SKS Business Services Executive Accountant Interview Questions and Answers

It was taken to test my theoretical domain knowledge

Q1. Three Basic Accounting Principals
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Q2. What is Depreciation and Methods to Calculate Depreciation
Ans. 
Depreciation is the allocation of the cost of an asset over its useful life. Methods include straight-line, double declining balance, and units of production.
• Depreciation is a non-cash expense that reduces the value of an asset over time

• Straight-line method evenly spreads the cost of the asset over its useful life

• Double declining balance method accelerates depreciation in the early years of an asset's life

• Units of prod...read more
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Q3. What are Accounting Standards and Conventions
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Accounting Standards and Conventions are guidelines and principles that govern the preparation and presentation of financial statements.
• Accounting Standards are rules and regulations set by accounting bodies to ensure consistency and transparency in financial reporting.

• Accounting Conventions are traditions and practices followed by accountants over time.

• Examples of Accounting Standards include IFRS (International Finan...read more
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Q1. Communication skills, acounting skills
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Final Accounts, TB, Balance sheet

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
Ans. 
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. Why do you want to change ? notice period? current salary? expectation?
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Q1. Sales entry and asset sale entry ,
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Accounts, costing, basic tax and Reasoning

Q1. Questions on basic accounting in depth
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Q1. Over view of fund accounting and accounts questions
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Q1. They test your basic knowledge of accounting
Ans. It starts from Golden rules of Accounting
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Q2. Few questions on your current role
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Q1. Self introduction
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Q1. Payroll depreciation asset purchase
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