Castleton Outsource Executive Accountant Interview Questions and Answers

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?
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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?
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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?
Ans. 
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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