Consero Global Solutions Senior Accountant Interview Questions and Answers

Basic Aptitude Questions.

Q1. Questions about R2R
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Q2. Entry for Sale of Asset.
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The entry for the sale of an asset involves recording the sale price, removing the asset's cost and accumulated depreciation from the books, and recognizing any gain or loss.
• Debit the Cash or Accounts Receivable account for the sale price of the asset

• Credit the Asset account to remove the cost of the asset

• Credit the Accumulated Depreciation account to remove the accumulated depreciation

• Recognize any gain or loss by deb...read more
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Q3. Same entry with Profit and Loss.
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Q4. What is W9 form and limit to issue.
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W9 form is a tax form used by businesses to collect information from independent contractors or freelancers. There is no limit to the number of W9 forms that can be issued.
• W9 form is used to collect information such as the contractor's name, address, and taxpayer identification number (TIN).

• Businesses use W9 forms to report payments made to independent contractors to the IRS.

• There is no limit to the number of W9 forms ...read more
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Q5. Entry for Deferred Revenue?
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Deferred revenue is revenue received in advance for goods or services that have not yet been provided.
• Deferred revenue is recorded as a liability on the balance sheet until the goods or services are delivered.

• The entry for deferred revenue involves debiting cash or accounts receivable and crediting deferred revenue.

• Once the goods or services are provided, the deferred revenue is recognized as revenue on the income stat...read more
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