SKS Business Services Book Keeper Interview Questions and Answers

Q1. Tell me about your self
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Q2. Related to account
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Q3. Pre-paid expense journal entry
Ans. 
Pre-paid expense journal entry involves recording an expense that has been paid for in advance.
• Pre-paid expenses are initially recorded as assets on the balance sheet

• As the expense is incurred, it is gradually expensed through the income statement

• Journal entry involves debiting Prepaid Expense account and crediting Cash or Bank account
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Different type of journal entries

Different situations and journal entries

Q1. TELL ME ABOUT YOURSELF
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Q2. ARE YOU COMFORTABLE WITH WAZIRPUR LOCATION
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Q3. WHAT ARE THE 3 GOLDEN RULES OF ACCOUNTING
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The 3 golden rules of accounting are the basic principles that guide the recording of financial transactions.
• The first golden rule is the Personal Account rule, which states that 'Debit the receiver, credit the giver'. For example, when a customer pays cash for goods purchased, the cash account is debited and the sales account is credited.

• The second golden rule is the Real Account rule, which states that 'Debit what co...read more
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Q1. WHAT IS BOOK KEEPING
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Bookkeeping is the process of recording, organizing, and maintaining financial transactions of a business.
• Bookkeeping involves recording all financial transactions, such as sales, purchases, and expenses.

• It helps in organizing and categorizing financial data for easy analysis and reporting.

• Bookkeeping ensures accuracy and completeness of financial records.

• It involves tasks like maintaining ledgers, reconciling accounts...read more
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Q2. Where do you live
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Q1. Accounting entries
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Q2. Basic accounting principles
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Q1. Basic accounting principles
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Q1. Basic accounting principles
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Q1. Deferred tax meaning and presentation
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Deferred tax refers to the future tax consequences of temporary differences between accounting profit and taxable profit.
• Deferred tax is a balance sheet item that represents the future tax consequences of transactions that have already been recognized in the financial statements.

• It arises due to temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and their tax ba...read more
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Q1. Communication skills, acounting skills
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Final Accounts, TB, Balance sheet

Q1. Tell me something about yourself
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Q2. Do you know about Ap process
Ans. 
Yes, AP process refers to accounts payable process which involves managing and recording financial transactions.
• AP process involves receiving, verifying, and recording invoices from suppliers.

• It also includes making payments to suppliers and reconciling accounts.

• Efficient AP process helps in maintaining good relationships with suppliers and managing cash flow effectively.
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