Vakilsearch Accountant Interview Questions and Answers

Q1. 3 golden rules of accounting
Ans. 
The 3 golden rules of accounting are: 1. Debit the receiver, credit the giver. 2. Debit what comes in, credit what goes out. 3. Debit expenses and losses, credit income and gains.
• Debit the receiver, credit the giver - when a business receives something, it debits the account and when it gives something, it credits the account.

• Debit what comes in, credit what goes out - when money comes into the business, it debits the ...read more
Answered by AI
Add your answer
Q2. Difference between budget and forcast
Ans. 
Budget is a financial plan for a specific period, while forecast is an estimate of future financial outcomes.
• Budget is a detailed plan of income and expenses for a specific period, usually a year.

• Forecast is an estimate of future financial outcomes based on past performance and current trends.

• Budget is more rigid and inflexible, while forecast is more flexible and adaptable.

• Budget is used for planning and controlling e...read more
Answered by AI
Add your answer

Q1. What do you know about Contracts and what are the essential elements of a Contract?
Ans. 
Contracts are legally binding agreements between two or more parties.
• Contracts are formed when there is an offer, acceptance, consideration, and intention to create legal relations.

• Essential elements of a contract include offer, acceptance, consideration, intention to create legal relations, capacity, and legality of purpose.

• Example: A contract for the sale of goods where one party offers to sell a product, the other p...read more
Answered by AI
Add your answer
Q2. Types of termination of Contracts?
Ans. 
Types of termination of Contracts include termination by performance, termination by agreement, termination by breach, termination by frustration, and termination by operation of law.
• Termination by performance occurs when both parties fulfill their obligations under the contract.

• Termination by agreement happens when both parties mutually agree to end the contract.

• Termination by breach occurs when one party fails to ful...read more
Answered by AI
Add your answer
Q3. Questions mostly related to Contract Laws.
Add your answer

Q1. Basic questions about yourself and related to specific shifts you will be working in.
Add your answer

Q1. Basic questions about yourself and prior work experience
Add your answer
Q2. Would you be comfortable working in shifts
Add your answer

Q1. Questions related to Contract Law
Add your answer
Q2. What are the elements of a valid Contract
Ans. 
Elements of a valid contract include offer, acceptance, consideration, legal capacity, and legal purpose.
• Offer: One party must make a clear offer to another party.

• Acceptance: The offer must be accepted by the other party.

• Consideration: Both parties must exchange something of value.

• Legal capacity: Both parties must have the legal capacity to enter into a contract.

• Legal purpose: The contract's purpose must be legal.
Answered by AI
Add your answer
Q3. Different types of agreement
Ans. 
Different types of agreements include verbal, written, implied, unilateral, bilateral, and executory agreements.
• Verbal agreements are made through spoken words.

• Written agreements are documented in writing.

• Implied agreements are inferred from the actions or conduct of the parties.

• Unilateral agreements involve a promise from one party to another.

• Bilateral agreements involve promises from both parties.

• Executory agreements...read more
Answered by AI
Add your answer
Q4. What is Termination clause and types of termination
Ans. 
Termination clause defines conditions under which a contract can be ended. Types include for cause, without cause, and automatic termination.
• Termination clause outlines the circumstances under which a contract can be terminated

• Types of termination include for cause, without cause, and automatic termination

• For cause termination occurs when one party breaches the contract

• Without cause termination allows either party to e...read more
Answered by AI
Add your answer

It is based on contract abstraction.

Q1. It us an interview with the manager or lead.
Add your answer

Q1. Have a knowledge about H1 B visa - USA
Add your answer

Q1. Basic ABOUT YOUR SELF
Add your answer

Form of H1B VISA AND FORM FILLING

Q1. Be prepared with ms Excel
Add your answer

Q1. Questions regarding coding of documents, hipaa matters
Add your answer