Confiance BizSol Private Limited Accountant Interview Questions, Process, and Tips

Accounting Questions like Journal entries 10 Main Question need to answer of 8 Accurately out of 10

Q1. Explain 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 to match the revenue it generates.

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

• Example: A company purchases a d...read more
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Q2. Explain Credit Memo
Ans. 
A credit memo is a document issued by a seller to a buyer, reducing the amount owed by the buyer.
• Credit memos are typically issued for returns, discounts, or errors in billing.

• They serve as a record of the reduction in the amount owed by the buyer.

• Credit memos are often used in accounting to adjust accounts receivable or accounts payable.

• Example: A customer returns a defective product and receives a credit memo for the
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Normal writing test asking basics of accounting and prepare profit and loos account and balancesheet

Q1. Technical questions
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Q2. What is the balance sheet?
Ans. 
The balance sheet is a financial statement that provides a snapshot of a company's assets, liabilities, and shareholders' equity at a specific point in time.
• It shows what a company owns (assets), what it owes (liabilities), and the residual interest of the owners (shareholders' equity).

• The balance sheet follows the accounting equation: Assets = Liabilities + Shareholders' Equity.

• It helps assess a company's financial he...read more
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Q3. How many types of accounts ?
Ans. 
There are five types of accounts in US accounting: 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: the residual interest in the assets of a company after deducting liabilities

• Revenue: income generated from the sale of goods or services

• Expenses: cost...read more
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Q4. What is the bank Reconciliation statement ?
Ans. 
Bank Reconciliation statement is a document that compares the bank statement with the company's cash records.
• It helps identify any discrepancies between the bank statement and the company's records.

• It ensures that the company's cash balance is accurate and complete.

• It includes adjustments for outstanding checks, deposits in transit, bank fees, and other transactions.

• The statement reconciles the ending balance on the ba...read more
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Q1. About Salary , ask the personal details...
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