R. Devendra Kumar & Associates Accounting Staff Interview Questions and Answers

Veracity refers to the accuracy and truthfulness of data or information.

• Veracity is essential in accounting to ensure financial statements are reliable and trustworthy.

• Example: Ensuring that all transactions are accurately recorded in the books.

• Verifying the accuracy of financial reports before presenting them to stakeholders.

I am a detail-oriented accounting professional with 5 years of experience in financial analysis and reporting.

• 5 years of experience in accounting

• Strong attention to detail

• Skilled in financial analysis and reporting

Bank reconciliation is the process of comparing the balances in a company's accounting records to the balances shown on the 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 cash transactions with the bank's records.

• Differences between the two balances are identified and adjusted accordingly.

• Common reasons ...read more

I use social media primarily for staying connected with friends and family, sharing updates, and following news and trends.

• I use social media platforms like Facebook, Instagram, and Twitter.

• I post photos, status updates, and share interesting articles or videos.

• I follow pages related to my interests such as cooking, travel, and technology.

• I use social media to stay updated on current events and trends in my industry.

• I ...read more

I have a strong background in accounting with experience in financial analysis and reporting.

• Bachelor's degree in Accounting

• 2+ years of experience in financial analysis

• Proficient in financial reporting software such as QuickBooks

• Strong attention to detail and analytical skills

• Ability to work well under pressure and meet deadlines

An invoice in accounting is a document sent by a seller to a buyer, detailing the products or services provided and the amount due.

• An invoice serves as a request for payment from the buyer to the seller.

• It includes information such as the date of the transaction, itemized list of products or services, quantities, prices, and total amount due.

• Invoices are used for record-keeping, tracking sales, and managing accounts re...read more

Checkpoints of invoice processing ensure accuracy and compliance.

• Verify invoice details match purchase order

• Check for correct pricing and quantities

• Ensure proper approval and authorization

• Confirm invoice is coded correctly in accounting system

• Review for any discrepancies or errors

The 5 steps in IND AS 115 for revenue recognition are: identification of the contract, identification of performance obligations, determination of transaction price, allocation of transaction price, and recognition of revenue.

• Step 1: Identification of the contract - Determine whether a contract exists with a customer.

• Step 2: Identification of performance obligations - Identify the distinct goods or services that the co...read more