IRC Group Senior Accountant Interview Questions and Answers

Q1. What type account
Ans. 
The type of account refers to the classification of accounts based on their nature and purpose.
• There are five main types of accounts: assets, liabilities, equity, revenue, and expenses.

• Assets are resources owned by the company, such as cash, inventory, and equipment.

• Liabilities are obligations owed by the company, such as loans and accounts payable.

• Equity represents the owner's stake in the business.

• Revenue is the inco...read more
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Q2. What is bank reconciliation
Ans. 
Bank reconciliation is the process of comparing and matching the balances in a company's accounting records with the balances on its bank statement.
• Bank reconciliation helps ensure that all transactions are recorded accurately in the company's books.

• It involves comparing the company's records of its bank account with the bank statement to identify any discrepancies.

• Common reasons for discrepancies include outstanding c...read more
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Q3. Any five tangible Assets
Ans. 
Tangible assets are physical assets that can be seen and touched.
• Real estate

• Machinery

• Vehicles

• Inventory

• Furniture and fixtures
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Q4. What is current Assets
Ans. 
Current assets are assets that are expected to be converted into cash or used up within one year.
• Includes cash, accounts receivable, inventory, and prepaid expenses

• Listed on the balance sheet under assets

• Helps determine a company's liquidity and ability to pay off short-term obligations
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Q5. Gold rule of Accounting
Ans. 
The gold rule of accounting states that debits must equal credits in every financial transaction.
• Debits must always equal credits in accounting entries

• It is the foundation of double-entry accounting

• Helps ensure accuracy and balance in financial records
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Q1. Journal entry for prepaid expenses
Ans. 
Journal entry for prepaid expenses involves debiting Prepaid Expense account and crediting Cash or Bank account.
• Debit Prepaid Expense account to record the expense paid in advance

• Credit Cash or Bank account to show the decrease in cash due to prepayment

• Prepaid expenses are considered assets until they are used up or expire

• Example: Journal entry for prepaid rent - Debit Prepaid Rent, Credit Cash/Bank
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Q2. What is bank reconciliation
Ans. 
Bank reconciliation is the process of comparing a company's records with those of its bank to ensure they match.
• Bank reconciliation involves comparing the company's records of its financial transactions with the bank's records.

• It helps identify any discrepancies such as missing transactions, errors, or fraudulent activity.

• The process involves adjusting the company's records to match the bank's records by reconciling an...read more
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Q1. How was the interview
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Q2. What qualifications u need for accountants
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Discussion about accounts

Q1. Ask me about my abilities
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Q1. Tell me about yourself
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Q2. This question is usually the first question in an interview, and it is a way to break the ice. You should answer this question by giving a brief overview of your education, work experience, and skills. You...read more
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Q1. Tell me self My name is sk mahammad rafi I am studying in mba My proper is andhrapradesh Gunter Playing game in cricket My hobi is reading books
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Q1. INCOME TAX , GST
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Q1. TDS, STATUTORY AUDIT
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