200+ Accountant Interview Questions and Answers for Freshers

The journal made when a purchase requisition is created is the Purchase Requisition Journal.

• The Purchase Requisition Journal is used to record the details of purchase requisitions.

• It includes information such as the date, description, quantity, and cost of the requested items.

• The journal entry debits the appropriate expense or asset account and credits the accounts payable or inventory account.

• The Purchase Requisition Journal helps in tracking and controlling the purchasing p...read more

Yes, employees can get transfers to other countries like foreign and gulf.

• Employees can be transferred to other countries if there is a need for their expertise or if there are job opportunities available.

• Transfers to foreign countries may require additional documentation and visa processes.

• Gulf countries often have a high demand for skilled professionals, making transfers more likely.

• The decision to transfer an employee depends on the company's policies, the employee's quali...read more

To solve the problem of employees having different solutions, it is important to encourage open communication, facilitate collaboration, and consider all perspectives.

• Encourage open communication among employees to understand their different solutions

• Facilitate collaboration by organizing team meetings or brainstorming sessions

• Consider all perspectives and evaluate the pros and cons of each solution

• Seek consensus or compromise to find a solution that satisfies everyone

• Impleme...read more

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

• TDS is deducted by the payer while making certain payments like salary, rent, interest, etc.

• It is deducted at a specified rate and deposited with the government.

• TDS is reflected in the balance sheet as a liability under the head 'TDS Payable'.

• The amount of TDS deducted is shown as a reduction in the respective expense or income in the profit and loss statement.

• The TDS liability is adjusted agains...read more

Purchase order comes first before GRN.

• A purchase order is a document issued by a buyer to a seller, indicating the types, quantities, and agreed prices for products or services.

• A goods receipt note (GRN) is a document used to record the receipt of goods from a supplier.

• A purchase order is typically created and sent to the supplier before the goods are received and a GRN is generated.

• The purchase order serves as a formal request for the supplier to deliver the specified goods ...read more

The income tax slab rates vary based on the individual's or company's income level.

• Income tax slab rates differ for individuals, companies, and organizations.

• The rates are determined based on the income level of the taxpayer.

• Different countries have different income tax slab rates.

• Tax rates may vary for different income brackets.

• Tax rates can change over time due to government policies and reforms.

A computer is an electronic device that can perform various tasks by executing a set of instructions.

• Computer stands for 'Common Operating Machine Particularly Used for Technical and Educational Research'.

• It is a programmable machine that can store, retrieve, and process data.

• Computers can perform complex calculations, store large amounts of information, and communicate with other computers.

• Examples of computers include desktops, laptops, tablets, and smartphones.

CMMI is a process improvement model. Sweep account is a bank account. Marginal cost is the cost of producing one additional unit. Expense is a cost incurred in the normal course of business. Expenditure is a payment made for goods or services.

• CMMI stands for Capability Maturity Model Integration and is a process improvement model used in software development.

• Sweep account is a bank account that automatically transfers funds from a checking account to an interest-earning accou...read more

Depreciation is the decrease in value of an asset over time. Fixed assets are long-term assets that are not easily converted to cash. Capital gains are profits from the sale of an asset.

• Depreciation is the allocation of the cost of an asset over its useful life

• Fixed assets are tangible assets that are expected to provide economic benefits for more than one year

• Examples of fixed assets include buildings, machinery, and vehicles

• Capital gains are the profits earned from the sale...read more

Ledger is a book of accounts where transactions are recorded, while Trial Balance is a statement that shows the balances of all ledger accounts.

• Ledger is a primary book of accounts where all transactions are recorded chronologically.

• Trial Balance is a statement that shows the balances of all ledger accounts at a particular point in time.

• Ledger is used to prepare Trial Balance.

• Ledger contains all the details of transactions, while Trial Balance only shows the balances.

• Errors i...read more

Discount received is the reduction in the price of goods or services offered by a seller to a buyer as an incentive for early payment or bulk purchase.

• Discount received is a contra revenue account and is shown on the income statement as a deduction from sales revenue.

• It is recorded as a credit in the books of the buyer and a debit in the books of the seller.

• For example, if a buyer purchases goods worth $1,000 and receives a discount of $100 for early payment, the discount rec...read more

The percentage of tax deductible under TDS RENT varies depending on the applicable tax laws and regulations.

• The percentage of tax deductible under TDS RENT is determined by the tax authorities.

• It is important to consult the relevant tax laws and regulations to determine the exact percentage.

• The percentage may vary based on factors such as the type of property, rental income, and jurisdiction.

• For example, in some countries, the tax deductible under TDS RENT may be 10%, while i...read more

Capital exp refers to expenses incurred for acquiring or improving fixed assets. Abbreviation for debtors is DR.

• Capital exp is a long-term investment in assets that will benefit the company for many years.

• Examples of capital exp include purchasing a new building or machinery.

• Debtors are customers who owe money to the company for goods or services provided.

• The abbreviation for debtors is DR, which is used in accounting to represent the accounts receivable balance.

Debit is an entry that increases assets and decreases liabilities, while credit is an entry that decreases assets and increases liabilities.

• Debit is on the left side of an account, while credit is on the right side.

• Debit is used to record an increase in assets, such as cash or inventory.

• Credit is used to record a decrease in assets, such as when a customer pays off a debt.

• Debit is used to record a decrease in liabilities, such as when a loan is paid off.

• Credit is used to reco...read more

Debit note is a document sent by a buyer to a seller to request a credit for overcharged amount, while credit note is a document sent by a seller to a buyer to acknowledge a credit for undercharged amount.

• Debit note is sent by the buyer to request a credit for overcharged amount

• Credit note is sent by the seller to acknowledge a credit for undercharged amount

• Debit note reduces the amount payable by the buyer

• Credit note reduces the amount receivable by the seller

• Both debit note...read more

Accrued refers to the accumulation of something over time, such as interest or expenses.

• Accrued refers to something that has been earned or incurred but not yet paid or received.

• It is commonly used in accounting to refer to expenses or revenues that have been recognized but not yet paid or received.

• For example, if a company has earned revenue but has not yet received payment, that revenue would be considered accrued.

• Similarly, if a company has incurred expenses but has not ye...read more

Interview questions for freshers in accounts payable focus on basic concepts, processes, and problem-solving skills.

• What is accounts payable and its importance in financial management?

• Can you explain the invoice processing cycle?

• How do you handle discrepancies in invoices?

• What steps would you take to ensure timely payments?

• Describe a situation where you had to prioritize multiple invoices.

An accountant prepares final statements by analyzing financial transactions and calculating profit and loss. They need mathematics knowledge to perform accurate calculations. Accountants maintain secrets in their accounts department to ensure confidentiality. Debit and credit aspects indicate the financial position of the business.

• Accountants analyze financial transactions to prepare final statements

• They calculate profit and loss by subtracting expenses from revenue

• Mathematic...read more

I have worked on QuickBooks, Xero, and SAP. I prefer QuickBooks for its user-friendly interface and comprehensive features.

• I have experience using QuickBooks, Xero, and SAP accounting platforms.

• QuickBooks is my preferred platform due to its user-friendly interface and comprehensive features.

• Xero is also a good platform, but I find it less intuitive than QuickBooks.

• SAP is a powerful platform, but it is more suitable for larger organizations with complex accounting needs.

Self-confidence is about trusting your abilities, while self-belief is about trusting your worth and values.

• Self-confidence is more about skills and abilities, while self-belief is more about personal values and worth.

• Self-confidence can be gained through practice and experience, while self-belief is more innate.

• Self-confidence can be shaken by failure or criticism, while self-belief is more resilient.

• Self-confidence is more external, while self-belief is more internal.

• Exampl...read more

The tax charged for transit of gold etc. varies depending on the country and specific regulations.

• Tax rates for transit of gold can range from 0% to 10% or more

• Some countries may have specific regulations or exemptions for gold transit

• Tax rates may also depend on the quantity and value of the gold being transported

The 5 basic accounting principles are: revenue recognition, matching principle, cost principle, full disclosure principle, and objectivity principle.

• Revenue recognition: recognizing revenue when it is earned, not when payment is received

• Matching principle: matching expenses with the revenue they generate

• Cost principle: recording assets at their original cost

• Full disclosure principle: disclosing all relevant information in financial statements

• Objectivity principle: using objec...read more

The T code for goods receipt is MIGO.

• MIGO is used to post goods receipts for purchase orders, production orders, and inbound deliveries.

• It allows for the creation of material documents and updates inventory and accounting records.

• MIGO can also be used to reverse goods receipts and cancel material documents.

I would immediately rectify the error by contacting the appropriate parties and taking necessary steps to correct the payment.

• Notify the relevant parties about the incorrect payment

• Investigate the cause of the error

• Take necessary steps to rectify the payment, such as issuing a refund or making a correction

• Implement measures to prevent similar errors in the future

Filter in Excel is used to sort and display specific data based on certain criteria.

• Filter allows users to view a subset of data that meets specific conditions.

• It helps in analyzing and organizing large amounts of data.

• Filtering can be done based on text, numbers, dates, or custom criteria.

• Example: Filtering a sales data sheet to display only the transactions from a specific region.

• Example: Filtering a list of employees to show only those who have a certain job title.

BRS is Bank Reconciliation Statement. There are two types of tax - Direct and Indirect. Journal entries include debit and credit entries.

• BRS is a statement that compares the bank balance as per the bank statement with the balance as per the company's books.

• Direct taxes are taxes that are directly paid by the taxpayer to the government, such as income tax, corporate tax, etc.

• Indirect taxes are taxes that are collected by an intermediary from the person who bears the ultimate e...read more

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

• The first golden rule is the Personal Account rule, which states that all personal accounts are debited for the receiver and credited for the giver.

• The second golden rule is the Real Account rule, which states that all real accounts are debited for what comes in and credited for what goes out.

• The third golden rule is the Nominal Account rule, which states that all nominal a...read more