10+ General Accounting Operation Analyst Interview Questions and Answers

Hardworking is achieving success through consistent effort, while smart working is achieving success through efficient and effective methods.

• Hardworking involves putting in consistent effort and following a set process to achieve success.

• Smart working involves finding efficient and effective methods to achieve success.

• Hardworking may involve taking longer to achieve success, while smart working may involve achieving success more quickly.

• Examples of hardworking include solving...read more

Accuracy is the most important aspect in accounting.

• Accuracy ensures that financial statements are reliable and trustworthy.

• It helps in making informed decisions based on financial data.

• Errors in accounting can lead to legal and financial consequences.

• Examples of accuracy in accounting include reconciling bank statements, verifying transactions, and maintaining proper documentation.

Journal entry for salary paid in advance

• Debit the Prepaid Wages (asset) account

• Credit the Cash/Bank account

• When the salary period ends, adjust the entry by transferring from Prepaid Wages to Salary Expense

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

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

• These rules ensure that every transaction is recorded accurately and consistently.

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

Asset life cycle refers to the stages an asset goes through from acquisition to disposal.

• Includes acquisition, maintenance, depreciation, and disposal of assets

• Helps in tracking the value and condition of assets over time

• Optimizing asset life cycle can lead to cost savings and improved efficiency

Fixed assets are long-term tangible assets that are used in the production of income and are not expected to be consumed or converted into cash within a year.

• Fixed assets include property, plant, and equipment (PP&E) such as buildings, machinery, vehicles, and furniture.

• They are recorded on the balance sheet at their original cost minus accumulated depreciation.

• Fixed assets are not intended for sale in the normal course of business.

• They provide long-term benefits to the compa...read more

Inventory refers to the goods and materials a business holds for the purpose of resale or production.

• Inventory includes raw materials, work-in-progress, and finished goods.

• It is an important asset on a company's balance sheet.

• Inventory management involves tracking, ordering, and storing inventory efficiently.

• Examples of inventory include merchandise in a retail store, components in a manufacturing plant, and supplies in a hospital.

Provision is an amount set aside to cover a future expense or liability.

• Provision is a financial term used to describe an amount set aside to cover a future expense or liability.

• It is often used in accounting to account for potential future losses or expenses.

• Provisions are made based on estimates and are adjusted as more information becomes available.

• Examples of provisions include bad debt provisions, warranty provisions, and restructuring provisions.

Sales entry in Tally involves recording sales transactions in the accounting software.

• Open Tally software and select the company in which you want to record the sales entry.

• Go to 'Accounting Vouchers' and select 'Sales Voucher'.

• Enter the necessary details such as party name, sales ledger, amount, and tax details.

• Save the voucher to complete the sales entry.

• You can also generate sales reports in Tally to track sales performance.

• Example: To record a cash sale of $100 to ABC Com...read more