General Accountant

General Accountant Interview Questions and Answers

Updated 19 Jan 2024

Q1. Case study: If you purchased goods on credit. What will be the period to pay that amount?

Ans.

The period to pay for goods purchased on credit depends on the terms agreed upon with the supplier.

The payment period for goods purchased on credit is typically outlined in the credit terms agreed upon with the supplier.
Common payment periods for goods purchased on credit include 30 days, 60 days, or 90 days.
Late payments may incur penalties or interest charges, so it is important to adhere to the agreed-upon payment terms.

Ans.

Reconciliation is the process of comparing two sets of records to ensure they are in agreement.

Reconciliation involves verifying and adjusting financial records to match bank statements or other sources.
It helps identify discrepancies or errors in the records.
Examples include reconciling bank statements with cash account records or matching invoices with payments received.
Reconciliation is crucial for accurate financial reporting and fraud prevention.

General Accountant Interview Questions and Answers for Freshers

Ans.

Accounts payable is the amount a company owes to its suppliers or vendors for goods or services purchased on credit.

Accounts payable is a liability on the balance sheet
It represents the amount a company owes for goods or services received but not yet paid for
Accounts payable is typically recorded when an invoice is received from a supplier
It is an important part of working capital management for businesses

Ans.

Accrual refers to the recognition of revenues and expenses when they are incurred, regardless of when cash is exchanged.

Accrual accounting matches revenues with expenses in the same accounting period, even if cash has not been exchanged.
Example: A company provides services to a client in December but does not receive payment until January. The revenue is recognized in December when the service is provided, not in January when payment is received.
Accrual accounting provides a ...read more

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Ans.

E-Invoicing time limits refer to the deadlines for submitting electronic invoices.

E-Invoicing time limits vary depending on the country and regulations in place.
In some countries, there may be specific time frames for issuing and receiving e-invoices.
For example, in the European Union, the e-invoicing time limit is generally within 30 days from the date of supply of goods or services.
Non-compliance with e-invoicing time limits may result in penalties or legal consequences.

Ans.

There are two types of accounting entries: Debit and Credit.

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Ans.

15CB is a form issued by a chartered accountant certifying the payment made to a non-resident and ensuring compliance with tax regulations.

15CB is a certificate issued under Section 195 of the Income Tax Act, 1961 in India.
It is required for any payment made to a non-resident that is subject to withholding tax.
The form is filled by a chartered accountant after verifying the nature of payment, tax liability, and applicable tax treaty provisions.
It ensures that the payment is i...read more