NK & ASSOCIATES Senior Accountant Interview Questions and Answers

Q1. About yourself and Experience details
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Q1. They were aksing accounting related questions
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Q1. Senior Manager asked me regarding my knowledge what we have done in previous company and all
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Q1. What is P2P cycle
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P2P cycle stands for Procure-to-Pay cycle, which is the process of obtaining and paying for goods and services.
• P2P cycle involves requisitioning, purchasing, receiving, and paying for goods or services.

• It starts with a purchase requisition, followed by purchase order creation, goods receipt, invoice verification, and ends with payment to the vendor.

• The cycle ensures that goods or services are ordered, received, and pai...read more
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Knowledgeble aptitute test

Accounts

Q1. ACCOUNTING & FINANCE
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Q2. SALE, PURCHASE, BANK STATEMENT , JOURNAL VOCHER, TDS, GST , ETC....
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Q3. FREIGHT & LOGISTICS
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Q4. Billing
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Q1. What is accrual system of accounting
Ans. 
The accrual system of accounting recognizes revenues and expenses when they are incurred, regardless of cash flow.
• Revenues are recorded when earned, not when cash is received. Example: A service is provided in December, but payment is received in January.

• Expenses are recorded when incurred, not when paid. Example: A company receives a utility bill in January for December's usage.

• This method provides a more accurate fin...read more
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Q1. What is current account
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The current account is a component of a country's balance of payments that records the transactions of goods, services, income, and current transfers.
• It includes exports and imports of goods and services

• It also includes income from investments and transfers such as foreign aid

• The current account balance can be positive (surplus) or negative (deficit)

• A surplus indicates that a country is exporting more than it is import...read more
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Q2. What is preliminary expenses
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Preliminary expenses are the costs incurred before a company starts its operations.
• Preliminary expenses are one-time costs that are necessary to set up a business.

• These expenses include legal fees, registration fees, market research costs, etc.

• Preliminary expenses are considered as intangible assets and are amortized over a period of time.

• They are recorded on the balance sheet under the 'Intangible Assets' section.

• Exam...read more
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Q3. Difference between revenue and capital expenditure
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Revenue is income generated from the core operations of a business, while capital expenditure is the investment in long-term assets.
• Revenue is the money earned by a company through its primary activities, such as sales of goods or services.

• Capital expenditure refers to the funds spent on acquiring or improving long-term assets, such as property, equipment, or technology.

• Revenue is typically recurring and contributes to...read more
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