TCS Accountant Interview Questions, Process, and Tips for Freshers

Q1. Which account softwares i use
Ans. 
I am proficient in using popular accounting software such as QuickBooks, Xero, and Sage.
• QuickBooks

• Xero

• Sage
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Q2. Financial statements and their meaning
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Financial statements are documents that provide information about a company's financial performance and position.
• Financial statements include the income statement, balance sheet, and cash flow statement.

• The income statement shows a company's revenues, expenses, and profits over a specific period of time.

• The balance sheet provides a snapshot of a company's assets, liabilities, and equity at a specific point in time.

• The ...read more
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Q3. How to explain a complicated accounting process to team and how to report it
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To explain a complicated accounting process to a team and report it, use simple language, visuals, examples, and encourage questions.
• Break down the process into smaller steps

• Use simple language and avoid jargon

• Create visuals like flowcharts or diagrams to aid understanding

• Provide real-life examples to illustrate the process

• Encourage team members to ask questions for clarification
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Q4. Methods of finding NPV
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NPV can be found using various methods such as discounted cash flow, payback period, and profitability index.
• Calculate NPV by discounting future cash flows back to present value using a discount rate.

• Use payback period method to determine how long it takes to recoup the initial investment.

• Calculate profitability index by dividing the present value of future cash flows by the initial investment.

• Consider using Excel or f
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Q5. Previous experience
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Q6. Where do you see yourself in next 5 years
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Q1. Tell me about yourself
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Q1. What is reconciliation
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Reconciliation is the process of ensuring two sets of records are in agreement, often used in accounting to verify financial data.
• Reconciliation helps identify discrepancies between two sets of records, such as bank statements and company books.

• For example, if a bank statement shows a balance of $5,000, but the company's records show $4,800, reconciliation will help find the $200 difference.

• It is commonly used in accou...read more
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Q1. Any questions you can give
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Q2. Tell me something about yourself
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Q3. What is your strength and weakness
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Q4. Why we r hiring you
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Dissertation
A study on systematic investment plan for investors with reference to amravti city

Q1. What is accounting
Ans. 
Accounting is the process of recording, classifying, and summarizing financial transactions to provide information that is useful in making business decisions.
• Accounting involves recording financial transactions such as sales, purchases, and payments.

• It also involves classifying these transactions into categories such as assets, liabilities, and equity.

• Finally, accounting involves summarizing this information in financ...read more
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Q2. What is a trial balance
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A trial balance is a list of all the accounts in the general ledger with their debit or credit balances.
• Prepared at the end of an accounting period

• Used to ensure that the total of all debits equals the total of all credits

• Helps in identifying errors in the accounting records

• If the trial balance doesn't balance, it indicates that there is an error in the accounting records

• Does not guarantee that the accounting records a
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Q3. What are the 7 types of journals
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The 7 types of journals are Sales, Purchases, Cash Receipts, Cash Disbursements, General, Payroll, and Non-Cash Adjusting.
• Sales Journal records all sales transactions

• Purchases Journal records all purchases transactions

• Cash Receipts Journal records all cash received transactions

• Cash Disbursements Journal records all cash paid transactions

• General Journal records all other transactions not recorded in the above journals

• Pa...read more
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Q4. What is journal class
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Journal class is a categorization of transactions based on their nature and purpose.
• Journal class helps in organizing and analyzing financial transactions.

• It is used to group similar transactions together for reporting purposes.

• Examples of journal classes include sales, purchases, payroll, and general ledger.

• Each journal class has its own set of rules and procedures for recording transactions.
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Q5. What is journal and it's types
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A journal is a record of financial transactions categorized into different types such as sales, purchases, and cash receipts.
• A journal is a book of original entry where transactions are first recorded.

• There are different types of journals such as sales journal, purchases journal, cash receipts journal, and cash disbursements journal.

• Sales journal records all credit sales transactions.

• Purchases journal records all credi...read more
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Q6. What in a journal or diary
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A journal or diary is a record of daily events, thoughts, and feelings.
• A journal or diary is a personal record of one's life experiences.

• It can be used to track progress towards goals or reflect on past experiences.

• Entries can include thoughts, feelings, and observations about the world around us.

• Some people use journals to work through difficult emotions or to practice gratitude.

• Examples of journals include bullet jou
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Q7. What is trial balance
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Trial balance is a list of all the general ledger accounts and their balances at a specific point in time.
• Prepared at the end of an accounting period

• Used to ensure that the total debits equal the total credits

• Identifies errors in the accounting records

• Does not guarantee that the financial statements are accurate

• Example: If the company has $10,000 in cash, the trial balance will show a debit balance of $10,000 in the ca
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Q8. Accounting principles
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Q9. What are the 5 basic accounting
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The 5 basic accounting principles are: revenue recognition, matching principle, cost principle, full disclosure principle, and objectivity principle.
• Revenue recognition: recognizing revenue when it is earned, not when payment is received

• Matching principle: matching expenses with the revenue they generate

• Cost principle: recording assets at their original cost

• Full disclosure principle: disclosing all relevant information...read more
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Q10. What is the accounting cycle
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The accounting cycle is a series of steps that a company follows to record and report its financial transactions.
• The cycle starts with identifying and analyzing transactions

• Then, the transactions are recorded in the journal

• The journal entries are then posted to the ledger

• An unadjusted trial balance is prepared to ensure the debits and credits are equal

• Adjusting entries are made to update accounts for accruals and defer...read more
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Q11. What GAAP means
Ans. 
GAAP stands for Generally Accepted Accounting Principles.
• GAAP is a set of guidelines and standards for financial accounting and reporting.

• It ensures consistency and transparency in financial reporting.

• GAAP is used by companies to prepare their financial statements.

• It is also used by auditors to evaluate the accuracy of financial statements.

• Examples of GAAP include the matching principle, revenue recognition principle,
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