Cashier & Junior Accountant Interview Questions and Answers

There are three types of business transactions in accounting: revenue, expense, and capital.

• Revenue transactions involve the sale of goods or services, resulting in an increase in assets or decrease in liabilities.

• Expense transactions involve the purchase of goods or services, resulting in a decrease in assets or increase in liabilities.

• Capital transactions involve the owner's investment or withdrawal of funds, resulting in changes to the owner's equity.

• Examples of revenue tr...read more

Core responsibilities of an accountant include financial record keeping, preparing financial statements, analyzing financial data, and ensuring compliance with regulations.

• Maintaining accurate financial records

• Preparing financial statements

• Analyzing financial data to provide insights

• Ensuring compliance with financial regulations and standards

• Assisting in budgeting and forecasting

• Providing financial advice to management

• Auditing financial processes and procedures

A balance sheet is a financial statement that provides a snapshot of a company's financial position at a specific point in time.

• It shows the company's assets, liabilities, and shareholders' equity.

• Assets include cash, inventory, property, and equipment.

• Liabilities include loans, accounts payable, and accrued expenses.

• Shareholders' equity represents the company's net worth.

• The balance sheet follows the formula: Assets = Liabilities + Shareholders' Equity.

• It helps investors, cr...read more

Tally Accounting is a popular accounting software used for financial management and reporting.

• Tally Accounting is a software developed by Tally Solutions Pvt. Ltd.

• It is widely used by businesses for managing their financial transactions and generating reports.

• Tally Accounting offers features like inventory management, payroll processing, and tax calculations.

• It provides a user-friendly interface and supports multiple languages.

• Example: A retail store uses Tally Accounting to ...read more