Greet Technologies Financial Accountant Interview Questions and Answers

Q1. There are three branches of accounting
Ans. 
The three branches of accounting are financial accounting, management accounting, and cost accounting.
• Financial accounting focuses on reporting financial information to external stakeholders.

• Management accounting involves providing financial information to internal management for decision-making.

• Cost accounting deals with analyzing and controlling costs within a company.

• Each branch serves a different purpose and audien
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Q2. Types of accounting golden rules
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The accounting golden rules are basic principles that guide the process of recording financial transactions.
• There are three types of accounting golden rules: Personal Account, Real Account, and Nominal Account.

• Personal Account: Debit the receiver, credit the giver. Example: When cash is received from a customer, cash account is debited.

• Real Account: Debit what comes in, credit what goes out. Example: Purchase of machin...read more
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Q3. What is the balance sheet
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The balance sheet is a financial statement that provides a snapshot of a company's financial position at a specific point in time.
• It lists a company's assets, liabilities, and shareholders' equity.

• Assets are what the company owns, such as cash, inventory, and property.

• Liabilities are what the company owes, such as loans and accounts payable.

• Shareholders' equity represents the company's net worth, calculated as assets m...read more
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Q4. Trail Balance Definition
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A trial balance is a list of all the general ledger accounts contained in the ledger of a business.
• It is used to ensure that the total debits equal the total credits in the accounting records.

• It is prepared at the end of an accounting period before the financial statements are prepared.

• Errors in recording or posting transactions can be identified by preparing a trial balance.

• Example: If the total debits and credits do ...read more
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Q5. What is the Working capital
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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 represents the amount of liquid assets available to a company to fund its day-to-day operations.

• Formula: Working Capital = Current Assets - Current Liabilities

• Positive working capital indicates that a company has enough assets ...read more
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Q6. Defin depreciation and it types
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Depreciation is the allocation of the cost of an asset over its useful life.
• Depreciation is a non-cash expense that reduces the value of an asset over time.

• Types of depreciation include straight-line, double declining balance, units of production, and sum-of-the-years-digits.

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

• Double declining balance front-loads depreciation expenses.

• Uni...read more
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Accounting fundamental

Q1. Accounting concepts
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Q1. Location, your Qualifications, salary expectations, experience if any.
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Maths, reasoning, english, finance,

Q1. 1. Describe your resume, what are you as a person, your family, your education background, your short and long term goals. (All questions at once) 2. Define your projects and your findings upon that? 3. ...read more
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Q1. Why should u hirid you
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Q1. Background and oll basic questions
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Excel test English finance math

Q1. Finance related cash flow dscr ratios financial statements
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An aptitude test is beneficial for assessing knowledge.

Q1. What is the process for preparing a balance sheet and a profit and loss account?
Ans. 
The process for preparing a balance sheet and a profit and loss account involves gathering financial data, organizing it into categories, calculating totals, and analyzing the results.
• Gather financial data including assets, liabilities, and equity for the balance sheet.

• Organize the data into categories such as current assets, fixed assets, current liabilities, etc.

• Calculate totals for each category to determine the ove...read more
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Q2. What is the process for preparing a revenue account?
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The process for preparing a revenue account involves recording all income earned by a business during a specific period.
• Gather all relevant financial documents such as sales invoices, receipts, and bank statements.

• Calculate the total revenue earned by adding up all income sources.

• Record the revenue in the appropriate accounting software or ledger.

• Ensure all revenue is accurately categorized and any adjustments are made...read more
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