CG FOOD PARK 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
Ans. 
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
Ans. 
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. 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...read more
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Q2. What is Procure to pay ?
Ans. 
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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Q1. What is marketing management
Ans. 
Marketing management involves planning, organizing, directing, and controlling marketing activities to achieve organizational goals.
• Developing marketing strategies to reach target customers

• Analyzing market trends and competition

• Setting marketing budgets and monitoring expenses

• Managing advertising and promotional campaigns

• Measuring the effectiveness of marketing efforts
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Q2. Same principal of handery fayol
Ans. 
Henri Fayol's principles of management are applicable in accounting as well.
• Fayol's principle of unity of command can be applied in accounting to ensure clear reporting lines and accountability.

• The principle of division of work can be seen in accounting departments where tasks are divided among different roles for efficiency.

• Accountants can use the principle of discipline to ensure adherence to financial regulations an...read more
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Q1. Salary expectation..?
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Q2. Why do you hire you..?
Ans. 
I bring a strong accounting background, attention to detail, and a commitment to accuracy that will benefit your team.
• Proven track record of managing financial records accurately, as demonstrated in my previous role where I reduced discrepancies by 30%.

• Strong analytical skills that allow me to identify trends and provide actionable insights, helping to improve budgeting processes.

• Experience with various accounting soft...read more
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Q1. Job Description
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Q2. Job Responsibility
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Q3. Account and Finance with Insurance
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Q1. Job Responsibility
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Q2. Account and Finance
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Q3. All company insurance
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Q1. Define what is a balance sheet?
Ans. 
A balance sheet is a financial statement that provides a snapshot of a company's financial position at a specific point in time.
• It shows the company's assets, liabilities, and shareholders' equity.

• Assets include cash, accounts receivable, inventory, and property.

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

• Shareholders' equity represents the company's net worth.

• The balance sheet follows the formula...read more
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Q2. Describe the golden rules of Accounts?
Ans. 
The golden rules of Accounts are basic principles that guide the recording of financial transactions.
• The first golden rule is the Personal Account rule, which states that debit the receiver and credit the giver.

• The second golden rule is the Real Account rule, which states that debit what comes in and credit what goes out.

• The third golden rule is the Nominal Account rule, which states that debit all expenses and losses ...read more
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Q3. Describe Types of Accounts ?
Ans. 
Types of accounts include assets, liabilities, equity, revenue, and expenses.
• Assets: Resources owned by a company, such as cash, inventory, and property.

• Liabilities: Debts or obligations owed by a company, such as loans and accounts payable.

• Equity: Represents the owner's interest in the company's assets after deducting liabilities.

• Revenue: Income generated from the sale of goods or services.

• Expenses: Costs incurred in ...read more
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Q4. Theer Different types of accounts in accounting are Real account, Personal account and Nominal Account. Real account is then classified in two subcategories – Intangible real account, Tangible real account...read more
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Q1. Tell me about yourself.
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Q2. Why do you want to work for our company?
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Q3. Why are you looking for a change?
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Q4. What are your greatest strengths and weaknesses?
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Q1. Working experience
Ans. 15 years
Answered by debashis mondal
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