10+ Associate Accountant Interview Questions and Answers

Balance sheet reconciliation involves comparing the balances of various accounts in the balance sheet to ensure accuracy and identify discrepancies.

• Start by obtaining the trial balance and the general ledger for the period being reconciled.

• Compare the balances of each account in the trial balance to the corresponding account in the general ledger.

• Investigate any discrepancies or differences between the two balances.

• Ensure that all transactions and adjustments are properly rec...read more

Prepaid expense is an asset paid in advance for goods or services that will be received in the future.

• Prepaid expenses are recorded as assets on the balance sheet

• They are gradually expensed over time as the goods or services are received

• Examples include prepaid rent, insurance premiums, and subscriptions

• Prepaid expenses are commonly found in industries such as real estate and insurance

Credit Purchase Journal entry with GST involves recording a credit purchase along with the applicable Goods and Services Tax.

• Debit the Purchases account for the total amount of the credit purchase

• Credit the Accounts Payable account for the amount owed to the supplier

• Credit the Input Tax Credit account for the GST portion

• Example: Debit Purchases $1,000, Credit Accounts Payable $1,000, Credit Input Tax Credit $100

• Ensure the GST amount is calculated correctly based on the applic...read more

Accrued income refers to revenue that has been earned but not yet received or recorded in the accounting books.

• Accrued income is recognized when it is earned, regardless of when it is received.

• It is recorded as a current asset on the balance sheet.

• Common examples include interest income, rent receivable, and service fees.

• Accrued income is typically recorded through adjusting journal entries at the end of an accounting period.

Accrued expenses are recorded through a journal entry to recognize expenses incurred but not yet paid.

• Accrued expenses are liabilities that are recognized when expenses are incurred but not yet paid.

• The journal entry for accrued expenses involves debiting an expense account and crediting an accrued liability account.

• For example, if a company incurs $1,000 of utility expenses but has not yet received the bill, the journal entry would be: Debit Utilities Expense $1,000 and Cred...read more

Yes, I am willing to relocate to this location.

• I am open to new opportunities and experiences.

• I am excited about the prospect of living in a new place.

• I am willing to make the necessary arrangements to relocate.

• I am adaptable and can adjust to new environments quickly.

A debit note is a document used to record the reduction in accounts payable or an increase in accounts receivable.

• A debit note is issued by a buyer to a seller to request a credit for overcharged or returned goods.

• It serves as a proof of the reduction in the amount owed by the buyer to the seller.

• Debit notes are commonly used in business-to-business transactions.

• They help in maintaining accurate financial records and resolving billing discrepancies.

• Debit notes can also be use...read more

TDS stands for Tax Deducted at Source and is a form of income tax collected by the government. GST stands for Goods and Services Tax and is a value-added tax levied on most goods and services sold for domestic consumption.

• TDS is deducted by the payer at the time of making payment to the payee.

• TDS rates vary based on the type of payment being made.

• GST is a consumption tax that is levied on the supply of goods and services.

• GST has multiple tax slabs such as 5%, 12%, 18%, and 28...read more

I'm sorry, but the question is not clear and seems to be a joke.

• The question is not related to accounting or finance.

• AS-9 is not a commonly used term in accounting or finance.

• It is important to ask clear and relevant questions in an interview.

• If you are unsure about a question, it is okay to ask for clarification.

The Golden Rules of Accounting are the basic principles that guide the accounting process.

• The first rule is the Debit and Credit rule, which states that for every debit entry, there must be a corresponding credit entry.

• The second rule is the Real Account rule, which states that all assets and liabilities have a debit and credit balance respectively.

• The third rule is the Nominal Account rule, which states that all revenue and expenses have a debit and credit balance respective...read more