1000+ Accountant Interview Questions and Answers

The three important financial statements are the income statement, balance sheet, and cash flow statement.

• The income statement shows a company's revenue and expenses over a period of time.

• The balance sheet shows a company's assets, liabilities, and equity at a specific point in time.

• The cash flow statement shows a company's inflows and outflows of cash over a period of time.

• These statements are important for investors, creditors, and management to understand a company's finan...read more

Use sliding window technique to find minimum window in s containing all characters of t.

• Use two pointers to create a window in s

• Move the right pointer to expand the window until all characters of t are found

• Move the left pointer to shrink the window while maintaining all characters of t

• Update minimum window size as you iterate through s

Journal entry is a record of financial transactions. Golden rule is a principle of accounting that ensures accuracy in recording transactions.

• Journal entry is a chronological record of financial transactions.

• It includes the date, accounts involved, and amounts debited or credited.

• Golden rule states that for every debit entry, there must be a corresponding credit entry and vice versa.

• This ensures that the accounting equation (Assets = Liabilities + Equity) remains balanced.

• For...read more

To ensure a journal is correct, one must verify accuracy, completeness, and proper documentation.

• Verify that all transactions are accurately recorded in the journal

• Ensure that the journal is complete and includes all necessary entries

• Check that each entry is properly documented with supporting evidence

• Reconcile the journal with other financial records to identify any discrepancies

• Perform regular reviews and audits to maintain accuracy and integrity

Answers to questions related to GST and TDS for Accountant position

• RCM in GST refers to Reverse Charge Mechanism where the recipient of goods or services is liable to pay tax instead of the supplier

• TDS on commission section refers to the deduction of tax at source on commission paid to agents or brokers

• Credit note is issued by the supplier to the recipient in case of reduction in value of goods or services supplied, while debit note is issued by the recipient to the supplier ...read more

The entry made when a person puts cash in the bank is a debit to the bank account and a credit to the cash account.

• Debit the bank account to increase the balance.

• Credit the cash account to decrease the balance.

• The entry follows the basic accounting equation: Assets = Liabilities + Equity.

• Example: Debit Bank Account $1,000, Credit Cash Account $1,000.

Program to find longest consecutive sequence and length of longest path in a binary tree.

• Traverse the binary tree using depth-first search (DFS)

• Keep track of the current consecutive sequence length and the longest consecutive sequence found so far

• Update the length of the longest path as you traverse the tree

Debit is an entry recording a sum owned listed on the left-hand side or column of an account.

• Debit is an accounting term used to record an increase in assets or a decrease in liabilities.

• It is listed on the left-hand side of an account.

• Examples of debit entries include furniture, computer, and account receivables.

A 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, while liabilities and equity are 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 co...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

Accrual is recognition of revenue/expenses when earned/incurred. Provision is an estimated expense/liability.

• Accrual is based on actual transactions while provision is based on estimates.

• Accrual is recognized when revenue is earned or expenses are incurred, regardless of payment.

• Provision is recognized when there is a probable expense or liability, even if the amount is not yet known.

• Examples of accrual include recognizing revenue for services provided but not yet invoiced, o...read more

The minimum number of coins required to express a given amount of money is calculated using a dynamic programming approach.

• Use dynamic programming to calculate the minimum number of coins required for each amount from 1 to the given amount.

• Start with the base case of 0 coins required for amount 0, then iterate through each coin type to calculate the minimum coins required for each amount.

• Choose the minimum of the current minimum coins required and the minimum coins required f...read more

TDS stands for Tax Deducted at Source. The Golden rule of accounts is Debit the receiver, Credit the giver.

• TDS is a tax deducted by the payer at the time of making payment.

• The Golden rule of accounts states that for every debit entry, there must be a corresponding credit entry.

• Expected salary can vary based on experience, qualifications, and the company's budget.

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

Resolved a GST notice by identifying errors in input tax credit calculation and providing supporting documentation.

• Identified errors in input tax credit calculation

• Reviewed purchase invoices and reconciled with GST returns

• Provided supporting documentation to prove correct input tax credit claims

Basic journal entries are fundamental to financial accounting, recording all transactions in a systematic manner.

• 1. **Sales Entry**: When a sale is made, debit Cash/Accounts Receivable and credit Sales Revenue. Example: Sold goods for $1,000 cash.

• 2. **Expense Entry**: When an expense is incurred, debit Expense Account and credit Cash/Accounts Payable. Example: Paid $200 for utilities.

• 3. **Asset Purchase**: When purchasing an asset, debit Asset Account and credit Cash/Accounts...read more

The basic concept in accounting is the double-entry system, which involves recording every transaction in two accounts: debit and credit.

• Double-entry system is the foundation of accounting

• Every transaction is recorded in two accounts: debit and credit

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

• Debit and credit must always balance

• Examples: recording a sale, paying rent, receiving payment from a customer

The documents required to audit food or tariff bills include invoices, receipts, purchase orders, bank statements, inventory records, and tax returns.

• Invoices and receipts provide evidence of the transactions and payments made.

• Purchase orders help verify the items purchased and their prices.

• Bank statements show the financial transactions related to the bills.

• Inventory records assist in reconciling the stock and ensuring accuracy.

• Tax returns provide information on the tax impl...read more

Returning purchased goods will decrease inventory and accounts payable on the balance sheet.

• Returning purchased goods will decrease the inventory account on the balance sheet.

• Accounts payable will also decrease as the company will no longer owe the supplier for the returned goods.

• The decrease in inventory and accounts payable will result in a decrease in total assets and liabilities on the balance sheet.

• The impact on the balance sheet will depend on the value of the returned ...read more

Capitalization of asset, lease accounting under IND AS, depreciation and amortization, and golden rules of accounting.

• Capitalization of asset refers to the process of recording an expenditure as an asset rather than an expense.

• Lease accounting under IND AS requires lessees to recognize lease assets and liabilities on their balance sheets.

• Depreciation is the systematic allocation of the cost of a tangible asset over its useful life.

• Amortization is the systematic allocation of ...read more

To explain the product to the customer, focus on its unique features and benefits, provide clear and concise information, and address any questions or concerns.

• Highlight the key features and advantages of the product

• Use simple and easy-to-understand language

• Provide real-life examples or case studies to illustrate the product's value

• Address any potential concerns or objections the customer may have

• Offer demonstrations or trials to showcase the product's functionality

• Listen act...read more

Financial statements are prepared at the end of the month (EOM) to reflect the financial position and performance of the company.

• Financial statements include the balance sheet, income statement, and cash flow statement.

• The statements are prepared using the accrual basis of accounting.

• Adjusting entries are made to ensure that revenues and expenses are recognized in the correct period.

• The statements are reviewed for accuracy and completeness before being distributed to stakehol...read more

The 7 types of journals are Sales, Purchases, Cash Receipts, Cash Disbursements, General, Payroll, and Non-Cash Adjusting.

• Sales Journal records all sales transactions

• Purchases Journal records all purchases transactions

• Cash Receipts Journal records all cash received transactions

• Cash Disbursements Journal records all cash paid transactions

• General Journal records all other transactions not recorded in the above journals

• Payroll Journal records all payroll transactions

• Non-Cash Adj...read more

Yes, I have SAP experience.

• I have worked with SAP for 2 years in my previous job.

• I am proficient in using SAP for financial reporting and analysis.

• I have also received training in SAP during my accounting degree program.

Bank reconciliation is the process of matching and comparing the balance in the bank statement with the company's own records.

• Bank reconciliation helps in identifying any discrepancies between the two records.

• It involves checking for any outstanding checks, deposits in transit, bank errors, etc.

• The end goal is to ensure that the company's financial records are accurate and up-to-date.

• Journal entry for provision for income tax involves debiting the income tax expense account a...read more

Return the next lexicographically greater permutation of a given sequence or return it in ascending order if not possible.

• Use the concept of lexicographic ordering to find the next permutation.

• If the sequence is already in descending order, return it in ascending order.

• Examples: ['a', 'b', 'c'] -> ['a', 'c', 'b'], ['3', '2', '1'] -> ['1', '2', '3']

Unbilled revenue is revenue that has been earned but not yet invoiced to the customer.

• Unbilled revenue represents work that has been completed but not yet billed to the customer.

• It is typically recorded as a liability on the balance sheet until an invoice is generated.

• Common examples include services performed, products delivered, or projects completed but not yet invoiced.

• Monitoring unbilled revenue is important for cash flow management and financial reporting.