20+ Branch Accountant Interview Questions and Answers

Personal, nominal, and real accounts are types of accounts used in accounting to categorize different types of transactions.

• Personal accounts represent individuals, firms, or organizations with whom a business has financial transactions.

• Nominal accounts are used to record expenses, incomes, gains, and losses. They are temporary accounts that are closed at the end of an accounting period.

• Real accounts are used to record assets, liabilities, and owner's equity. They are permane...read more

Entry of sale and purchase refers to recording transactions related to buying and selling of goods or services.

• For sale, debit the accounts receivable or cash account and credit the sales account.

• For purchase, debit the inventory or expense account and credit the accounts payable account.

• These entries are recorded in the general ledger and are used to prepare financial statements.

• Examples include recording the sale of a product to a customer or the purchase of raw materials f...read more

I am a dedicated individual who completed my PG with 55% and gained 6 months of valuable experience in the field.

• I am a hardworking individual who successfully completed my post-graduation with a 55% score.

• I have gained 6 months of practical experience in the relevant field, allowing me to apply my knowledge in a real-world setting.

• I am dedicated to continuous learning and improvement, and I am eager to contribute to the success of the organization.

Materials for compressing and storing items include various types of packaging and containment solutions.

• Plastic bags: Used for compressing and storing food items.

• Cardboard boxes: Commonly used for storing household goods.

• Vacuum-sealed bags: Ideal for preserving food by removing air.

• Metal containers: Used for storing chemicals or hazardous materials.

• Glass jars: Often used for preserving fruits and vegetables.

GST stands for Goods and Services Tax. There are 4 types of GST in India.

• GST is a value-added tax levied on the supply of goods and services.

• It was introduced in India on July 1, 2017.

• The 4 types of GST are CGST, SGST, IGST, and UTGST.

• CGST and SGST are levied by the central and state governments respectively on intra-state transactions.

• IGST is levied by the central government on inter-state transactions.

• UTGST is levied by the union territories on intra-state transactions.

• GST ...read more

Computers are essential tools in modern accounting, enabling efficient data processing and analysis.

• Computers play a crucial role in automating accounting tasks, such as bookkeeping and financial reporting.

• Accountants use specialized accounting software to record and analyze financial transactions.

• Computers facilitate data integration and streamline the reconciliation process.

• Advanced computer skills are necessary for accountants to effectively utilize accounting software and...read more

Direct expenses are directly related to the production of goods or services, while indirect expenses are not directly tied to production.

• Direct expenses can be easily traced to a specific cost object, such as raw materials or labor costs.

• Indirect expenses are incurred for the overall operation of the business and cannot be easily traced to a specific cost object.

• Examples of direct expenses include direct labor, direct materials, and manufacturing supplies.

• Examples of indirect...read more

Accounting involves recording, classifying, and summarizing financial transactions to provide useful information for decision-making.

• Double-Entry System: Every transaction affects at least two accounts, ensuring the accounting equation (Assets = Liabilities + Equity) remains balanced. For example, purchasing inventory increases assets and decreases cash.

• Financial Statements: Key outputs of accounting include the balance sheet, income statement, and cash flow statement, which ...read more

To enter ledger posting in Tally, you can use the 'Accounting Vouchers' option.

• Go to 'Accounting Vouchers' in Tally

• Select the type of voucher you want to create (e.g. Payment, Receipt, Contra, Journal)

• Enter the necessary details such as the ledger account, amount, and narration

• Save the voucher to post the entry in the ledger

To enter a payment in Tally, you can use the payment voucher option.

• Go to Accounting Vouchers section in Tally

• Select Payment Voucher option

• Enter payment details such as party name, amount, and payment mode

• Save the voucher to record the payment

• You can also use shortcut keys like F5 to directly access payment voucher

Bank reconciliation is the process of comparing a company's bank statement with its own financial records.

• Bank reconciliation helps to identify any discrepancies between the bank statement and the company's records.

• It involves checking for errors, such as missing transactions or incorrect amounts.

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

• Bank reconciliation is typically done on a monthly basis.

• Examples of items that may need to be ...read more

Purchase is acquiring goods or services in exchange for money while sale is the process of exchanging goods or services for money.

• Purchase involves buying goods or services from a seller

• Sale involves selling goods or services to a buyer

• Purchase and sale are transactions that involve the exchange of money for goods or services

• In accounting, purchase and sale are recorded as expenses and revenue respectively

• Examples of purchase include buying raw materials, office supplies, or ...read more

Sales can be entered in Tally by creating a sales voucher and entering the necessary details.

• Go to Accounting Vouchers in Tally

• Select Sales Voucher

• Enter the customer details, sales amount, and other relevant information

• Save the voucher to record the sales transaction

GST stands for Goods and Services Tax.

• GST is a value-added tax levied on the supply of goods and services.

• It was introduced in India on July 1, 2017, to replace multiple indirect taxes.

• GST has three components - CGST, SGST, and IGST.

• It has simplified the tax structure and made it easier for businesses to comply with tax regulations.

The question should be related to accounting principles and practices.

• The question can be about financial statements, budgeting, or auditing.

• It can also be about accounting software or tax laws.

• Examples: What is the difference between a balance sheet and an income statement? How do you ensure accuracy in financial reporting?

• What are the common accounting software used in your previous company? How do you handle tax compliance?

A Cash Flow Statement summarizes cash inflows and outflows over a period, reflecting a company's liquidity and financial health.

• Divided into three sections: Operating, Investing, and Financing activities.

• Operating activities include cash received from customers and cash paid to suppliers.

• Investing activities involve cash spent on purchasing assets like equipment or cash received from selling assets.

• Financing activities cover cash transactions related to debt and equity, such ...read more

NBFC stands for Non-Banking Financial Company. They provide financial services like loans, investments, and other financial products.

• NBFCs are financial institutions that are not banks but provide similar services.

• They are regulated by the Reserve Bank of India (RBI) and offer services like loans, investments, and insurance.

• NBFCs can specialize in certain areas like microfinance, housing finance, or vehicle finance.

• They play an important role in providing credit to individual...read more

People save money for various reasons, including security, future planning, and achieving personal goals.

• Emergency Fund: Saving for unexpected expenses like medical emergencies or car repairs.

• Future Goals: Setting aside money for significant purchases, such as a home or education.

• Retirement Savings: Contributing to retirement accounts to ensure financial stability in later years.

• Investment Opportunities: Saving to invest in stocks, real estate, or other ventures for potential...read more

The golden rule of accounting states that debit what comes in and credit what goes out.

• Debit what comes in and credit what goes out

• Assets = Liabilities + Equity

• Helps maintain the accounting equation balance

Depreciation journal entry records the allocation of an asset's cost over its useful life.

• Debit Depreciation Expense account to reflect the expense on the income statement.

• Credit Accumulated Depreciation account to reduce the asset's book value on the balance sheet.

• Example: For a machine costing $10,000 with a 5-year life, annual depreciation of $2,000 is recorded.

• Use straight-line method: (Cost - Salvage Value) / Useful Life.

• Ensure to adjust entries at the end of each accoun...read more

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

• There are three golden rules of accounting: Debit what comes in, Credit what goes out; Debit the receiver, Credit the giver; Debit expenses and losses, Credit income and gains.

• These rules help ensure that financial transactions are accurately recorded and classified.

• For example, when a company receives cash from a customer, the cash account is debited (increased) and...read more

Accounting Principle

• Accounting principles are the guidelines and rules that govern the field of accounting.

• They provide a framework for recording, analyzing, and reporting financial transactions.

• Examples of accounting principles include the accrual principle, matching principle, and cost principle.

• These principles ensure consistency, accuracy, and transparency in financial reporting.

• They help in making informed business decisions and assessing the financial health of an organ...read more