Udupa,Poojari & Sadashiva Chartered Accountants Accounting Related Interview Questions and Answers

Q1. What work I do in your company?
Add your answer
Q2. Do you have any technical work in your company?
Ans. 
Yes, we have technical work in our company.
• We use accounting software for financial transactions.

• We utilize spreadsheets for data analysis and reporting.

• Our team is trained in using ERP systems for inventory management.

• We have automated processes for payroll calculations.
Answered by AI
Add your answer

Q1. Your company is famous or not?
Ans. 
Yes, our company is well-known in the industry for providing top-notch accounting services.
• Our company has been featured in several industry publications for our innovative accounting solutions.

• We have a strong client base consisting of well-known companies in various sectors.

• Our company has won multiple awards for excellence in accounting services.

• Our employees regularly attend and speak at industry conferences and ev...read more
Answered by AI
Add your answer
Q2. I easily work in your company yes or no?
Add your answer

Q1. What is the cognizant company role
Ans. 
The cognizant company role refers to the responsibilities and duties assigned to a specific company or organization.
• Cognizant company role includes managing financial transactions, preparing financial statements, and analyzing financial data.

• It also involves ensuring compliance with accounting principles and regulations.

• Examples of cognizant company roles include General Accountant, Financial Analyst, and Auditor.
Answered by AI
Add your answer
Q2. Cognizant employees salary
Add your answer

This is not available this exam

Q1. What is Accrual?
Ans. 
Accrual is an accounting method that recognizes revenues and expenses when they are incurred, regardless of when cash is exchanged.
• Accrual accounting matches revenues with expenses in the same accounting period

• It provides a more accurate picture of a company's financial position

• Examples include recognizing revenue when a service is performed, even if payment is not received until a later date
Answered by AI
Add your answer
Q2. What is defeerd revenue?
Ans. 
Deferred revenue is revenue that has been received by a company, but has not yet been earned.
• Deferred revenue is a liability on the company's balance sheet.

• It represents revenue that has been collected in advance of being earned.

• As the revenue is earned, it is recognized on the income statement.

• Common examples include subscription services, gift cards, and advance payments for services.

• Deferred revenue is also known as
Answered by AI
Add your answer
Q3. What is financial statement
Ans. 
Financial statements are formal records of the financial activities and position of a business, organization, or individual.
• Financial statements include the balance sheet, income statement, and cash flow statement.

• They provide information on the financial performance, financial position, and cash flows of an entity.

• They are used by investors, creditors, and management to make informed decisions.

• Examples of financial st...read more
Answered by AI
Add your answer

Q1. What is Golden rules of Accounting
Ans. 
Golden rules of accounting are basic principles that guide the process of recording financial transactions.
• There are three golden rules of accounting: Debit the receiver, Credit the giver; Debit what comes in, Credit what goes out; Debit all expenses and losses, Credit all incomes and gains.

• These rules ensure that every transaction is recorded accurately and consistently.

• For example, when a company receives cash from a...read more
Answered by AI
Add your answer
Q2. What is accrual
Ans. 
Accrual is an accounting method that recognizes revenues and expenses when they are incurred, regardless of when cash is exchanged.
• Accrual accounting matches revenues to the time period in which they are earned and expenses to the time period in which they are incurred.

• It provides a more accurate picture of a company's financial position compared to cash accounting.

• Accruals are recorded as adjusting journal entries at ...read more
Answered by AI
Add your answer
Q3. What is fixed assets
Ans. 
Fixed assets are long-term tangible assets that are used in the production of income and are not expected to be consumed or converted into cash within a year.
• Fixed assets include property, plant, and equipment (PP&E) such as buildings, machinery, vehicles, and furniture.

• They are recorded on the balance sheet at their original cost minus accumulated depreciation.

• Fixed assets are not intended for sale in the normal cours...read more
Answered by AI
Add your answer
Q4. What is inventory
Ans. 
Inventory refers to the goods and materials a business holds for the purpose of resale or production.
• Inventory includes raw materials, work-in-progress, and finished goods.

• It is an important asset on a company's balance sheet.

• Inventory management involves tracking, ordering, and storing inventory efficiently.

• Examples of inventory include merchandise in a retail store, components in a manufacturing plant, and supplies i
Answered by AI
Add your answer
Q5. What is Asset life cycle
Ans. 
Asset life cycle refers to the stages an asset goes through from acquisition to disposal.
• Includes acquisition, maintenance, depreciation, and disposal of assets

• Helps in tracking the value and condition of assets over time

• Optimizing asset life cycle can lead to cost savings and improved efficiency
Answered by AI
Add your answer

Q1. What are the checkpoints of invoice Processing
Ans. 
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
Answered by AI
Add your answer

Q1. Introduce yourself Basic from account related questions
Add your answer

Q1. Accounting questions
Add your answer

Maths and accounting questions