20+ DAV Centenary Sr. Sec. Public School Interview Questions and Answers

Bills receivable refers to the amount of money owed to a company by its customers for goods or services provided on credit.

• Bills receivable is an asset account on a company's balance sheet.

• It represents the amount of money that a company expects to receive from its customers in the future.

• Bills receivable can be in the form of promissory notes, checks, or other types of written agreements.

• For example, if a company sells goods to a customer on credit, it will record the amount...read more

Bills payable refers to the amount of money a company owes to its suppliers or vendors for goods or services received but not yet paid for.

• Bills payable is a liability account in the company's balance sheet.

• It represents the amount of money the company owes to its suppliers or vendors.

• The amount is recorded when the company receives the goods or services but has not yet paid for them.

• Examples of bills payable include invoices for raw materials, utilities, rent, and other expe...read more

Trading account is a financial statement that shows the results of buying and selling goods and services.

• Trading account is a part of the final accounts of a business.

• It shows the gross profit or loss made by the business through trading activities.

• It includes details of sales, purchases, direct expenses, and direct incomes.

• The formula for calculating gross profit is: Gross Profit = Net Sales - Cost of Goods Sold.

Bank reconciliation is the process of comparing a company's bank statement with its own accounting records.

• Identifying and resolving discrepancies between the two records

• Ensuring accuracy of financial statements

• Examples: checks that have not cleared, bank fees, interest earned

• May involve adjusting entries in accounting records

Insurance is a contract between an individual and an insurance company to protect against financial loss.

• Insurance provides financial protection against unexpected events such as accidents, illnesses, or natural disasters.

• The individual pays a premium to the insurance company in exchange for coverage.

• The insurance company assumes the risk of financial loss and pays out claims when necessary.

• Types of insurance include health, life, auto, home, and business insurance.

• Insurance ...read more

Yes, I am flexible in any shift timings.

• I am open to working in different shifts, including night shifts.

• I understand the importance of being adaptable and available for work at different times.

• I have previous experience working in shifts and have successfully adjusted my schedule accordingly.

• I prioritize the needs of the job and am willing to make necessary adjustments to accommodate different shift timings.

Insurance is a contract between an individual and an insurance company where the individual pays premiums in exchange for financial protection against potential losses.

• Types of insurance include life insurance, health insurance, auto insurance, home insurance, and more.

• Life insurance provides a lump sum payment to beneficiaries upon the insured's death.

• Health insurance covers medical expenses and can include services like doctor visits, hospital stays, and prescription medica...read more

Bank reconciliation entry is a process of matching the bank statement with the company's accounting records.

• Compare the bank statement with the company's accounting records

• Identify any discrepancies or differences

• Make necessary adjustments to the accounting records

• Record the reconciled balance in the accounting system

Accounts payable is money owed by a company to its suppliers, while accounts receivable is money owed to a company by its customers.

• Accounts payable refers to the money a company owes to its suppliers for goods or services purchased on credit.

• Accounts receivable refers to the money owed to a company by its customers for goods or services provided on credit.

• Accounts payable is a liability on the company's balance sheet, while accounts receivable is an asset.

• Managing accounts p...read more

The golden rules of accounting are basic principles that guide the process of recording financial transactions.

• The golden rules include: 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 a company receives cash from a customer, the cash account is debited (increased) and the accounts receivable account is credited (decreased).

• Similarly, when a company pays for expenses, the exp...read more

Marine insurance is a type of insurance that covers the loss or damage of ships, cargo, terminals, and any transport by which the property is transferred.

• Provides coverage for ships, cargo, terminals, and transport

• Covers risks such as damage, loss, theft, and liability

• Common types include hull insurance, cargo insurance, and liability insurance

• Important for businesses involved in international trade

Premium is the amount paid for insurance coverage.

• Premium is the cost of insurance coverage paid by the policyholder to the insurance company.

• It is typically paid on a regular basis, such as monthly or annually.

• The premium amount can vary based on factors like the type of insurance, coverage limits, and the insured individual's risk profile.

• Higher premiums are often associated with more comprehensive coverage or higher risk individuals.

• Premiums are essential for maintaining i...read more

Depreciation is the allocation of the cost of an asset over its useful life. Types include straight-line, double declining balance, and units of production.

• Depreciation is a method of allocating the cost of an asset over its useful life

• Straight-line depreciation evenly spreads the cost over the useful life of the asset

• Double declining balance method accelerates depreciation in the early years of an asset's life

• Units of production method bases depreciation on the actual usage ...read more

A debenture is a type of debt instrument that is issued by a company or government entity to raise capital.

• Debentures are typically long-term investments with a fixed interest rate and maturity date.

• They are unsecured, meaning they are not backed by any specific collateral.

• Debenture holders are considered creditors of the company and have a claim on its assets in case of default.

• Capital is considered a liability as it represents the funds that a company owes to its shareholde...read more

Bank reconciliation statement is a document that compares the bank statement with the company's accounting records.

• It helps to identify any discrepancies between the two records.

• It includes items such as deposits, withdrawals, and bank fees.

• It ensures that the company's financial records are accurate and up-to-date.

• It is usually prepared on a monthly basis.

• Example: If the bank statement shows a withdrawal of $100 but the company's records show a withdrawal of $50, the bank re...read more

A debenture is a type of debt instrument that is not secured by physical assets or collateral.

• Debenture holders are creditors of the company and have a right to receive interest and principal payments.

• Debentures can be issued by corporations, governments, and other organizations.

• Debentures can be convertible or non-convertible, and can have varying maturity dates and interest rates.

• Debentures are often used as a way for companies to raise capital without diluting ownership or...read more

Insurance is a contract between an individual and an insurance company to protect against financial loss.

• Insurance provides financial protection against unexpected events such as accidents, illnesses, and natural disasters.

• Types of insurance include health, life, auto, home, and business insurance.

• Insurance premiums are paid regularly to maintain coverage.

• Insurance companies use actuarial science to calculate risk and determine premiums.

• Insurance policies have terms and condi...read more

Cost accounting is a branch of accounting that focuses on calculating and controlling the costs of producing goods or services.

• It involves analyzing, recording, and reporting on the costs associated with producing goods or services.

• Cost accountants help management make decisions by providing information on the costs of different products, services, or activities.

• Examples of cost accounting techniques include job costing, activity-based costing, and standard costing.

Accounting is the process of recording, summarizing, analyzing, and reporting financial transactions of a business.

• Involves recording financial transactions

• Summarizing financial data in financial statements

• Analyzing financial information to make business decisions

• Reporting financial results to stakeholders

• Examples: preparing balance sheets, income statements, cash flow statements