200+ Account Assistant Interview Questions and Answers

There are several types of invoices to process depending on the nature of the transaction.

• There are sales invoices for goods or services sold to customers.

• There are purchase invoices for goods or services purchased from suppliers.

• There are credit notes for returns or discounts.

• There are proforma invoices for advance payments or pre-orders.

• There are recurring invoices for regular payments.

• There are self-billing invoices for suppliers to invoice themselves.

• There are debit notes...read more

Tally is an accounting software used for financial management. GST is a tax system in India. TDS is a tax deducted at source. Excel is a spreadsheet program.

• Tally is a popular accounting software that helps businesses manage their financial transactions and records.

• GST (Goods and Services Tax) is a tax system implemented in India to replace multiple indirect taxes.

• TDS (Tax Deducted at Source) is a tax deducted from the income of an individual or entity at the time of payment....read more

Answering questions related to invoicing, production entry, GST and bank/party reconciliation for Accounts Assistant role.

• To make an invoice, gather all necessary information such as customer details, product details, pricing, and taxes. Use accounting software like Tally to create and send the invoice.

• For production entry, record all production-related expenses such as raw materials, labor, and overheads. Use accounting software to create a production entry.

• To recalculate GS...read more

The total percentage of Bombay students in the school can be calculated using the given information.

• Calculate 30% of the total number of students to find the number of students from Maharashtra.

• Calculate 20% of the number of students from Maharashtra to find the number of Bombay students.

• Divide the number of Bombay students by the total number of students and multiply by 100 to find the percentage.

The annual rate of interest is 8%.

• To find the annual rate of interest, we need to convert the given simple interest for six months to an annual interest.

• The formula to calculate simple interest is: I = P * R * T, where I is the interest, P is the principal amount, R is the rate of interest, and T is the time period.

• In this case, we are given that the interest amount is Rs 200 for six months, so we can substitute the values into the formula: 200 = P * R * 6.

• We are also given t...read more

Accounting is the process of recording, summarizing, and analyzing financial transactions of a business.

• Accounting involves the recording of financial transactions.

• It includes summarizing and analyzing financial data.

• Accounting helps in preparing financial statements and reports.

• It ensures compliance with financial regulations and tax laws.

• Examples of accounting tasks include bookkeeping, budgeting, and financial analysis.

The journal entry for accounts payable is a credit to accounts payable and a debit to the corresponding expense or asset account.

• Accounts payable is a liability account that represents the amount owed to suppliers or vendors for goods or services received.

• When recording the journal entry for accounts payable, the accounts payable account is credited to increase the liability.

• The corresponding expense or asset account is debited to reflect the increase in expenses or assets.

• Fo...read more

The golden rules of accounting are basic principles that guide the recording of financial transactions.

• The golden rules include the rules of debit and credit, which determine how transactions are recorded in the books of accounts.

• The three golden rules are: 1) Debit what comes in, credit what goes out; 2) Debit the receiver, credit the giver; 3) Debit all expenses and losses, credit all incomes and gains.

• For example, when a company receives cash from a customer, it would debi...read more

A credit note can be identified by its unique number, date, and the reason for the credit.

• Look for a unique number assigned to the credit note

• Check the date on the credit note to ensure it matches the transaction date

• Verify the reason for the credit note, which should be stated clearly

• Compare the credit note to the original invoice to ensure accuracy

Profit and loss account is a financial statement that shows a company's revenues, expenses, and net income or loss over a specific period. Trial balance is a list of all the accounts in the ledger with their debit or credit balances.

• Profit and loss account summarizes a company's financial performance over a period of time

• It shows the revenues earned, expenses incurred, and the resulting net income or loss

• It helps in evaluating the profitability of a business

• Trial balance is a...read more

Yes, TDS is deductible under section 194C at 1% and final payment will be 5000 + 18% GST - TDS

• TDS is deductible under section 194C for payment made for services like repair work

• TDS rate under section 194C is 1%

• Final payment calculation: Total cost + GST - TDS

I learned computer from Niit calcutta minto park center.

• I enrolled in a computer course at Niit calcutta minto park center.

• I attended classes and received hands-on training in various computer skills.

• The instructors at Niit calcutta minto park center provided comprehensive guidance and support.

• I learned programming languages, software applications, and computer hardware.

• I completed practical assignments and projects to enhance my skills.

Direct expenses are directly related to the production of goods or services, while indirect expenses are not directly related.

• Direct expenses are incurred for a specific purpose, such as raw materials or labor costs.

• Indirect expenses are incurred for general business purposes, such as rent or utilities.

• Direct expenses are variable costs that increase or decrease with production, while indirect expenses are fixed costs that remain the same regardless of production levels.

• Examp...read more

5 golden rules of accounting, definition of bank, credit and debit explained, and some core banking questions.

• 5 golden rules of accounting are: revenue recognition, matching principle, cost principle, full disclosure, and objectivity.

• Bank is a financial institution that accepts deposits from customers and provides loans.

• Credit is an entry that increases assets and decreases liabilities or equity.

• Debit is an entry that increases assets and decreases liabilities or equity.

• Core ...read more

To validate an invoice, check for accuracy and completeness of information.

• Verify the vendor's name and address

• Check the invoice date and number

• Ensure the goods or services were received

• Confirm the prices and quantities match the purchase order

• Check for any discounts or credits

• Ensure the invoice is authorized for payment

• Compare the invoice to the general ledger

• Check for any tax or shipping charges

• Ensure the invoice is within the payment terms

• Confirm the invoice is not a dupli...read more

The short key to view the statement of the party is Ctrl + Alt + S.

• The statement of the party can be viewed by pressing Ctrl + Alt + S.

• This shortcut key works in most accounting software.

• It is a quick and easy way to access the statement of the party.

• The statement of the party shows the financial transactions between the company and the party.

Yes, I am familiar with creating vouchers and bills, as well as collecting fees online and in person from parents.

• I have experience creating vouchers and bills for various expenses such as tuition fees, school supplies, and extracurricular activities.

• I am proficient in collecting fees from parents both online through payment portals and in person at the school office.

• I ensure accurate record-keeping of all transactions and timely communication with parents regarding payment d...read more

The profit margin of 10 pens is 50%.

• The cost price of 10 pens is 10 rupees.

• The selling price of 6 pens is 15 rupees.

• To find the profit margin, we need to calculate the profit and divide it by the cost price.

• Profit = Selling Price - Cost Price

• Profit = (15 * 10 / 6) - 10

• Profit = 25 - 10

• Profit = 15

• Profit Margin = (Profit / Cost Price) * 100

• Profit Margin = (15 / 10) * 100

• Profit Margin = 150%

The different types of accounting include financial accounting, management accounting, tax accounting, and forensic accounting.

• Financial accounting focuses on recording and reporting financial transactions of a company.

• Management accounting involves providing financial information to help with decision-making and planning within a company.

• Tax accounting deals with preparing and filing tax returns for individuals or businesses.

• Forensic accounting involves investigating financi...read more

I would empathize with the client, explain the situation calmly, offer solutions or alternatives, and ensure their satisfaction.

• Listen to the client's concerns and acknowledge their feelings

• Explain the situation calmly and objectively

• Offer solutions or alternatives to address the issue

• Ensure the client's satisfaction and maintain a positive relationship

Direct taxes are paid directly to the government by the taxpayer, while indirect taxes are paid indirectly through goods and services.

• Direct taxes are progressive in nature and are based on the income of the taxpayer.

• Examples of direct taxes include income tax, corporate tax, and wealth tax.

• Indirect taxes are regressive in nature and are based on consumption.

• Examples of indirect taxes include sales tax, excise duty, and service tax.

• Indirect taxes are often passed on to the en...read more

Sundry creditors and debtors are terms used in accounting to refer to individuals or entities who owe money to a company (creditors) or are owed money by a company (debtors).

• Sundry creditors are individuals or entities who owe money to a company for goods or services provided.

• Sundry debtors are individuals or entities who are owed money by a company for goods or services received.

• These terms are commonly used in financial statements and accounting records to categorize and tr...read more

The journal entry for purchasing goods on credit involves debiting the inventory account and crediting the accounts payable account.

• Debit the inventory account for the cost of the goods purchased

• Credit the accounts payable account for the same amount

• Example: Debit Inventory for $1,000 and Credit Accounts Payable for $1,000

• This entry reflects an increase in inventory and a liability to pay for the goods purchased

The key of purchase refers to the essential information or documentation required to complete a purchase transaction.

• The key of purchase includes details such as the purchase order number, supplier information, item description, quantity, price, and payment terms.

• It helps in tracking and verifying purchases, ensuring accuracy and accountability.

• For example, in a retail business, the key of purchase may involve scanning barcodes, recording sales, and generating invoices.

• In an ...read more

Purchase entry for cash involves debiting the purchase account and crediting the cash account.

• Debit the purchase account for the cost of the item purchased

• Credit the cash account for the amount paid

• Record the transaction in the purchase journal

Accounting is the process of recording, summarizing, analyzing, and reporting financial transactions of a business.

• Accounting involves recording all financial transactions of a business.

• It includes summarizing and organizing the recorded transactions into financial statements.

• Accounting also involves analyzing the financial data to provide insights and make informed decisions.

• Finally, accounting includes reporting the financial information to stakeholders such as investors, c...read more

Vendor reconciliation is the process of comparing a company's records with those of its vendors to ensure accuracy and resolve discrepancies.

• Vendor reconciliation involves comparing invoices, payments, and other financial records with those of the vendor.

• It helps to identify any discrepancies or errors in the records and resolve them in a timely manner.

• The process helps to maintain good relationships with vendors and ensures accurate financial reporting.

• Examples of vendor rec...read more

TDS stands for Tax Deducted at Source. It is a tax collected by the government at the time of payment.

• TDS is a tax collected by the government at the time of payment.

• It is deducted from the income of the recipient.

• The percentage of TDS varies depending on the type of payment and the income of the recipient.

• For example, the TDS rate for salary income can range from 5% to 30% depending on the income slab.

• For rent payments, the TDS rate is 10%.

• For payments to contractors, the TD...read more

The charges to be deducted would depend on the agreement with the vendor and any applicable taxes or fees.

• Check the vendor agreement for any specific terms regarding deductions

• Consider any applicable taxes or fees that need to be deducted

• Ensure proper documentation and approval for the deduction process

One place where I learned communication skills is at my university's debate club.

• University debate club taught me how to articulate my thoughts clearly and persuasively.

• I also learned how to actively listen and respond to others' arguments.

• Participating in group discussions and presentations improved my teamwork and public speaking skills.

• I also took a communication course which taught me about nonverbal communication and effective writing.

Tally is an accounting software used for financial transactions and management.

• Tally is widely used by businesses for accounting purposes

• It helps in recording financial transactions, managing inventory, and generating reports

• Tally is useful for maintaining accurate financial records and analyzing business performance

• It simplifies the process of tax compliance and auditing

• Tally can be customized to suit the specific needs of different industries

The T-Code for Purchase Invoice Posting is FB60.

• FB60 is used to post vendor invoices

• It is a standard SAP transaction code

• FB60 is used in the Accounts Payable module

• It allows for the creation of a purchase invoice document

Tally is an accounting software widely used for financial management and bookkeeping purposes.

• Tally stands for 'Transaction Allowed in a Linear Line Yards'

• Tally is a comprehensive software that helps businesses manage their accounts, inventory, and payroll

• It is commonly used by small and medium-sized enterprises (SMEs) for financial management

• Tally provides features like invoicing, bank reconciliation, tax calculations, and financial reporting

• It is known for its user-friendly...read more

Memorandum key in ETP TALLY 9 is used to record transactions that do not involve any monetary value.

• Memorandum key is used to record non-monetary transactions such as goods received note, delivery note, etc.

• These transactions do not affect the financial statements of the company.

• Memorandum vouchers can be converted into regular vouchers if necessary.

• They are useful for keeping track of non-financial transactions for future reference.

Skills needed for basic accounting department include knowledge of accounting principles, attention to detail, proficiency in software and communication skills.

• Knowledge of accounting principles such as GAAP and IFRS

• Attention to detail and accuracy in data entry and record keeping

• Proficiency in accounting software such as QuickBooks or Xero

• Communication skills for collaborating with team members and clients

• Analytical skills for interpreting financial data and making recommend...read more

Depreciation is the decrease in value of an asset over time due to wear and tear, obsolescence or other factors.

• Depreciation is a non-cash expense that reduces the value of an asset on the balance sheet.

• It is calculated based on the useful life of the asset and the method of depreciation chosen.

• Examples of assets that can be depreciated include buildings, vehicles, machinery, and equipment.

• Depreciation can be straight-line, accelerated, or units of production method.

• Depreciat...read more

The first president of India was Dr. Rajendra Prasad.

• Dr. Rajendra Prasad served as the President of India from 1950 to 1962.

• He was a prominent leader in the Indian independence movement and a close associate of Mahatma Gandhi.

• Dr. Prasad played a crucial role in the drafting of the Indian Constitution.

• During his presidency, he focused on promoting education, agriculture, and rural development.

• He was re-elected as the President for two consecutive terms.

2way matching compares purchase order to invoice, 3way matching adds receipt of goods to comparison.

• 2way matching compares purchase order to invoice for accuracy

• 3way matching adds receipt of goods to comparison for completeness

• 2way matching ensures correct pricing and quantities

• 3way matching verifies that goods were received before payment is made

Golden rules of accounting are rules that govern the recording of financial transactions.

• The three golden rules of accounting are: Debit the receiver, Credit the giver; Debit what comes in, Credit what goes out; Debit all expenses and losses, Credit all incomes and gains.

• TDS stands for Tax Deducted at Source and is a form of income tax that is deducted at the time of payment.

• TDS can be applied in accounts by deducting the specified percentage from payments made to vendors or ...read more

I have 2 years of experience in tally accounts, GST, and income tax preparation.

• I have 2 years of hands-on experience using Tally for maintaining accounts.

• I am well-versed in GST regulations and have experience in filing GST returns.

• I have prepared income tax returns for individuals and businesses.

• I am familiar with accounting principles and practices related to Tally, GST, and income tax.

I have extensive experience in using Tally Prime software for accounting purposes.

• I have been using Tally Prime for over 3 years now

• I am proficient in creating and managing ledgers, vouchers, and generating financial reports

• I have also used Tally Prime for inventory management and payroll processing

• I am comfortable with using Tally Prime's advanced features such as GST compliance and bank reconciliation

• I have trained new employees on how to use Tally Prime for accounting purp...read more

Deferred tax is a balance sheet item that represents the tax consequences of temporary differences between accounting income and taxable income.

• Deferred tax arises due to timing differences in recognizing income and expenses for tax and accounting purposes.

• It is recorded on the balance sheet as a liability or asset depending on whether the tax payable is more or less than the tax expense recognized in the income statement.

• Deferred tax assets can arise from items like tax loss...read more

The level of technical assistance refers to the extent of support provided for technical tasks and issues.

• Technical assistance can range from basic troubleshooting to advanced software implementation.

• It includes providing guidance on using software programs, resolving technical issues, and setting up hardware.

• Examples include assisting with Excel formulas, troubleshooting network connectivity issues, and installing new software.

• The level of technical assistance can vary depen...read more

P2P cycle is the process of purchasing goods or services from a supplier and paying for them.

• The cycle starts with identifying the need for goods or services.

• A purchase order is then created and sent to the supplier.

• The supplier delivers the goods or services and sends an invoice.

• The invoice is matched with the purchase order and goods receipt.

• Payment is then made to the supplier.

• The cycle ends with recording the transaction in the accounting system.

Public administration refers to the implementation of government policies and programs by public officials.

• Public administration involves managing public resources and delivering public services.

• It includes activities such as budgeting, planning, organizing, and evaluating government programs.

• Public administrators work in various government agencies at the local, state, and federal levels.

• Examples of public administration include managing public schools, law enforcement agenc...read more

I would review the reason for the hold, communicate with the customer to understand their concerns, and work towards resolving the issue promptly.

• Review the reason for the hold to understand the situation

• Communicate with the customer to understand their concerns and reasons for requesting the unblock

• Evaluate the impact of unblocking the order on hold and assess if it can be processed without any issues

• Work towards resolving the issue promptly while ensuring customer satisfact...read more

Revenue recognition in service industries depends on the type of service provided and the terms of the contract.

• Recognize revenue when the service is completed and the customer is billed

• Recognize revenue over time if the service is ongoing and the customer is billed periodically

• Recognize revenue when the service is delivered if payment is received in advance

• Recognize revenue based on percentage of completion if the service is long-term and complex

• Consider any warranties or gu...read more