KGK Group Senior Accountant Interview Questions and Answers

Q1. Briefly explain concepts of inventory valuation
Ans. 
Inventory valuation is the process of assigning a monetary value to the items held in stock by a business.
• Inventory valuation methods include FIFO (First In, First Out), LIFO (Last In, First Out), and weighted average cost.

• The chosen method can impact the reported profit and taxes of a business.

• Inventory valuation helps in determining the cost of goods sold and the value of ending inventory on the balance sheet.
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Q2. How much tax is charged for transit of gold etc..
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The tax charged for transit of gold etc. varies depending on the country and specific regulations.
• Tax rates for transit of gold can range from 0% to 10% or more

• Some countries may have specific regulations or exemptions for gold transit

• Tax rates may also depend on the quantity and value of the gold being transported
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Q3. What does net worth of a company mean ?
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Net worth of a company is the total assets minus total liabilities, representing the value of the company's equity.
• Net worth = Total assets - Total liabilities

• It represents the value of the company's equity

• It is an important indicator of a company's financial health and stability

• Investors and stakeholders often use net worth to assess the company's value and performance
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Q4. Final accounts, Trading & P&L, Balance sheet
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Q5. Bank Reconciliation Statement
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Q1. One On one interview with M.D of accounts
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Q2. Can expect questions from various fields of accounting
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Q1. Interview with one of directors of the company
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Q2. Keep a good smile, all the best !
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Q1. Explain Accounts
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Accounts refer to financial records that track the financial activities of a business or individual.
• Accounts are used to record transactions such as income, expenses, assets, and liabilities.

• They help in monitoring the financial health of an entity and making informed decisions.

• Examples of accounts include cash account, accounts receivable, accounts payable, and equity accounts.
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Q2. Explain accounting standards
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Accounting standards are guidelines and rules set by regulatory bodies to ensure consistency and transparency in financial reporting.
• Accounting standards provide a framework for companies to follow when preparing their financial statements

• They help ensure that financial information is reliable, comparable, and relevant

• Examples of accounting standards include GAAP (Generally Accepted Accounting Principles) and IFRS (Int
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Q1. What is golden rules
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Golden rules are basic principles of accounting that guide the recording of financial transactions.
• Golden rules are also known as fundamental accounting principles.

• There are three golden rules: the personal account rule, the real account rule, and the nominal account rule.

• The personal account rule states that debit the receiver and credit the giver.

• For example, when cash is received from a customer, we debit the cash a...read more
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Q1. How much experience?
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Q2. Have Excel knowledge.
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Questions related to accounts

Q1. Accounts related questions
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