30+ Account Assistant Interview Questions and Answers for Freshers

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

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 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.

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

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.

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

Yes, I know how to copy paste on Excel.

• To copy and paste in Excel, you can use the shortcut keys Ctrl+C to copy and Ctrl+V to paste.

• You can also right-click on the selected cells, choose 'Copy', then right-click on the destination cells and choose 'Paste'.

• Excel also provides the 'Paste Special' option, which allows you to paste only specific attributes like values, formulas, formats, etc.

• You can use the 'Paste Link' option to create a link between the copied cells and the des...read more

Yes, I am familiar with Tally Prime.

• I have experience using Tally Prime for accounting tasks.

• I am proficient in creating and managing accounts, generating reports, and performing other functions in Tally Prime.

• I can handle tasks such as recording transactions, managing inventory, and generating financial statements.

• I have used Tally Prime in my previous roles and am comfortable navigating its features and functionalities.

Tally is an accounting software used for financial management and record-keeping purposes.

• Tally is used for maintaining financial records and generating reports.

• It helps in managing accounts payable and receivable, inventory, and payroll.

• Tally can generate balance sheets, profit and loss statements, and cash flow statements.

• It is widely used by businesses to track and analyze their financial transactions.

• For example, a company can use Tally to record sales, track inventory le...read more

Cash earned in business is recorded in the cash book and then posted to the relevant accounts.

• Cash book is used to record all cash transactions

• Separate accounts are maintained for different types of income

• Entries are made on a daily basis

• Posting is done to the relevant accounts in the ledger

Yes, e-way bill is an electronic document required for the movement of goods in India.

• e-way bill is mandatory for the movement of goods worth more than Rs. 50,000

• It is generated electronically on the e-way bill portal

• It contains details such as the name of the consignor, consignee, goods, and transportation details

• It helps in tracking the movement of goods and preventing tax evasion

• It is required for both inter-state and intra-state transportation

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

• Tally is a popular accounting software used by businesses to maintain financial records.

• It helps in managing various accounting tasks such as recording transactions, generating financial statements, and managing inventory.

• Tally provides features like invoicing, budgeting, tax calculations, and bank reconciliation.

• It offers different modules for different accounting functions like acc...read more

Golden rules of account are basic principles of accounting that should be followed while recording financial transactions.

• Debit the receiver, credit the giver

• Debit what comes in, credit what goes out

• Debit expenses and losses, credit income and gains

• Double-entry bookkeeping

• Consistency in accounting methods

Cash accounting records transactions when cash is exchanged, while accrual accounting records transactions when they occur.

• Cash accounting records revenue when it is received and expenses when they are paid.

• Accrual accounting records revenue when it is earned and expenses when they are incurred.

• Cash accounting is simpler and more straightforward, while accrual accounting provides a more accurate picture of a company's financial health.

• Examples: Cash accounting - a small retai...read more

I have 2 years of experience in accounting field.

• I have worked as an intern in a reputed accounting firm for 6 months.

• After completing my graduation, I worked as an Accountant in a small firm for 1 year.

• Currently, I am working as a Junior Accountant in a mid-sized company for the past 9 months.

The journey entry for purchase and sale involves recording the transactions related to buying and selling goods or services.

• For purchase, the journey entry includes recording the purchase invoice, updating the inventory, and recording the accounts payable.

• For sale, the journey entry includes recording the sales invoice, updating the revenue account, and recording the accounts receivable.

• The journey entry for purchase and sale ensures accurate financial records and helps in tr...read more

I handle the work in software by using various tools and techniques.

• I prioritize tasks and use project management software to keep track of deadlines and progress.

• I use accounting software to manage financial transactions and generate reports.

• I am proficient in Microsoft Excel and use it to analyze data and create spreadsheets.

• I am constantly learning and staying up-to-date with new software and technologies.

Yes, I can submit GSTR returns.

• I have experience and knowledge in preparing and submitting GSTR returns.

• I am familiar with the required documentation and procedures for GSTR return filing.

• I have successfully submitted GSTR returns in my previous roles.

• I can handle the necessary calculations and ensure accurate filing.

• I am aware of any updates or changes in the GST laws and regulations.

Tally ERP is an accounting software used for managing financial transactions and generating reports.

• Tally ERP is widely used in India for accounting and bookkeeping purposes.

• It can handle various financial transactions such as sales, purchases, receipts, payments, and more.

• Tally ERP can generate various financial reports such as balance sheet, profit and loss statement, cash flow statement, and more.

• It also has features for inventory management, payroll processing, and tax co...read more

Yes, I am familiar with Tally software and have experience using it for accounting purposes.

• I have used Tally software for recording financial transactions

• I am proficient in generating various financial reports using Tally

• I have experience in reconciling accounts and managing inventory in Tally

Purchase orders can be created by entering vendor information, selecting items to purchase, specifying quantities and prices, and generating the order.

• Enter vendor information including name, address, and contact details

• Select items to purchase from a list of available products

• Specify quantities of each item to be purchased

• Enter prices for each item based on agreed terms with the vendor

• Generate the purchase order document and send it to the vendor

GST chat refers to the Goods and Services Tax chat system used for communication between taxpayers and tax authorities.

• GST chat is a platform for taxpayers to communicate with tax authorities regarding GST related queries and issues.

• GST/UTGST refers to the Goods and Services Tax/Union Territory Goods and Services Tax, which are levied on intra-state transactions.

• IGST stands for Integrated Goods and Services Tax, which is levied on inter-state transactions.

• These taxes are part...read more

TDS stands for Tax Deducted at Source, which is a system where tax is deducted by the payer at the time of making payment.

• TDS is a form of advance tax which ensures that the government receives tax revenue in advance.

• It is applicable to various types of payments such as salary, interest, rent, commission, etc.

• The person or entity making the payment deducts a certain percentage as tax and deposits it with the government.

• The deducted amount is then reflected in the Form 26AS of...read more

Bad debt refers to money owed by a debtor that is unlikely to be paid back, resulting in a loss for the creditor.

• Bad debt is typically the result of a debtor's inability to pay due to financial hardship or bankruptcy.

• It is recorded as an expense on the creditor's financial statements.

• Examples include unpaid invoices, defaulted loans, and unrecoverable advances.

• Bad debt can negatively impact a company's cash flow and profitability.

The golden rule of accounting is to debit the receiver and credit the giver.

• This rule is also known as the traditional rule of accounting.

• It is used to record transactions in the books of accounts.

• Debit refers to the left-hand side of an account and credit refers to the right-hand side of an account.

• For example, when cash is received, the cash account is debited and the account of the person who gave the cash is credited.

Golden rules of accounting are basic principles that guide the process of recording financial transactions.

• Debit the receiver, credit the giver

• Debit what comes in, credit what goes out

• Debit expenses and losses, credit income and gains

The golden rule of accounting is to record all transactions accurately and in a timely manner.

• Always record transactions promptly to avoid errors

• Ensure all transactions are accurately documented

• Follow the principle of double-entry accounting

• Maintain proper documentation for all transactions

• Reconcile accounts regularly to ensure accuracy

Real nominal expenses refer to actual expenses incurred by a company, as opposed to estimated or budgeted expenses.

• Real nominal expenses are the actual costs that a company has paid for goods or services.

• These expenses are recorded in the company's financial statements and reflect the true financial position of the company.

• Examples of real nominal expenses include rent, utilities, salaries, and office supplies.

• Real nominal expenses are important for accurate financial reporti...read more

Email and communication skills are essential for an Account Assistant role.

• Use clear and concise language in emails

• Be professional and polite in all communications

• Respond promptly to emails and messages

• Proofread all emails before sending

• Use appropriate subject lines to convey the purpose of the email