400+ 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

TDS stands for Tax Deducted at Source. It is a tax collection mechanism in India.

• TDS is the amount deducted from payments made by a person or entity to another person or entity.

• It is deducted at the time of making certain payments like salary, rent, commission, etc.

• TDS is deducted as per the rates prescribed by the Income Tax Act.

• The person deducting TDS is required to deposit it with the government and issue a TDS certificate to the payee.

• On a balance sheet, TDS is shown as ...read more

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

Interview questions for Assistant Accountant including previous employment process, GRN, depreciation journal entry, and Oracle software based questions.

• Previous employment process - discuss previous roles and responsibilities, reason for leaving, and skills gained

• GRN - Goods Received Note, a document used to confirm delivery of goods and receipt of payment

• Depreciation journal entry - an accounting entry used to record the decrease in value of an asset over time

• Oracle softwar...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 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 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

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.

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

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

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

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

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.

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%

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

Journal entry for cash commission received by Infosys involves recording cash inflow and commission income.

• Debit Cash Account: Increases the cash balance.

• Credit Commission Income Account: Recognizes income earned from commission.

• Example Entry: Debit Cash $1,000; Credit Commission Income $1,000.

• This entry reflects the receipt of cash for services rendered.

The conservatism principle advises accountants to anticipate potential losses but not gains, ensuring financial statements are not overstated.

• Recognize expenses and liabilities as soon as they are probable, e.g., recording a warranty expense when a product is sold.

• Delay recognizing revenues until they are realized or realizable, e.g., not recording sales until the cash is received.

• Use lower estimates for asset valuations, e.g., valuing inventory at the lower of cost or market...read more

I possess comprehensive knowledge in taxation, including Income Tax, TDS, Service Tax, and auditing of financial records.

• Familiar with Income Tax regulations, including filing returns and understanding tax slabs.

• Knowledge of TDS (Tax Deducted at Source) rates applicable to various payments, such as salaries and contractor payments.

• Experience in Service Tax compliance, including registration, filing returns, and understanding exemptions.

• Skilled in auditing books of accounts to...read more

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 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