accounting firm is a professional service firm that provides accounting and financial services to businesses and individuals.

• Accounting firms offer services such as bookkeeping, tax preparation, financial statement analysis, and auditing.

• They help businesses maintain accurate financial records and comply with tax laws and regulations.

• Accounting firms may also provide consulting services to help businesses improve th...read more