Accountant Trainee Interview Questions and Answers for Freshers

Updated 26 Jun 2024

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Q1. Which word is most repeatedly used in accounting?

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The word 'debit' is most repeatedly used in accounting.

The word 'debit' is used frequently in accounting to record increases in assets and expenses.
It is used to indicate the left side of a T-account or a journal entry.
For example, when an expense is incurred, it is recorded as a debit entry.
Debit is also used in double-entry bookkeeping to balance the equation: Assets = Liabilities + Equity.

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Managing finance involves budgeting, tracking expenses, saving, investing, and minimizing debt.

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Accounting focuses on recording and reporting financial transactions, while finance deals with managing and investing money.

Accounting involves preparing financial statements, recording transactions, and ensuring compliance with regulations.
Finance involves managing assets, liabilities, investments, and financial planning.
Accounting is more focused on historical data, while finance looks towards the future.
Examples: Accounting would involve preparing a balance sheet, while fi...read more

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Balance sheet is a financial statement that shows a company's assets, liabilities, and shareholders' equity at a specific point in time.

It provides a snapshot of a company's financial position.
Assets are listed on the left side, liabilities and shareholders' equity on the right side.
The balance sheet follows the accounting equation: Assets = Liabilities + Shareholders' Equity.
It helps investors and analysts assess the financial health and stability of a company.
Example: If a ...read more

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Cost accounting is a branch of accounting that focuses on calculating and controlling the costs of producing goods or services.

It involves analyzing, recording, and reporting on the costs associated with producing goods or services.
Cost accountants help management make decisions by providing information on the costs of different products, services, or activities.
Examples of cost accounting techniques include job costing, activity-based costing, and standard costing.

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

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Insurance is a financial arrangement that provides protection against potential losses or risks.

Insurance involves a contract between an individual or entity and an insurance company.
The individual or entity pays a premium in exchange for coverage against specified risks.
Types of insurance include health, life, auto, home, and business insurance.
Insurance helps mitigate financial losses in case of accidents, illnesses, or other unforeseen events.

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