IB Group Accountant Interview Questions and Answers

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Q1. About You are slef
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Q2. Accounts Types and Accounts defination
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Accounts types refer to the classification of accounts based on their nature and purpose. Accounts definition is the explanation of what an account represents in financial transactions.
• Accounts Types: Assets, Liabilities, Equity, Revenue, Expenses

• Accounts Definition: An account is a record of financial transactions related to a particular item or category

• Examples: Cash (Asset), Accounts Payable (Liability), Retained Ea
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Q1. Self introduction
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Q1. Define meaning of finance
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Finance refers to the management of money and investments.
• Finance involves the allocation, acquisition, and utilization of funds.

• It includes activities such as budgeting, financial planning, and investment analysis.

• Finance helps individuals and organizations make informed decisions about money.

• Examples of finance include managing personal savings, analyzing company financial statements, and evaluating investment opport
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Q2. What dose working capital means
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Working capital refers to the funds available for a company's day-to-day operations and is calculated by subtracting current liabilities from current assets.
• Working capital is a measure of a company's liquidity and ability to meet short-term obligations.

• It represents the difference between a company's current assets (such as cash, inventory, accounts receivable) and its current liabilities (such as accounts payable, sh...read more
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Q3. Explain a cash flow statement
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A cash flow statement is a financial statement that shows the inflows and outflows of cash in a company over a specific period of time.
• It provides information about the cash generated from operating activities, investing activities, and financing activities.

• Operating activities include cash received from sales, payment to suppliers, and payment to employees.

• Investing activities include cash used for purchasing or selli...read more
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Q4. What is an fare value
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Fair value is the estimated price at which an asset or liability would be exchanged between knowledgeable and willing parties in an arm's length transaction.
• Fair value is used in accounting to determine the value of assets and liabilities on a company's balance sheet.

• It is based on market prices or other objective measures of value.

• Fair value is important for financial reporting and decision-making.

• Examples of assets t...read more
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Q5. Fair value refers to the estimate of the potential market price of an asset, goods or services. The fair value of an asset is the amount at which you can buy or sell the asset in a current transaction betw...read more
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Q6. What do you mean by Secondary market
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Secondary market refers to the buying and selling of securities that have already been issued.
• It is also known as aftermarket

• Investors buy and sell securities among themselves without the involvement of the issuing company

• Examples include stock exchanges, bond markets, and futures markets
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Q7. Secondary market is were people trade securities that have been offered to the public in the primary market before hand and are listed on the stock exchange. The secondary market is also known as the after...read more
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Q8. Explain about deferred Tax liability
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Deferred tax liability is a tax obligation that a company will have to pay in the future due to temporary differences between accounting and tax rules.
• It arises when there is a difference between the tax base of an asset or liability and its carrying amount in the financial statements

• It is calculated by multiplying the temporary difference by the applicable tax rate

• It is a non-current liability that is expected to be s...read more
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Q9. Deferred Tax liability is the amount the company hasn't paid yet to the tax department but is expecting to pay it in future. It happens when company tax expenses are lesser than the amount they reflect in ...read more
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